Answer:
The federal government has passed the Chief Financial Officers' Act in 1990, for improving the financial management system of the federal government agencies, which are handled by the Office of Federal Financial Management under the Office of Management and Budget. The Office of Management and Budget, the Government Accountability Office and the Department of the Treasury are in-charge of the financial management for federal government agencies.
The federal agencies uses two sets of accounts known as the budgetary accounts and the proprietary accounts. The budgetary accounts records the federal grants provided to these agencies and the expenditures of the agencies while the proprietary accounts are the accrual accounts of the revenues, expenditures, assets, and liabilities on the basis of which the agencies financial statements are prepared. The journal entries for recording the budgetary transactions of these agencies contain appropriations (federal grants), unapportioned - authority (apportionments balance) and apportionments (allocations of the grants) and , allotments (dividing the allocated funds for programs), obligations (commitments) and expended appropriations (used grants). For proprietary transactions, the accounts used are the fund balance with treasury, unexpended appropriations, and other general journal accounts like accounts payable, expenses etc.
From the question and exercises 14-6, the journal entry for the given events are given as:
The status of the appropriations for the first quarter shows the balance of the budgetary accounts like unapportioned authority, apportionments, allotments, obligations for undelivered orders and the expended appropriations. Therefore, the status of the appropriation by the end of first quarter is prepared as:
Answer:
Financial Statements of the U.S. Government
Statement of Net Costs
1.the three largest government units based on net cost are:
Department of Defense $ 740.8 billion
Health Human Services $ 712.7 billion
Social Security Administration $ 663.6 billion
2.The government department that operates at the largest net profit is:
U.S. Postal Service $ 13.6 billion profit
Statement of Operations and Changes in Net Position
3.The two largest sources of revenue to the federal government are:
Individual income taxes and tax withholdings $ 2,078.4 billion
Corporate income taxes $ 299.7 billion
4.The item on this statement that articulates (agrees) with the Statement of Net Costs is:
Consolidated net cost ($ 3,640.7 billion) articulates with total cost on the Statement of Net Cost
Balance Sheet
5.The two largest liabilities reported on the balance sheet are:
Federal debt securities $ 5,836.2 billion
Federal employee and veteran benefits $ 5,318.9 billion
6.The item on this statement that articulates with the Statement of Operations and Changes in Net Position is:
Net position, end of year of $ (10,203.5) billion agrees with Total net position.
Answer:
Financial Statements of the U.S. Internal Revenue Service
Statement of Net Costs
1.The two largest programs are Tax Compliance ( $ 7,851 million) and Filing and Account Services ($ 3,541 million).
Statement of Changes in Net Position
2.The largest source of financing for the activities of the IRS is Congressional appropriation ( $ 11,095 million).
Statement of Custodial Activity
3.The IRS collects taxes (individual and corporate income, excise, estate and gift and other) and remits the amounts to the Dept. of Treasury.