Ives6e_TIF_ch11 - Chapter 11 Federal Government Accounting...

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Chapter 11: Federal Government Accounting and Reporting Multiple Choice 1. In the federal government, which organizations make appropriations and which make apportionments? a. The Congress makes appropriations, and department heads apportion the appropriations to individual agencies or divisions within the department. b. The Congress makes appropriations, and the Treasury Department appropriates to individual departments the total amount apportioned by the Congress. c. The President makes appropriations, and department heads periodically apportion parts of the appropriations to agencies in the department. d. The Congress makes appropriations, and the Office of Management and Budget periodically apportions parts of the appropriations to departments. Answer: d 2. What is the federal counterpart of the state and local government "encumbrance"? 3. What is the federal counterpart of the state and local government Internal Service Funds? 4. What is the name of the entity that recommends accounting standards for the federal government? 5. What is the rule regarding depreciation of federal capital assets classified as general
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property plant and equipment (General PP&E)? a. All General PP&E is capitalized and depreciated. b. General PP&E is capitalized and depreciated only for federal business-type activities. c. All General PP&E is expensed at the time of acquisition. d. Federal agencies have the option of depreciating or not depreciating General PP&E. Answer: a 6. Which of the following is a violation of the federal Anti-Deficiency Act? a. spending more than the amount obligated on a specific purchase order b. spending more than the amount appropriated c. spending more than the amount committed on a purchase request d. violating an accounting standard issued by the FASAB Answer: b 7. When do federal agencies make an entry to record "Fund Balance with the Treasury"?
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