Quiz

Question 1

Assume that Acme is an average US (federal civilian) agency, in regards to unions. Are unions important to acme? What role would unions have in acme? Acme employs 200,000 people. How many would be members of a union?

Question 2

What is the equity-type account in the US federal government called? With what digit (number) do the equity accounts start? Provide an example of an equity account for the US federal government. What (if anything) is different between the equity accounts in for-profit companies and the US federal government? If applicable, list an equity account in for-profit entities that are not in the federal government, or state if there are no such accounts.

Question 3

1) What creates the US federal government-wide financial statements?

2) Who audits the statements?

3) What is the specific audit opinion that the US federal government-wide statements receive? List the one audit opinion the statements actually received.

4) What do most federal (and non-federal) entities receive on their audit opinions?

5) Are there any issues in the government-wide statements?

6) If there are issues, list at least one effort to overcome an issue

Question 4

List the GL entries for the following items - list debit/credit (in 6 character format - all GL accounts, which may or may not include budgetary and proprietary) and amounts for each date listed.

1) On January 2, 2015, an agency decides to order $2,000 of office supplies. The agency has made firm orders for specific vendors. The amounts total $2,000. There are no advances. What is the GL entry when the agency signs the order (but has not yet received the supplies),

2) On February 2, 2015, the agency receives the goods - the goods are considered expenses, and are not considered personal or real property (or inventory). What is the GL entry?

3) On February 27, 2015, the vendor receives payment for the goods.

How did the vendor (likely) receive payment? Who actually paid the vendor, in most cases? What is the GL entry?

Question 5

Are the following allowable expenses (please list Yes or No clearly - such as, "Yes, this is allowable, because___)? Why or why not?

a) An agency decides to award a vendor $1,000,000 to perform accounting services on a one-year appropriation. The appropriation is for Fiscal year 2014. The award is made on October 2, 2014. The appropriation allows using the funds for accounting services.

b) For a no-year appropriation, could the agency start a new obligation starting on October 24, 2015? The obligation would be for goods/services that would be a use listed in the appropriation, and would be above the amount remaining on the appropriation.

c) An agency has a multi-year appropriation, from Beg. Budget Fiscal Years 2012-Budget Year 2014. The agency awarded a vendor a contractor on October 1, 2013 for an item listed in the appropriation. The vendor identified an invoice for work performed in November 2013, and requested payment on January 5, 2015. Is the payment allowable?

Question 6

Give an example of a project? List defining parts of a contract? Are projects used to budget money, as well as track costs?