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1. Which of the following represents one of the roles of the Government Accountability Office in federal financial accounting and reporting?

2. Which of the following is the highest level of GAAP for the federal government?

3. Objectives that are identified by Statement of Federal Financial Accounting Concepts (SFFAC) No. 1 for federal financial reporting include all of the following except

4. Which of the following is a required basic financial statement for federal agencies?

5. Which of the following is a correct mathematical relationship among proprietary account balances?

6. One amount is missing in the following trial balance of proprietary accounts, and another is missing from the trial balance of budgetary accounts of the Save Our Resources Commission of the federal government. This trial balance was prepared before budgetary accounts were adjusted, such as returning unused appropriations. The debits are not distinguished from the credits.

 

SAVE OUR RESOURCES COMMISSION
Preclosing Trial Balance
September 30, 2020
Proprietary accounts:
Accounts Payable	$	134,000
Accumulated Depreciation—Plant and Equipment		5,350,000
Appropriations Used		4,500,000
Fund Balance with Treasury—2020		?
Operating Materials and Supplies		63,000
Cumulative Results of Operations—10/1/19		1,009,000
Operating/Program Expenses		2,150,000
Depreciation and Amortization		750,000
Plant and Equipment		8,111,000
Unexpended Appropriations—2020		410,000
Budgetary accounts:
Other Appropriations Realized—2020		?
Expended Authority—2020		4,500,000
Undelivered Orders—2020		310,000
Allotments—2020		100,000

 

Required

1. Complete the following preclosing Trial Balance.

 

b. Compute the net additions (or reductions) to assets other than Fund Balance with Treasury during fiscal year 2020.

 

c. Prepare journal entries to close the budgetary accounts as needed and to close the operating statement proprietary accounts.

50,000.

7. One amount is missing in the following trial balance of proprietary accounts, and another is missing from the trial balance of budgetary accounts of the Save Our Resources Commission of the federal government. This trial balance was prepared before budgetary accounts were adjusted, such as returning unused appropriations. The debits are not distinguished from the credits.

 

SAVE OUR RESOURCES COMMISSION
Preclosing Trial Balance
September 30, 2020
Proprietary accounts:
Accounts Payable	$	134,000
Accumulated Depreciation—Plant and Equipment		5,350,000
Appropriations Used		4,500,000
Fund Balance with Treasury—2020		?
Operating Materials and Supplies		63,000
Cumulative Results of Operations—10/1/19		1,009,000
Operating/Program Expenses		2,150,000
Depreciation and Amortization		750,000
Plant and Equipment		8,111,000
Unexpended Appropriations—2020		410,000
Budgetary accounts:
Other Appropriations Realized—2020		?
Expended Authority—2020		4,500,000
Undelivered Orders—2020		310,000
Allotments—2020		100,000

In completing the assignment, assume that all assets are entity assets, Fund Balance with Treasury is an intragovernmental asset, and all other assets are governmental. Also, assume that Other Appropriations Realized—2019 were zero.

Required

1. Prepare the Statement of Budgetary Resources of the Save Our Resources Commission for 2020.

 

 b. Prepare the Statement of Changes in Net Position of the Save Our Resources Commission for 2020.

 

c. Prepare the Balance Sheet of the Save Our Resources Commission for 2020.