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Question No 1

The Office of Personnel Management provides employee pension benefits for an agency's employees and bills the agency for a portion of the costs. The portion of costs not billed to the agency is an

Choose the Choices:

imputed cost to be recognized by the Office of Personnel Management.

inferred cost to be recognized by the Office of Personnel Management.

imputed cost to be recognized by the agency.

inferred cost to be recognized by the agency.

Question No 2

The Prompt Payment Act requires federal agencies to

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Question No 3

An agency is developing a lee for services to cover all direct operating expenditures. Which of the following should be included in the fee calculation?

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Question No 4

What role do the U.S. Department of the Treasury, GAO and OMB have in the standard - setting activities of FASAB?

Choose the Choices:

They are all non - voting advisory board members of FASAB.

They are all members with authority to veto any standard approved by FASAB.

They are all members whose agencies may be exempt from FASAB standards.

They are all sponsors and voting members of FASAB.

Question No 5

The purpose for establishing a custodial fund is to

Choose the Choices:

account for assets held in a trustee capacity.

accumulate resources for payment of debt.

track financial resources to be used for acquisition of capital facilities.

provide services to the public on a fee basis.

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