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(Multiple Choice)1. Which funds are used by federal agencies to account for receipts of resources from specific sources, earmarked by law for special purposes?a. Special Revenue Fundsb. Trust Fundsc. Revolving Fundsd. Deposit Funds2. Who sets federal accounting standards?a. Congressb. Financial Accounting Standards Board (FASB)c. Federal Accounting Standards Advisory Board (FASAB)d. Governmental Accounting Standards Board (GASB)3. What does an unliquidated obligation represent?a. Resources that cannot be spent for any purposeb. Resources that have already been disbursedc. Resources that must be returned to the Treasuryd. Resources earmarked for a specific purpose4. Who makes apportionments of appropriations?a. Congressb. Office of Management and Budget (OMB)c. The agencyd. The department of which the agency is a part5. What is the function of commitments?a. To legally encumber an allotmentb. To formally disclose purchase requests before actual orders are placedc. To represent the authority to spend money for a particular projectd. To represent legally enforceable promises to specific vendors6. What account is used to show that an agency has requested payment by the Treasury to vendors?a. Fund balance with Treasuryb. Accounts payablec. Disbursements in transitd. Processed invoices7. To prepare the “Status of Budgetary Resources†section of the Statement of Budgetary Resources, you would use the balances in which of the following accounts?a. Expended authority, undelivered orders, and commitmentsb. Cumulative results of operations, undelivered orders, and disbursements in transitc. Fund balance with Treasury, expended authority, and undelivered ordersd. Fund balance with Treasury, undelivered orders, and commitments
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