Question 1

In state and local financial audits, material weaknesses must be reported to the

Options :

A : legislature.

B : governing body.

C : taxpayers.

D : local media.

Answer: B

Question 2

Which of the following situations may cause contingent liabilities?

Options :

A : loss on the sale of an asset

B : building with asbestos

C : impairment of an asset

D : unrealized loss

Answer: B

Question 3

The federal budget baseline forecast reflects the estimated

Options :

A : receipts, outlays, and deficit or surplus under the President's Budget.

B : effects of enacting Congressional appropriations bills on federal receipts and spending.

C : receipts, outlays, and deficit or surplus that would result from continuing current law or policies.

D : effects of current law on recipients of federal benefits.

Answer: C

Question 4

The objectives of federal financial reporting include all of the following EXCEPT

Options :

A : systems and control.

B : budgetary integrity.

C : mission readiness.

D : stewardship.

Answer: C

Question 5

Which type of cost is generally allowed for a grant under the OMB Uniform Guidance?

Options :

A : interest payments

B : general government expenses

C : materials and supplies

D : lobbying expenses

Answer: C

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