Chapter 16 Federal Government Accounting

| December 12, 2016

Question
12. Which of the following categories is included in the Objectives of Federal Financial Reporting?

a) Operating performance.

b) Congressional performance.

c) Executive performance.

d) Accountability.

13. Federal operations are accounted for in four types of funds. Which of the following is one of the types of funds used?

a) Capital funds.

b) Revolving funds.

c) Special revenue funds.

d) Fiduciary funds.

14. Federal government capital expenditures can be accounted for in which of the federal funds?

a) General fund

b) Special funds.

c) Trust funds.

d) All of the above.

15. Which of the following types of expenditures are not accounted for in the federal government general fund.

a) Operating expenditures.

b) Capital expenditures.

c) Medicare.

d) Interest on public debt.

16. Which of the following is a false statement about federal special funds?

a) They are maintained primarily to account for resources that are designated for specific programs or activities.

b) They are typically financed by dedicated fees.

c) They account for resources used to pay for national defense.

d) Are included in the Unified federal budget.

17. Which of the following is a true statement regarding which funds are included in the category federal trust funds?

a) Old-Age and Survivors Insurance Fund (Social Security) are included.

b) Supplementary Medical Insurance Fund (Medicare) is included.

c) Neither (a) nor (b) are included.

d) Both (a) and (b) are included.

18. Federal government trust funds are

a) Composed of funds restricted by the donor/contributor.

b) Like endowment funds—only the income, not the principle, can be expended.

c) Any funds designed by laws as trust funds.

d) Composed of funds that by law are dedicated to certain activities or programs.

19. Which of the following federal fund types is most similar to state or local government’s enterprise fund?

a) General fund.

b) Special funds.

c) Trust funds.

d) Revolving funds.

20. The U.S. Postal Service is accounted for in which of the following fund types?

a) General fund.

b) Special fund.

c) Trust fund.

d) Revolving fund.

21. The Unified Federal Budget was originally intended to include which of the following fund types?

a) General fund, all special funds, all trust funds, and all revolving funds.

b) General fund, all special funds, some trust funds, and all revolving funds.

c) General fund, some special funds, some trust funds, and all revolving funds.

d) General fund, all special funds, and all revolving funds.

22. Which of the following federal government accounting terms is most similar to an encumbrance, as that term is used in state and local government accounting?

a) Apportionment.

b) Allotment.

c) Commitment.

d) Obligation.

Order your essay today and save 30% with the discount code: ESSAYHELPOrder Now