Exam (elaborations)
CGFM Exam #2 - Governmental Accounting Questions & Answers 2023/2024
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CGFM Exam #2 - Governmental Accounting Questions & Answers 2023/2024
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CGFM Exam #2 - GovernmentalAccounting Questions & Answers
2023/2024
Reasons Governments are not Run Like Businesses - ANSWER-1) Goals and objectives differ considerably
from those in the private sector.
2) Exists to provide services, not gain profits.
3) Goals and objectives are sometimes established with input from the public.
4) Resources are derived primarily from taxes; there are no shareholders.
5) No single measure of success; can't use increasing market share, earnings per share, or the fact that it
is still in business like private sector corporations.
6) Legally bound by budget.
7) Must provide reports that demonstrate compliance.
Government Budget - ANSWER-Establishes spending authorizations, outlines programs and services to
be provided, and defines the sources of revenues that will be used to fund them. Specifies restrictions on
the use of resources.
Private Sector Budget - ANSWER-Guide to operations. Used as a benchmark for performance, goals for
growth, or as a management tool for planning.
Financial Reporting - ANSWER-Primary mechanism by which public officials are able to demonstrate
accountability.
Accountability - ANSWER-In gov't, it is the cornerstone of financial reporting. Based on the belief that the
gov't has a responsibility to report, the public has a right to know, and the ultimate power belongs to the
people.
Legal Accountability - ANSWER-The need to comply with various laws, rules and regulations.
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