ACCT 350 Quiz 1

Question 1 (25 points)

An agency has single-year, multi-year and no-year appropriations.  On October 15, 2014, the agency tried to create several transactions.  Is the agency authorized (allowed legally) for the following?  Why or why not?  Please list YES or NO for each of the following item, and then list your reasons.  (e.g., YES, this is allowable because XYZ...)

Question 4 (23 points)

Are rules by FASAB considered GAAP at this point?   If so, are FASAB rules considered GAAP for state & local governments, federal or non-profit/for-profit entities?  If FASAB does not create state/local and for-profit entity rules, which group(s) creates the rules for state/local and for-profit/non-profit entities  (list the rules maker for 1) for-profit/not-for-profit, 2) state/local government and 3) federal, and 4) international?  

Has FASAB always been a source of GAAP (if FASAB is a source of GAAP), or was there a date at which point FASAB become a source of GAAP?  What was the date?   Where were rules by FASAB considered before the rules were considered GAAP (if applicable)

Question 5 (25 points)

A)    Since 2005, have the statements been the same, or have statements been added (or deleted)? If so, which statement was added/deleted?  Please note that the statements are the required financial statements, not the SFFAS standards.

B)    Which of the statements is similar to the private sector (e.g., a publicly traded company, such as Facebook or IBM).  List the statements that are similar to the private sector.

C)    Which statements are unique for government? List the specific statement similar/different (if applicable) from for-profit entities. 

Question 5 options: