Accounting 405 Practice Exam Certification
Exam Questions and Answers Verified
Solutions Latest Update 2026/2027
Answer:
Which of the following is not a part of the FASAB due process for establishing a federal financial
accounting standard?
●● A. Congress, executives, program managers, and citizens.
Answer:
As identified by FASAB, which of the following are major user groups of federal financial reports?
●● D. Fund balance with U.S. Treasury.
Answer:
The "net position" of a federal agency may include all of the following components, except:
●● B. To assist report users in evaluating the extent to which tax burdens have changed.
Answer:
Which of the following is not an objective identified in FASAB Statement of Accounting and
Reporting Concepts No. 1?
●● C. Maintaining self-balancing sets of proprietary and budgetary accounts and recording the
effects of transactions on both available budgetary resources and proprietary accounts.
Answer:
Which of the following statements most accurately describes the dual-track accounting system used
in federal agency accounting?
●● C. Commitment
Answer:
Under federal government accounting, recording the estimated amount of equipment prior to
actually placing an order or entering into a contract is called a(an):
●● B. Budgetary accounts: $14,400; Proprietary accounts: $0.
, Answer:
A certain federal agency placed an order for office supplies at an estimated cost of $14,400. Later
in the same fiscal year these supplies were received at an actual cost of $14,800. Assume
commitment accounting is not used by this agency. At the time the order is placed, what is the net
effect on the budgetary and proprietary track accounts?
●● C. Budgetary Accounts: $400; Proprietary Accounts: $14,800.
Answer:
A certain federal agency placed an order for office supplies at an estimated cost of $14,400. Later
in the same fiscal year these supplies were received at an actual cost of $14,800. Assume
commitment accounting is not used by this agency. At the time the order is received, what is the net
effect on the budgetary and proprietary track accounts?
●● B. Statement of cash flows.
Answer:
Which of the following financial statements is not required by OMB Circular A-136?
●● D. Rebuild the credibility and restore public confidence in the federal government.
Answer:
One of the purposes of the Federal Financial Management Improvement Act of 1996 was to:
●● C. Secretary of the Treasury.
Answer:
Which of the following officials has shared responsibility under federal law for establishing and
maintaining a sound financial structure for the federal government?
●● B. Government Accountability Office.
Answer:
The Comptroller General of the United States is the head of the:
●● C. Management discussion and analysis.
Answer:
Exam Questions and Answers Verified
Solutions Latest Update 2026/2027
Answer:
Which of the following is not a part of the FASAB due process for establishing a federal financial
accounting standard?
●● A. Congress, executives, program managers, and citizens.
Answer:
As identified by FASAB, which of the following are major user groups of federal financial reports?
●● D. Fund balance with U.S. Treasury.
Answer:
The "net position" of a federal agency may include all of the following components, except:
●● B. To assist report users in evaluating the extent to which tax burdens have changed.
Answer:
Which of the following is not an objective identified in FASAB Statement of Accounting and
Reporting Concepts No. 1?
●● C. Maintaining self-balancing sets of proprietary and budgetary accounts and recording the
effects of transactions on both available budgetary resources and proprietary accounts.
Answer:
Which of the following statements most accurately describes the dual-track accounting system used
in federal agency accounting?
●● C. Commitment
Answer:
Under federal government accounting, recording the estimated amount of equipment prior to
actually placing an order or entering into a contract is called a(an):
●● B. Budgetary accounts: $14,400; Proprietary accounts: $0.
, Answer:
A certain federal agency placed an order for office supplies at an estimated cost of $14,400. Later
in the same fiscal year these supplies were received at an actual cost of $14,800. Assume
commitment accounting is not used by this agency. At the time the order is placed, what is the net
effect on the budgetary and proprietary track accounts?
●● C. Budgetary Accounts: $400; Proprietary Accounts: $14,800.
Answer:
A certain federal agency placed an order for office supplies at an estimated cost of $14,400. Later
in the same fiscal year these supplies were received at an actual cost of $14,800. Assume
commitment accounting is not used by this agency. At the time the order is received, what is the net
effect on the budgetary and proprietary track accounts?
●● B. Statement of cash flows.
Answer:
Which of the following financial statements is not required by OMB Circular A-136?
●● D. Rebuild the credibility and restore public confidence in the federal government.
Answer:
One of the purposes of the Federal Financial Management Improvement Act of 1996 was to:
●● C. Secretary of the Treasury.
Answer:
Which of the following officials has shared responsibility under federal law for establishing and
maintaining a sound financial structure for the federal government?
●● B. Government Accountability Office.
Answer:
The Comptroller General of the United States is the head of the:
●● C. Management discussion and analysis.
Answer:
