Ch11-Acct for Gov and NonProfit Ent 15e

Ch11-Acct for Gov and NonProfit Ent 15e - COURSES >...

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Add, modify, and remove questions. Select a question type from the Add Question drop-down list and click Go to add questions. Use Creation Settings to establish which default options, such as feedback and images, are available for question creation. COURSES > ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ENTITIES:, 15/E - WILSON > CONTROL PANEL > POOL MANAGER > POOL CANVAS Pool Canvas Add Multiple Choice Creation Settings Name Chapter 11 Accounting and Reporting for the Federal Government Description Questions which Blackboard's assessment component is incapable of supporting are not included in the export. Instructions Add Question Here Question 1 True/False Question Responsibility for setting accounting and reporting standards for federal agencies rests primarily with the Federal Accounting Standards Advisory Board. Answer True False Correct Feedback Responsibility for setting accounting and reporting standards and for establishing and maintaining a sound financial management system for the federal government as a whole is vested in the three sponsors or "principals" of the FASAB: the Comptroller General, the Director of the Office of Management and Budget, and Secretary of the Treasury. While in most cases the recommendations of the FASAB are expected to be accepted by the foregoing three "principals," the recommendations are just that—recommendations. Incorrect Feedback Responsibility for setting accounting and reporting standards and for establishing and maintaining a sound financial management system for the federal government as a whole is vested in the three sponsors or "principals" of the FASAB: the Comptroller General, the Director of the Office of Management and Budget, and Secretary of the Treasury. While in most cases the recommendations of the FASAB are expected to be accepted by the foregoing three "principals," the recommendations are just that—recommendations. Add Question Here Question 2 True/False Question The Chief Financial Officer Act of 1990 establishes an office of federal financial management within the OMB, headed by a controller appointed by the President, establishes a chief financial officer position within each major federal department and agency, requires the development of a 5-year financial plan by OMB, and requires some federal agencies to provide audited financial statements. Answer True False Correct Feedback These are the requirements mandated by the CFO Act, as described in Chapter 11 under the caption "Director of the Office of Management and Budget." Incorrect Feedback These are the requirements mandated by the CFO Act, as described in Chapter 11 under the caption "Director of the Office of Management and Budget." Add Question Here Question 3 True/False Question The objectives of federal financial reporting are to assist report users in evaluating budgetary integrity, operating performance, stewardship, and adequacy of systems and controls. Answer
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This note was uploaded on 09/25/2011 for the course ACCT 3000-5000 taught by Professor Faker during the Spring '11 term at Texas Woman's University.

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Ch11-Acct for Gov and NonProfit Ent 15e - COURSES >...

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