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Which organization promulgates Statements of Federal Financial Accounting Standards? A)The American Institute of Certified Public Accountants

Which organization promulgates Statements of Federal Financial Accounting Standards?

A)The American Institute of Certified Public Accountants

B)The Federal Accounting Standards Advisory Board

C)The U.S. Office of Management and Budget

D)The U.S. Government Accountability Office

23. Which of the following is one of the principal organizations that formed the Federal Accounting Standards Advisory Board?

A)Department of Treasury

B)Congressional Budget Office

C)American Institute of CPAs

D)All of the above

24. Which of the following is responsible for preparing the federal government’s consolidated financial statements? 
 

A)Department of Treasury

B)Congressional Budget Office

C)Office of Management and Budget

D)Government Accountability Office

25. Which of the following is responsible for auditing the federal government’ consolidated financial statements?

A)Congressional Budget Office

B)Department of Treasury

C)Office of Management and Budget

D)Government Accountability Office

26. Which of the following organizations is (are) part of the executive branch of the federal government?

A)Department of Treasury

B)Office of Management and Budget

C)Both  (a) and (b) above

D)Neither  (a) nor (b) above

27. Which of the following is (are) true regarding the Government Accountability Office?

A)The GAO is among the three principals which approve financial reporting recommendations of the Federal Accounting Standards Advisory Board

B)The GAO establishes auditing standards applicable to the federal government and its agencies

C)Both  (a) and (b) above

D)Neither  (a) nor (b) above

28. Which of the following is (are) true regarding the Chief Financial Officers Act?

A)The Act created the position of chief financial officer within federal agencies

B)The Act called for audits of the financial statements of federal agencies

C)Both  (a) and (b) above

D)Neither  (a) nor (b) above

29. Which of the following is (are) true regarding Federal Accounting Standards Advisory Board?

A)The Board is called “Advisory” because Statements issued by the board are recommended accounting standards but are not “level A GAAP” for federal agencies

B)Statements issued by the board are recognized as the highest level of authoritative standard for federal government entities

C)Both  (a) and (b) above

D)Neither  (a) nor (b) above

30. Which of the following is required in a federal agency’s financial report? 
 

A)Statement of Revenues, Expenditures and Changes in Fund Balance

B)Statement of Changes in Net Position

C)Statement of Cash Flows

D)Statement of Activity

31. Which of the following is not required in a federal agency’s financial report?

A)Management’s Discussion and Analysis

B)Notes to the Financial Statements

C)Required Supplemental Information

D)Budgetary Comparison Schedule

Jan 25 2020 Read more Less More

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