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CGFM Exam 2 with Questions and Answers| 100% Passed
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CGFM Exam 2 with Questions andAnswers| 100% Passed
Which is not a typical output of programming phase?
a- most cost effective means to acheive objectives
b- specific, measurable objectives
c- level of resources requested
d- reprogramming requests - ✔✔D - reprogramming requests
Typically, which type of budget will be in effect the longest?
a-operations
b- cash flow
c- capital - ✔✔C- Capital
What is the purpose of forecasting in regards to the budget? - ✔✔To determine the likely level
of economic activity & economic trends and how they will impact revenue & expenses
What publication of the national government provides an effective guide to internal controls & may
be applied at all levels of government - ✔✔Standards for Internal Control in the federal
government (GAO)
Which of the following is least supported through financial accounting?
a- information about expenses and inter-governmental transfers
,b- info about fund levels & disbursements
c-info about deposits and earmarked receipts
d- info about achievement of program outcomes - ✔✔D - this requires non-financial information
Which entity provides detailed instructions for completing performance & accountability reports at
the federal level?
a- AGA
b- OMB
c- GASB
d- FASAB - ✔✔B- OM
3 types of accounting - ✔✔Financial, Managerial, Budgetary
Type of accounting that tracks affects of financial events on the financial position of an entity -
✔✔Financial
Type of accounting that tracks commitments, obligations & expenditures by purpose, time and amount
- ✔✔Budgetary
Type of accounting used to gauge the cost effectiveness of operations to improve efficiency -
✔✔Managerial (cost accounting)
Phase of management cycle used to communicate accomplishments & resources expended -
✔✔Reporting
What entity defines GAAP for state/local governments - ✔✔Governmental Accounting
Standards Board (GASB)
What entity defines GAAP for national government - ✔✔Federal Accounting Standards
Advisory Board (FASAB)
, Reports with condensed financial information in easy to read format - ✔✔Popular, Summary
and/or Citizen Report
Reports that link financial resources to the service outputs & outcomes achieved with those resources -
✔✔Performance Reports
AGA recommended report to communicate the business of government to the public -
✔✔Citizen Centric Report (CCR)
At the federal level, performance reporting is ______________ - ✔✔Required
Report that combines financial data & performance measures - ✔✔Performance &
Accountability Report (PAR)
What act calls for the establishment of government wide financial data standards -
✔✔Data Transperancy & Accountability Act (DATA)
3 differences between internal & external reports - ✔✔timing - internal prepared as needed
purpose - internal help officials make decision to improve operations
structure- internal take any form useful to management
What entity establishes standards for financial audits, generally? - ✔✔American Institute of Certified
Public Accountants (AICPA)
Citizen action that requires legislative action to be presented to voters for approval - ✔✔Referendum
What are three tools used by the federal reserve to moderate the supply and cost of money? -
✔✔1-buying and selling government bonds
2-altering amount of reserves that other banks keep at the federal reserve
3- changing the interest rate at which it loans funds to other institutions
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