An Overview Of Public Funds and Accountability Final Exam

An Overview Of Public Funds and Accountability Final Exam

The three major financial functions in education– ______________________________________ –are separate, discrete operations, but they are nonetheless closely interrelated. (Choose the three that apply.)

  • processing,
  • budgeting,
  • accounting,
  • compiling,
  • auditing,

Budgeting is a process and plan for determining how money is to be raised and spent, as well as a document–the budget–developed and approved during the budgeting process. Budgeting can be considered a process and plan as well as a document.

  • True
  • False

William Hartman defines education budgeting as a ______________________for the successful operation of states and local school districts, with "significant opportunity to plan the mission, improve operations, and achieve their education objectives."

  • "self-propelling tool"
  • "working tool"

A _______________________ includes the various income and expenditure estimates (by line item, function, object, and cost center) in a given fiscal year, while a _______________________________ will include current estimates for a given fiscal year.

  • vertical budget, horizontal budget
  • horizontal budget, vertical budget

While helpful in tracking costs, Iine item budgeting is good for planning and management, but is considered ______________________________ when considering that all the budgetary needs and explanations of those needs is lost when aggregated by 'line.'

  • virtually useless
  • extremely invaluable

Most districts use ______________________________, since it organizes spending around the basic functions of the system, such as instruction, student support, operations, administration, and transportation.

  • line-item budgeting
  • function/object budgeting
  • zero-based budgeting

___________________________________ is concerned with who will do the budgeting and where in the organizational hierarchy the decisions will be made.

  • Program-planning-budgeting systems (PPBS)
  • Site-based (school-site) budgeting (SBB)

The _______________________________, which Chambers recommends, "places paramount importance on measuring productivity and the cost-effectiveness analysis, the economist's stock in trade."

  • resource cost model
  • reduction cost model

An external audit is an objective, systematic review of resources and operations, followed by a written or oral report of findings. Robert E. Everett et al. define three basic types of external audits: (Choose the three that apply:)

  • Financial compliance audit
  • Program compliance audit
  • Preferred compliance audit
  • Performance compliance audit
  • Budgeting compliance audit

The mingling of public funding and private (even for-profit) management makes budgeting-accounting-auditing systems even more complex, blurring the lines between public and private provision, funding, and accountability.

  • True
  • False

__________________________ requiring that all official meetings in publication education be announced in advance and to open to the public.

  • Exposure laws
  • Sunshine laws
  • Public opinion laws

A charter school is entitled to funding from which two tiers of the Foundation School Program?

  • Tier I
  • Tier II
  • Tier III
  • Tier IV

Over-allocated funds must be returned within _________________of receiving notice of an over-allocation and a request for refund under TEC, §42.258, a charter holder shall transmit to the Texas Education Agency an amount equal to the requested refund.

  • 20 days
  • 30 days
  • 60 days

Charter schools may also receive funds if they choose to: (Choose all that apply)

  • provide after school care programs to students
  • provide transportation to students
  • provide free hot lunches to students
  • participate in health insurance for their employees through TRS ActiveCare

State law requires every Texas school district to adopt an attendance accounting system that includes procedures to ensure the ________________________________________________________.

  • accurate recording and reporting of student tardiness data
  • accurate recording and reporting of student withdrawal data.
  • accurate recording and reporting of student attendance data.

The Texas Permanent School Fund (PSF) was created with a $2,000,000 appropriation by the ____________________________________ expressly for the benefit of the public schools of Texas.

  • Texas Legislature of 1824
  • Texas Legislature of 1854
  • Texas Legislature of 1874

QSCBs are bonds that allow schools to save money on school construction (including land purchase), rehabilitation, or repair projects, allowing school districts and charter schools to borrow money at _______________________________________.

  • 3-5 % interest
  • 1-3% interest
  • no or minimal interest cost

The independent auditor must provide copies of the audit to the district school officials no later than _______________________ after presentation of the annual financial report to the board of trustees of the school district.

  • 20 calendar days
  • 30 calendar days
  • 60 calendar days

The annual financial audit is due not later than the _________________ after the end of the fiscal year.

  • 90th day
  • 120th day
  • 150th day

A school district's board of trustees, at their option, may require audit work that exceeds the minimum auditing requirements described for the annual financial and compliance audit.

  • True
  • False

Whenever a school district’s annual financial and compliance report has significant inadequacies, the school district will be advised by the _______________________________________ to take corrective action.

  • Division of Fraudulent Audits of TEA
  • Division of Financial Audits of TEA
  • Division of Fiscal Audits of TEA

A financial audit is required __________________ for each school district, and is to be made on an organization-wide basis, including all fund types and account groups that are the accounting responsibility of the school district.

  • bi-annually
  • semi-annually
  • annually

TEC 44.008(a) requires a financial audit to be performed annually by a certified public accountant holding a permit from the Texas State Board of Public Accountancy.

  • True
  • False

Three general types of audits may be conducted for governmental entities (including school districts): (Choose the three that apply)

  • attendance audits
  • financial audits
  • attestation audits
  • performance audits
  • line-item budgeting audits

Federal law requires the retention of audit work papers for_____________. U.S. Department of Education (federal) regulations require retention of supporting documentation for federal programs for at least _______________.

  • three years, five years
  • five years, three years

The Uniform Grant Management Standards (UGMS) were established to provide a standardized set of financial management procedures for grantor agencies in Texas.

  • True
  • False