1. Why is the FASAB named an â??advisory boardâ?? What happens if the GAO, Treasury, or OMB rejects

1. Why is
the FASAB named an “advisory board�
What happens if the GAO, Treasury, or OMB rejects one of its
standards?

2. One of
the major problems encountered by FASAB in setting standards for financial
statements for the federal government taken as a whole is how to classify
future payments to social security beneficiaries. What are the underlying issues related to
social security? How did FASAB resolve
the issues? How will social security be
presented in the federal government financial statements?

3. One of
the more difficult issues to address in state and local governmental accounting
is the reporting entity. A similar issue
exists at the federal level. Discuss the
financial reporting entity issue at the federal level.

4. Currently
the federal government maintains a dual system of accounts–budgetary and
proprietary accounts. What are the two
types of accounts? Why does the federal
government keep two types?

5. What is
meant by a “unified budget� Why are
Social Security and Postal Service receipts and disbursements not included in
the unified budget?

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