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An example of a federal principal financial statement is the
Suggested Answer: B
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25 comments · newest first
CA
Caprice
10 months ago
OMB Circular A-136 really lays it all out. Good to know!
AS
Ashlee
10 months ago
Wait, there's no Statement of Cash Flows in federal accounting? That's surprising!
RO
Rozella
10 months ago
Yeah, I thought net income was a thing too. Guess not!
DO
Domingo
10 months ago
Totally agree, it's all about the SBR!
JA
Jade
11 months ago
Statement of Budgetary Resources is definitely a federal principal statement!
ED
Edmond
11 months ago
I’m leaning towards B as well, but I keep mixing up the different statements. I know the Statement of Net Income is definitely not federal, though!
CR
Crista
11 months ago
I’m a bit confused because I thought the Statement of Operations was important too, but I guess it’s not considered a principal financial statement in federal accounting.
LE
Leota
11 months ago
I feel like we practiced a question similar to this, and I remember the Statement of Cash Flows being a common distractor. It’s definitely not a federal principal statement.
SH
Sherly
12 months ago
I think the Statement of Budgetary Resources is the right answer, but I’m not completely sure. I remember it being mentioned in our OMB Circular A-136 review.
CA
Carolann
12 months ago
I've got this one! The federal principal financial statements are laid out in OMB Circular A-136 and FASAB standards. The key ones are the Balance Sheet, Statement of Net Cost, Statement of Changes in Net Position, and the Statement of Budgetary Resources. So the correct answer here is B, the Statement of Budgetary Resources.
LY
Lynette
12 months ago
Okay, let me think this through step-by-step. The question is asking for an example of a federal principal financial statement. The answer choices include the Statement of Operations, Statement of Cash Flows, and Statement of Net Income, which I don't believe are part of the federal financial statements. The Statement of Budgetary Resources does sound familiar as one of the required statements, so I'm going to go with that.
EU
Eugene
1 year ago
Hmm, I'm a little unsure about this one. I know the federal principal financial statements include things like the Balance Sheet and Statement of Net Cost, but I can't quite remember if the Statement of Budgetary Resources is one of them. I'll have to think this through carefully.
AL
Alease
1 year ago
This one seems pretty straightforward. I'm pretty confident the answer is B, Statement of Budgetary Resources, since that's one of the required federal principal financial statements.
JE
Jessenia
1 year ago
Haha, a 'Statement of Net Income'? Really? Sounds like something my grandpa's company would use, not the federal government.
LU
Luther
1 year ago
User 1: I think the answer is B) Statement of Budgetary Resources.
EV
Evan
1 year ago
That's right, Ceola. The Statement of Operations is not a federal principal financial statement.
KE
Kerrie
1 year ago
The Statement of Budgetary Resources is one of the required federal principal financial statements according to OMB Circular A-136 and FASAB standards.
JE
Jeanice
1 year ago
Yep, the Statement of Budgetary Resources is what we're looking for. Can't believe they threw in those other private sector statements as distractors!
CL
Clement
1 year ago
The Statement of Budgetary Resources is definitely the right answer here. That's one of the key financial statements for federal agencies.
OW
Owen
1 year ago
A: Good to know. Thanks for confirming!
HU
Huey
1 year ago
B: Yes, that's correct. It's a key financial statement for federal agencies.
WI
Wilburn
1 year ago
A: I think the answer is B) Statement of Budgetary Resources.
CE
Ceola
1 year ago
I'm not sure about this. Can you explain why it's not A) Statement of Operations?
EV
Evan
1 year ago
I agree with you, Kerrie. The federal principal financial statements include that.
KE
Kerrie
1 year ago
I think the answer is B) Statement of Budgetary Resources.