BUNDLE - CGFM EXAMS

CGFM Exam 1 ALL Questions & Answers 2023/2024 doctrine of separation of powers provides a foundation for - ANSWER-government financial management govt entity can be classed as - ANSWER-general or special purpose US constitution written - ANSWER-1787 Most school district in US - ANSWER-...

CGFM TEST 3 QUESTIONS & ANSWERS 2023/2024 Three Broad Government Spending Purposes - ANSWER-1) Current Operations 2) Capital Outlays 3) Debt Service Present Value Analysis - Three Components - ANSWER-Determines what $$ Rec'd in Future is Worth Today 1) inflation component - year over y...

CGFM Exam 1 Questions & Answers 2023/2024 Federalism - ANSWER-Power is distributed among different levels of government, no one level has complete authority Sovereignty - ANSWER-National government cant be sued by states or citizens without its permission Popular Sovereignty - ANSWER-Citi...

CGFM Test 1 Questions & Answers 2023/2024 Federal - ANSWER-refers to national government Federalism - ANSWER-means that power is distributed among different levels of government Sovereignty - ANSWER-government cannot be sued by states or by citizens without its permission Popular Sover...

CGFM Exam #2 - Governmental Accounting Questions & Answers 2023/2024

CGFM Exam 3 - Financial Management Functions Questions & Answers 2023/2024 Prompt Payment Act - ANSWER-A federal law that requires federal agencies to pay interest to companies on bills not paid within 30 days of invoice or completion of work. Cash Management Improvement Act - ANSWER-passed ...

CGFM EXAM 2 Study QUESTIONS & ANSWERS 2023/2024 Non-Spendable Fund Balance - ANSWER-Assets not in spendable form-Inventories and prepaid items, principal of a permanent fund which may not be spent, and assets held for sale and long-term receivables. Examples: Supplies, inventory, membership fee...

CGFM Exam 2 - Section 2, Chapter 2 - Fund Accounting and Reporting 2023/2024 GASB Codification Section 1300 - ANSWER-Establish the foundational accounting and reporting standards for state and local FUNDS Fund - ANSWER-Funds are fiscal and accounting entities that are segregated for the purp...

CGFM Exam 3: Section 5, Chapter 1 - What is an Audit? Questions & Answers 2023/2024 Audit definition - ANSWER-an independent, systematic, objective and unbiased assessment that provides answers to a set of questions. "Material" meaning - ANSWER-use "material" in the context of whether re...

CGFM Exam 2 - Section 1 Questions & Answers 2023/2024 Taxes - ANSWER-Resources for gov are derived primarily from Grants and shared revenues - ANSWER-Gobs receive revenue from other levels of gov through Budget - ANSWER-Primary control device in gov Financial reporting - ANSWER-Primary...

CGFM Exam 2 - Section II Accounting and Reporting for State and Local Governments 2023/2024 The reporting model for state and local governments focuses only on fiscal accountability. True or false? - ANSWER-False. The reporting model focuses on both fiscal accountability, through fund-level rep...

CGFM exam 3: Section 3, Chapter 1 - Internal Controls questions & answers 2023/2024

CGFM Exam 2, Section 3 - Chapter 2: Federal Budgetary Accounting 2023/2024 Exec Branch central financial management agencies - ANSWER-(1) OMB and (2) the Dept of Treasury OMB - ANSWER-OMB's predominant mission is to assist the president in overseeing the preparation of the federal budget an...