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CGFM Test 2 With Latest Updated Questions And Answers 2024
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CGFM Test 2 With Latest Updated Questions And Answers 2024
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CGFM Test 2 With Latest UpdatedQuestions And Answers 2024
Governments vexist vto vprovide vservices v- vcorrect vanswer.no vprofit vmotive, vno vsingle
vmeasure vof vsuccess
Primary vfunding vsource v= v- vcorrect vanswer.taxes v(involuntary vpayments, vbecause vthere
vis vno vability v to vmatch vservices v to vthose v who vprovide vthe vresource)
Budget vprocess v= v- vcorrect vanswer.primary vcontrol vdevice vin vgovernment
US vConstitution vprovides vtwo vlevels vof vgovernment v- vcorrect vanswer.Federal vand vState
State vconsitituions vsimilar vin vthat veach vdefines vthe vexcutive vand vlegislative vbraches,
vestablishes vpolitical voffices, vand vdefines vhow vlocal v governments vcan vbe vformed.
Government vAccountability v- vcorrect vanswer.based von vthe vbelief vthat vthe vgovernment
vhas va vresponsibility v to vreport, vthe vpublic vhas va vright vto vknow, vandthe vultimate vpower
vbelongs vto vthe vpeople.
1) vLegal vAccountability v- vcorrect vanswer.public vofficials vare vaccountable vfor vthe
vextablishment vof vcontrols vto vensure vthat vtransations vare vprocessed vproperly
2) vPerformance vAccountability v- vcorrect vanswer.acting vin van vefficient, veffective, vor
veconomic vmanner.
3) vFiscal vAccountability v- vcorrect vanswer.raising vand vallocation vof vresources vto
vaccomplish vobjectives
4) vOperational vAccountability v- vcorrect vanswer.stewardship vof vpublic vresources
Which vbranch vis vaccountable vto vwhom? v- vcorrect vanswer.Legislative v--> vto vthe vpublic
Executive v--> vto vlegislative vand vpublic vas vwell vas vother vgovernments
Interperiod vEquity v- vcorrect vanswer.current vgeneration vof vcitizens vshould vnot vbe vable vto
vshift vthe vburden vof vpaying vfor vcurrent-year v services v to vfuture vtaxpayers
,balanced vbudget vlaw v= vcurrent vyear vservices vmust vbe vfinanced vwith vcurrent vyear
vrevenues v(problem vis vfinancial vdata vcan vbe vmanipulated vto vachieve vthis). vFed vGov't vnot
vsubject vto vthis.
Laws vprohibiting vborrowing v- vcorrect vanswer.* vonly vto vmeet vcash vflow vneeds
* vnot vfor voperating vpurposes
* vshould vmatch vthe vuseful vlife vof vcapital vassets
Users vof vfinancial vreports v- vcorrect vanswer.1) vLegislators vand voversight vgroups
2) vCitizens vand vtaxpayers
3) vInvestors vand vCreditors
4) vMedia
5) vFinancial vand vProgram vmanagers
6) vEmployees vand vemployee vorganizations
Need vfor vfinancial vreports v- vcorrect vanswer.1) vprimary vcommunication vdevice vfor
vassessing vaccountability
2) vaid vin vdecision vmaking vprocess v(economic, vsocial, vand vpolitical)
v* vplanning vand vadministration
v* vresults vof voperations
v* vfinancial vcondition vof vthe vorganization
Point vin vtime vfinancial vreports v- vcorrect vanswer.provides vcurrent vinformation vas vof vthe
vdate vof vthe vreports v(e.g. vbalance vsheet)
Period vfinancial vreports v- vcorrect vanswer.reports vthe vactivity vfor van ventire vfiscal vperiod
v(month, v year)
General vPurpose vExternal vFinancial vReports v(GPEFR)/CAFR v- vcorrect vanswer.1)
vaudited vfinancial vstatements v(including vnotes)
v"basic vfinancial vstatements" v - vstate/local
v"principal vfinancial vstatements" v- vfederal
2) vrequired vsupplementary vinformation
3) vother vaccompanying vinformation v(voluntary)
Special vPurpose vFinancial vReports v(may vor vmay vnot vbe vprovided vto vexternal vusers) v-
vcorrect vanswer.* vbudget vcomparison vreports
* vcash vposition vreports
* voffering vstatements v(when vissuing vdebt)
* vpopular vreports
*grantor vreports
* vservice vefforts vand vaccomplishments
* veconomy vand vefficiency
Reporting vCharacteristics v- vcorrect vanswer.1) vunderstandability
,2) vreliability v- vinfo vis vverfiable vand vfree vfrom vbias
3) vrelevance
4) vtimeliness v- vfor vdecision vmaking vpurposes
5) vconsistency v- vany vchange vin vmethod vor vprinciple vshould vbe vnoted
6) vcomparability
** vmost vcomprehensive vfinancial vreports vprovide vnon-financial vinformation vregarding vthe
vperformance vof vthe ventity.
