ACC 460 Week 3 Exercise 12-15, Multiple Choice Assignment
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Complete the multiple choice questions in Exercise 12-15, p. 510:
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Multiple Choice. Choose the best answer.
1. Budgets of government entities:
a. Are integrated with the financial accounting system.
b. Enable governments to demonstrate compliance with laws and to communicate performance effectiveness.
c. Are adopted by governments after required public hearings.
d. All of the above.
2. Which of the following statements regarding budgets of not-for-profit organizations is true?
a. Not-for-profit organization budgets are legal documents reflecting plans for spending resources.
b. A not-for-profit entity may choose to prepare a budget to demonstrate accountability to its resource providers, such as donors and grantors.
c. The budgeting approaches used for governments generally cannot be used by not-for-profit entities.
d. All of the above statements are true.
3. Which of the following steps would not usually be part of the budgeting process?
a. Heads of operating departments prepare budget requests.
b. The chief executive (mayor or city manager, as appropriate) formally adopts the budget, thus giving it the force of law.
c. One or more public budget hearings are held.
d. Budget officer and other central administrators review and make adjustments to departmental requests.
4. The budgeting principle in generally accepted accounting principles (GAAP) for state and local governments states that:
a. The accounting system should provide the basis for appropriate budgetary control.
b. Budgetary comparison schedules should be presented as required supplementary information for the General Fund and each major special revenue fund that has a legally adopted budget.
c. Annual budgets should be adopted by each government.
d. All of the above.
5. The budgetary comparisons required of state and local governments under GASB standards:
a. Can be presented as a schedule within required supplementary information (RSI) or as a statement in the basic financial statements.
b. Must be a schedule included as part of RSI.
c. Continues to be a statement included in the basic financial statements.
d. Is no longer required.
6. An approach to budgeting that requires the very existence of each program and the amount of resources requested to be allocated to that program to be justified each year is called:
a. Incremental budgeting.
b. Zero-based budgeting.
c. Performance budgeting.
7. Which of the following does not represent a performance measurement group under the balanced scorecard?
b. Internal business processes.
c. Economy and efficiency.
d. Learning and growth.
8. Governments that choose to report service efforts and accomplishments (SEA):
a. Must adhere to GASB SEA guidance.
b. Must adhere to GASB SEA guidance only if the SEA report is part of the CAFR.
c. Must adhere to guidance provided by the Association of Government Accountants (AGA) because GASB has not issued standards addressing SEA.
d. May refer to guidance provided by the GASB, the AGA, or other professional organizations.
9. Efficiency measures, as the term is used in the service efforts and accomplishments (SEA) literature, can be described as:
a. Measures that relate the quantity or cost of resources used to units of output.
b. Measures that relate to the amount of financial and nonfinancial resources used in a program or process.
c. Measures that relate costs to outcomes.
d. Measures that reflect either the quantity or quality of a service provided.
10. Which of the following provides guidance to government managers and auditors in determining appropriate and allowable costs chargeable to federal grants?
a. Financial Accounting Standards Board pronouncements.
b. Government Finance Officers Association best practices documents.
c. Principles published by the Association of Government Accountants.
d. Guidelines issued by the Office of Management and Budget.