Q1 .What is the impact of good government accounting? 1. Economic Stability 2. Government scandals 3. Poor public services 4. Confidence in government a. 2 only b. 1 and2 c. All of the above d. 1 and 4 Q2. Public Accounting Acts are meant to do all of the following except: a. Guarantee that the government's financial reports can be used and understood by reasonably informed user b. Provide guide for the accounting functions of a government department or ministry c. Name government officers and their duties d. Sets out how much funds are to be allocated to ministries and departments Q3. The correct order of the Expenditure Cycle is: a. Apportionment of Appropriation and release of funds, Commitment, Acquisition and Verification, Payment. b. Acquisition and Verification, Apportionment of Appropriation and release of funds, Payment, and Commitment c.Acquisition and Verification, Commitment, Payment, Apportionment of Appropriation and release of funds d. Apportionment of Appropriation and release of funds, Acquisition and Verification, Payment, and Commitment Q4. Which of the following statement is correct? a. The expenditure side of the budget only include investments, transfers, and other transactions between the budget and state-owned enterprises. b.. Economic Budget Classification may include compensation of employees, use of goods and services, Interests. c. Functional Budget Classification may include grants, compensation of employees, social benefits. d. Expenditure classification is only necessary for presenting the budget to parliament. Q5. Accrual Accounting increase government transparency and accountability. Select one: True or False

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Q1 .What is the impact of good government accounting? 1. Economic Stability 2. Government scandals 3. Poor public services 4. Confidence in government a. 2 only b. 1 and2 c. All of the above d. 1 and 4 Q2. Public Accounting Acts are meant to do all of the following except: a. Guarantee that the government's financial reports can be used and understood by reasonably informed user b. Provide guide for the accounting functions of a government department or ministry c. Name government officers and their duties d. Sets out how much funds are to be allocated to ministries and departments Q3. The correct order of the Expenditure Cycle is: a. Apportionment of Appropriation and release of funds, Commitment, Acquisition and Verification, Payment. b. Acquisition and Verification, Apportionment of Appropriation and release of funds, Payment, and Commitment c.Acquisition and Verification, Commitment, Payment, Apportionment of Appropriation and release of funds d. Apportionment of Appropriation and release of funds, Acquisition and Verification, Payment, and Commitment Q4. Which of the following statement is correct? a. The expenditure side of the budget only include investments, transfers, and other transactions between the budget and state-owned enterprises. b.. Economic Budget Classification may include compensation of employees, use of goods and services, Interests. c. Functional Budget Classification may include grants, compensation of employees, social benefits. d. Expenditure classification is only necessary for presenting the budget to parliament. Q5. Accrual Accounting increase government transparency and accountability. Select one: True or False

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