Question 1

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 2

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

Question 3

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 4

A state department has been developing a new computer system for managing federal grants. The project has the following costs: What amount should be recorded as the value of the intangible asset?

Options :

A : $575.000

B : $705.000

C : $755,000

D : $915.000

Answer: C

Question 5

For state and local governments, a fund that is legally restricted to the use of earnings with the principal protected is

Options :

A : an enterprise fund.

B : a permanent fund.

C : an internal service fund.

D : a general fund.

Answer: B

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