** vinfo vis voften vbased von vjudgements vor vestimates vbase von vthe vapplication vof vrules vor
vconventions
American vRecovery vand vReinvestment vAct v(2009) v- vcorrect vanswer.** vimportant
vbecause v it vrequired vonline vreporting vof vthe vuse vof vgovernment vfunds vawarded vfor vthe
vpurpose vof vstimulating vthe veconomy v - vRecovery.gov
Federal vOpen vGovernment vInitiative v- vcorrect vanswer.government vshould vbe
vtransparent, vparticipatory, v and vcollaborative
v* vState vDept, vJustice vDept, v HHS, vNASA, vTreasury v Dept, vEPA, v Defense, vand vSSA
Digital vAccountability vand vTransparency vAct v(DATA vAct v- v2014) v- vcorrect vanswer.1)
vexpanded vFFATA vof v2006
2) vestablished vgovernment vwide vdata vstandards vthat vis vdisplayed von vUSAspending.gov
3) vsimplified vreporting vfor vfederal vfunding vrecipients
4) vagencies vheld vaccountable vfor vthe vaccuracy vand vcompleteness vof vdata vsubmitted vto
vUSAspending.gov
5) vapply vapproaches vdeveloped vby vthe vRecovery vAccountability vand vTransparency
vBoard
open vgovernment vchallenges v- vcorrect vanswer.making vinformation vaccessible vwhile
vsecuring vpersonally v identifiable vinformation
Securities vand vExchange vCommission v(SEC) v1934 v- vcorrect vanswer.vested vwith vthe
vpower vto v regulate vsecurities vmarkets, vrequires vpublicly v traded vcompanies vto vdisclose
vcertain vfinancial vinformation
SEC vgave vauthority vto vset vaccounting vstandards vto vthe vFinancial vAccounting
vFoundation v(FAF), v who vappoints vmembers vto vthe v FASB vto vset vreporting vand
vaccounting vstandards vfor vprivate vand vnon-profits
National vCommittee vof vMunicipal vAccounting v(1934) v- vcorrect vanswer.* vset vfirst
vreporting vstandards vfor v states vand vlocals, vand vestablished vthe vMunicipal vFinance
vOfficers vAssociation v(MFOA), v which v was vactive v until v1941
National vCouncil vof vGovernment vAccounting v(NCGA v- v1948)
, .... vlater vbecame vGFOA v- vcorrect vanswer.issued vthe vGovernmental vAccounting,
vAuditing, vand vFinancial v Reporting v(GAAFR/Blue vBook) v in v1968, vhowever v local vpolicy
vretained vprimacy
Audits vof vState vand vLocal vGovernment vUnits v(ASLGU) v- vcorrect vanswer.issued vin v1974
vby vAICPA v in vresponse vto vseveral v government vfinancial vmelt-downs v
* vrecognized vthe vprinciples vin vthe vGAAFR vand vmade vthem vthe vaccepted vprinciples vfor
vall vstate vand vlocals v within vthe vauditing vcommittee, vbut vthere v was vno vrequirement vfor
vcompliance v(due vto vtheir v sovereign v status)
Governmental vAccounting vStandards vBoard v(GASB, v1984) v- vcorrect vanswer.established
vin vlieu vof vexpanding vFASBs vauthority
GASB vstandards vstill vnot vrequired, vbut vmay vbe vnecessary vfor vbonding vand vborrowing,
vplus vgood vpublic vpolicy, v so vmany venacted v legislation v requiring v compliance
Federal vAccounting vStandards vAdvisory vBoard v(FASAB, v1990) v- vcorrect
vanswer.established vby vthe vOMB, vSec vof vTreasury, v and v Comptroller vgeneral vto vaddress
vadditional vfinancial vreporting vstandards v(most v were v related vto vbudgetary v reporting vup
vuntil vthis vpoint)
GASB vMission v- vcorrect vanswer.1) vset vand vimprove vstandards vof vstate/local vaccounting
vand vfinancial v reporting
2) vguide vand veducate vthe vpublic vin vusing vthese vreports
GASB vRules vof vProcedure v- vcorrect vanswer.1) vestablish van vadvisory vtask vforce vto
vprovide vfeedback von vissues
2) vpublish vdocuments vfor vcomment
3) vbroadly vdistribute van vexposure vdraft vfor vpublic vcomment
4) vconduct vpublic vhearings von vdue vprocess vdocuments
5) vissue va vfinal vstandard
FASAB vMission v- vcorrect vanswer.improving vfederal vfinancial vreporting vthrough vissuing
vfinancial vstandards, v which vare vpublished v in vthe vFederal vRegister vand vreviewed vby
vCongress
FASAB vrules vof vprocedure v- vcorrect vanswer.1) videntify vaccounting vissues vand vset
vagendas
2) vprepare vinitial vdocuments
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