Fasab mission - Study guides, Class notes & Summaries

The Federal Accounting Standards Advisory Board mission is that it serves the _______________ interest by improving federal financial reporting through issuing federal financial accounting standards. -private -federal government -public -business Correct Answer: -public _________________ establishes "the measurement of economic activity, time when such measurements are to be made and recorded, disclosures surrounding this activity, and preparation and presentation of summarized econom...

Governments exist to provide services - ANSWER-no profit motive, no single measure of success Primary funding source = - ANSWER-taxes (involuntary payments, because there is no ability to match services to those who provide the resource) Budget process = - ANSWER-primary control device in government US Constitution provides two levels of government - ANSWER-Federal and State State consitituions similar in that each defines the excutive and legislative braches, establishes political o...

CDFM - Module 3 questions and answers latest top score. What are the three tests that must be met for use of the Necessary Expense doctrine? - correct answer. Must bear a logical relationship Not prohibited by law Not funded elsewhere (p 3.1.17) Who grants relief of liability to a certifying officer for erroneous or illegal payments in the Department of Defense? - correct answer. The Defense Finance and Accounting Service (*DFAS*) (p. 3.1.51) What type of budge...

CDFM - Module 3 questions and answers graded A+. What are the three tests that must be met for use of the Necessary Expense doctrine? - ANS. Must bear a logical relationship Not prohibited by law Not funded elsewhere (p 3.1.17) Who grants relief of liability to a certifying officer for erroneous or illegal payments in the Department of Defense? - ANS. The Defense Finance and Accounting Service (*DFAS*) (p. 3.1.51) What type of budgetary resources rema...

CDFM Module 3 Exam Prep Questions & Answers 2023, Complete Solution, Over 350 Questions And Answers What are the three tests that must be met for use of the Necessary Expense doctrine? Must bear a logical relationship Not prohibited by law Not funded elsewhere (p 3.1.17) Who grants relief of liability to a certifying officer for erroneous or illegal payments in the Department of Defense? The Defense Finance and Accounting Service (DFAS) (p. 3.1.51) What type of budgetary resources rem...

GASB | Financial Statement Components - ANSWER-1. Auditor's Report 2. MD&A 3. Basic Financial Statements - Government-Wide Financials (Icing) - Fund Financials (Layers) - Notes (Filling that holds the layers together) 4. RSI 5. Combining Statements & Individual Fund Statements GASB | Statistical Section Components - ANSWER-1. Financial Trends 2. Revenue Capacity 3. Debt Capacity 4. Demographics and Economics 5. Operations Examples of Direct Costs - ANSWER-- Salary and Benefi...

CDFM - Module 3 Final Exam Questions And Answers 2023 Latest Rated 100%. What are the three tests that must be met for use of the Necessary Expense doctrine? - Answer Must bear a logical relationship Not prohibited by law Not funded elsewhere (p 3.1.17) Who grants relief of liability to a certifying officer for erroneous or illegal payments in the Department of Defense? - Answer The Defense Finance and Accounting Service (*DFAS*) (p. 3.1.51) What type of budgetary resources remains avai...

CHAPTER 17: ACCOUNTING AND REPORTING FOR THE FEDERAL GOVERNMENT OUTLINE Number Topic Type/Task Status (re: 15/e) Questions: 17-1 Federal financial management responsibilities Identify New 17-2 Federal GAAP hierarchy Compare New 17-3 Conceptual framework Describe 11-3 17-4 Accounts used in federal accounting Explain 11-4 17-5 Net position and net assets Compare 11-5 17-6 FASAB compared to GASB Contrast 11-6 17-7 Federal funds Identify, compare New 17-8 Stewardship assets Define, ...

Version 1 1 Test Bank for Accounting for Governmental & Nonprofit Entities 19th Edition By Jacqueline Reck Version 1 2 Student name:__________ 1) Explain the essential differences between general purpose and special purpose governments and give several examples of each. 2) Identify and explain the characteristics that distinguish governments and not-for-profit entities from business entities. 3) GASB and FASB standards are concerned only with external financial reporting; whereas, ...

CDFM - Module 3 Questions And Answers 2023 Latest Rated 100%. What type of Congressional resolution can be thought of as a temporary appropriations act? - Answer Continuing Resolution (*CR*) (p. 3.1.41) What agency apportions funds for a working capital fund? - Answer The Office of Management and Budget (*OMB*) (p. 2.1.71) What is the acronym for disbursing office identification numbers? - Answer Disbursing Station Symbol Numbers (*DSSN*) (p. 3.2.30) What three primary types of official...