Question 1

Separate fund financial statements should be presented for

Options :

A : net assets and activities.

B : governmental and proprietary funds.

C : long-term debt.

D : capital assets.

Answer: B

Question 2

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 3

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 4

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 5

A legally separate organization for which the elected officials of the primary government are financially accountable describes a

Options :

A : fiscally dependent organization.

B : component unit.

C : joint venture entity.

D : jointly governed organization.

Answer: B

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