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CPFO Exam Questions with 100% Correct Answers | Verified | Latest Update
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CPFO Exam Questions with 100% Correct Answers | Verified | Latest Update
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CPFO Exam Questions with 100%Correct Answers | Verified | Latest
Update
Whichiofitheifollowingiautomaticallyiwouldiqualifyiasiaiprogramirevenu
e?
A.iRevenueifromiexpenditureidrivenigrants
B.iRevenueifromishardirevenues
C.iRevenueifromientitlements
D.iAlliofitheiabove
E.iNoneiofitheiabovei-iCorrectiAnswer-
A.iRevenueifromiexpenditureidrivenigrantsiGrantsiandicontributionsimu
stibeiprogramispecificitoiqualifyiasiprogramirevenue.iThatiis,itheyimustib
eirestricteditoiuseiforiaispecificifunctionioriprogram.iExpenditure-
drivenigrantsiautomaticallyimeetithisitest.
Whichiofitheifollowingibestidescribesitheiroleithatiaccounting,ifinancialir
eporting,ianditheifinancialistatementiauditiplayiforistateiandilocaligover
nments?
A.iTheyicompriseiaicomprehensiveiframeworkiofiinternalicontrol.
B.iTheyiprovideitheiinformationaliinfastructureiofipublicifinance
CiTheiserveiasiaipublicisectoriperformanceimanagementisystem.i-
iCorrectiAnswer-
B.iTheyiprovideitheiinformationaliinfastructureiofipublicifinance.-
iReliableiinformationiisineededitoimakeiinformedidecisions,ianditheifina
, ncialistatementiaudititogetheriprovideithatiinformation.iThus,iaccounti
ng,ifinancialireportingianditheifinancialistatementiauditiserveiasitheiinfo
rmationaliinfastructureiofipublicifinance.
TrueioriFalse.iAidescriptioniofitheiscopeiofitheigovernment-
wideifinancialistatementsiisialwaysirequired.i-iCorrectiAnswer-
False.iAidescriptioniofitheiscopeiofitheigovernment-
wideifinancialistatementsiisionlyinecessaryiifiaigovernmentihasieitherifi
duciaryifundsiorifiduciary-
typeicomponentiunitsi(toiexplainithatitheyiareinotiincluded)
TrueioriFalse.iCashiflowsimustialwaysibeireportedigrossiratherithaninet.i-
iCorrectiAnswer-
False.iCashiflowsinormallyishouldibeireportedigrossiratherithaninet.iHo
wever,inetireportingiisiexpresslyipermittedifori1)iinvestmentithatiareino
ticlassifiediasicashiequivalents,i2)iloansireceivableiandi3)idebt,iprovidedi
thoseiitemsimeeticertainicriteria.
TrueioriFalse.iAidisclosureiregardingitheiallocationiofiindirectiexpenseiisi
requiredionlyiifiaiseparateicolumniisiuseditoiallocateiindirectiexpenseia
moungifunctionsioriprograms.i-iCorrectiAnswer-
False.iWhenigovernmentsichargeitheirivariousidepartmentsiforicentraliz
ediservicesitheyioftenibuildiiniaicompnentidesigneditoirecoveriadministr
ativeicostsi(indirectiexpense).iIfiso,itheyiareinotirequireditoiremoveithati
mountiinitheiprocessioficonsolidation;ihowever,itheiSSAPiwouldineedito
imentionithatifact.
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