Question 1

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 2

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 3

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 4

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 5

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