CGFM TEST QUESTIONS AND ANSWERS

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 year loss in value 2) enterprise component - inher...

CGFM TEST 2 Governments exist to provide services - ANSWER-no profit motive, no single measure of success Primary funding source = - ANSWER-taxes (involuntary payments, because there is no ability to match services to those who provide the resource) Budget process = - ANSWER-primary control dev...

CGFM Test 1 Accountability - ANSWER-Principle that, in a democracy, the government operates by the consent of the people. Therefore, it is responsible to, and must answer to, the people for its actions and results, including the taking and using of the people's resources Allotment - ANSWER-In ...

CGFM Part 2 - Comprehensive Review GASB | Financial Statement Components - ANSWER-1. Auditor's Report 2. MD&A 3. Basic Financial Statements - Government-Wide Financials (Icing) - Fund Financials (Layers) - Notes (Filling that holds the layers together) 4. RSI 5. Combining Statements & Indiv...

CGFM Exam 3 - Financial Management Functions (Cash, Investment, Credit, Acquisition, Property and Inventory Management ) 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. Cas...

CGFM Exam 2 I 1.The Defense Logistics Agency holds jet fuel as inventory, which it sells to support flight operations. The table on the left provides beginning/ending fiscal year 2017 inventory levels and purchase information. Assuming the agency uses the FIFO inventory valuation method, what wa...

CGFM EXAM 2 Study 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 fees Restricted Fund Balance - AN...

CGFM Exam 2 - Section II Accounting and Reporting for State and Local Governments 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 reporting, an...

CGFM Exam 1 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-Citizens hold ultimate authority through...

CGFM Exam 1- Study Guide AGA - ANSWER-Association of Government Accountants CEAR - ANSWER-Certificate of Excellence in Accountability Reporting CFO - ANSWER-Chief Financial Officer CGFM - ANSWER-Certified Government Financial Manager ERP - ANSWER-Enterprise Resource Planning FASAB - ANSWER-Fed...

CGFM Exam 1 - Exam 1 Government Environment I-VII I1. A significant difference between special-purpose and general-purpose governments is that general-purpose governments - ANSWER-Correct Answer: perform multiple functions, while special-purpose governments are typically formed to perform one o...

CGFM - Exam 1: Government Environment Government Sovereignty - ANSWER-Nat'l government can't be sued by states or by citizens w/out its permission. Government Authority - ANSWER-Derived from constitutions or charters (local versions of a constitution), statutes, executive orders & regulations....