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CGFM Exam 2 | CGFM Exam 2 (2024) Questions With 100% Solved Answers!
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CGFM Exam 2 | CGFM Exam 2 (2024) Questions With 100% Solved Answers!
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Name: Score:175 Multiple choice questions
Term 1 of 175
I 34.An agency is recommending a new program to the legislature. Included with the information
is a budgetary estimate, which forecasts expenditures for the upcoming fiscal year, as well as the
next five years. The budget was determined by comparing the goals to other entities providing
similar services. This method of forecasting expenditures is called
Correct Answer: $195,000
Correct Answer: financial accountability.
Correct Answer: option 1
Correct Answer: performance based-budgeting.
Term 2 of 175
I 46.A federal agency receives services from another entity that does not bill the agency for those
services. However, the cost of those services are material and significant, form an integral part of
the agency's output, and can be estimated with reasonable precision. Those costs are called
Correct Answer: a subsidy cost allowance on the balance sheet and an expense on the
statement of net cost.
Correct Answer: imputed costs and should be included in the agency's financial statements.
Correct Answer: assess the government's financial condition and long-term sustainability.
Correct Answer: provide guidance to preparers and attesters regarding accounting issues.
,Term 3 of 175
III 25.The journal entry credit shown on the left would be used to record
Correct Answer: the individuals benefiting from the project are the ones who pay for it.
Correct Answer: an amount of money made available to carry out the program operations.
Correct Answer: provide guidance to preparers and attesters regarding accounting issues.
Correct Answer: accounts maintained by the federal government for recording dedicated
collections and expenditures.
Term 4 of 175
II 19.A government purchases vehicles for its fire department at a cost of $350,000. Looking at the
image on the left, how would this purchase be recorded on the government-wide statements?
Correct Answer: Option 9
Correct answer: the modified accrual basis of accounting.
Correct Answer: Option 4
Correct Answer: Option 8
Term 5 of 175
I 47.GASB, FASB and FASAB have been designated as standard-setting bodies for accounting and
reporting standards by the
Correct Answer: program
Correct Answer: AICPA.
Correct Answer: comparability.
Correct Answer: an allotment.
,Term 6 of 175
I 2.In financial reporting, consistency of communication means
Correct Answer: recoveries from prior-year obligations, and spending authority from
offsetting collections
Correct Answer: as if the reporting entity operated as a single organization, eliminating all
transactions between intra-government entities.
Correct Answer: if accounting principles have changed or if the financial reporting entity
has changed, the nature and reason for the change, as well as the effect of the change,
should be disclosed.
Correct Answer: monitor and improve program economy, receive cost reimbursements,
establish user fees and identify efficiencies.
Term 7 of 175
II 31.A school district with a fiscal year ending on 30 June pays teachers on a 186 day contract over
a 12-month period beginning in September. How should the district report the two months of
salaries earned in the fiscal year that aren't paid until the following fiscal year?
Correct answer: the modified accrual basis of accounting.
Correct Answer: A subsidy rate must be calculated for loan programs and used by agencies
to determine costs for continuing loan programs.
Correct Answer: total budgetary resources equal total status of budgetary resources
Correct Answer: The payroll for June is recorded as an expense and the July and August
amounts are recorded as encumbrances in June.
, Term 8 of 175
III 11.What term is used to describe funds that are available until the purpose for which the
program was established is completed, or until there are no more recipients?
Correct Answer: $30,000
Correct Answer: no-year funds
Correct Answer: an intragovernmental asset
Correct Answer: the GAO and the OMB
Definition 9 of 175
Correct Answer: serve as the financial manager and fiscal agent of the U.S. government.
III 10.Footnotes to federal financial statements provide detailed information about
III 14.One of the duties of the U.S. Department of the Treasury is to
II 15.All of the following are characteristics of the reporting requirements of fiduciary funds
in state and local government financial statements EXCEPT
III 24.To recognize the receipt of an order, the agency should credit
Term 10 of 175
III 32.Which act requires that the U.S. Department of the Treasury produce an annual consolidated
financial report for the government as a whole?
Correct Answer: The Government Management Reform Act
Correct Answer: Committed Fund Balance
Correct Answer: A Concentration Of Credit Risk.
Correct Answer: Statement Of Improper Payments.
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