Question 1

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 2

An agency is developing a lee for services to cover all direct operating expenditures. Which of the following should be included in the fee calculation?

Options :

A : supplies, equipment depreciation, staffing

B : staffing, location rent, equipment depreciation

C : supplies, equipment depreciation, location rent

D : staffing, location rent, supplies

Answer: B

Question 3

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 4

Which of the following events is an example of an expenditure but not an expense?

Options :

A : At the end of the fiscal year, the government signs a contract to buy office furniture.

B : At the end of the fiscal year, the government pays its employees for work performed.

C : At the end of the fiscal year, the government pays for ten vehicles which will be depreciated over five years.

D : At the end of the fiscal year, the government receives and pays its electric bill for the previous month.

Answer: C

Question 5

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