Cgfm exam 4 - Study guides, Class notes & Summaries

CGFM Exam 2 - Governmental Accounting (2023/2024) Already Graded A Reasons Governments are not Run Like Businesses 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 ...

CGFM Exam 3 Section 1, Chapter 4 - Acquisiton management.

CGFM Exam: Section 1, Chapter 1 Questions and Answers Already Passed Difference between a budget in public vs. private sector? Public sector = Law/Private sector = benchmark for performance and goals for growth Primary control device in Govt? budget Financial Reports primary mechanism by which public officials are able to demonstrate accountability. They show how much was raised, how it was spent, and whether spending was in compliance with the budget. State Authority All the powers not set f...

CGFM EXAM 2(graded A+)CORRECTLY ANSWERED fully solvedSpecial assessments are used to ensure that - correct answer individuals benefiting from the project are the ones who will pay for it imputed costs - correct answer costs incurred by a federal entity for goods and services provided and paid for in total, or in part, by other federal entities Accumulated Depreciation is which type of account - correct answer contra asset Preferred Costing Methodology - correct answer Directly tracing c...

CGFM Exam 3: Section 1, Chapter 4 - Acquisition management correctly answered 2023The four basic phases in acquiring goods and services are? - correct answer 1) establishing specifications 2) soliciting supply sources 3) awarding contracts 4) monitoring contractor performance 2 basic methods for soliciting potential contractors - correct answer (1) formal advertising through invitations for bid (IFB) and (2) a less formal solicitation through requests for proposal (RFP). The method that...

CGFM Study Exam 1 (rated A+) correctly answered 2023 Federalism - correct answer 1. Power is distributed among different lvls of Gov't 2. A legal relationship with power distributed among different levels of gov't 3. No lvl of gov't has complete authority over all areas of public policy 4. Results in no centralized system of gov't in US Complex relationships between the Federal, State, and Local Gov'ts, distributed authorities, rather than a centralized command and control system is...

The four basic phases in acquiring goods and services are? - Answer 1) establishing specifications 2) soliciting supply sources 3) awarding contracts 4) monitoring contractor performance 2 basic methods for soliciting potential contractors - Answer (1) formal advertising through invitations for bid (IFB) and (2) a less formal solicitation through requests for proposal (RFP). The method that is used largely depends on whether there are firm specifications for the goods or services to be ...

Updated Exam For CGFM Federalism - CORRECT ANSWER-Power is distributed among different levels of government, no one level has complete authority Sovereignty - CORRECT ANSWER-National government cant be sued by states or citizens without its permission Popular Sovereignty - CORRECT ANSWER-Citizens hold ultimate authority through the ballot; even a sovereign government is accountable to citizens Primary Purpose of Government - CORRECT ANSWER-Provide services to its citizens 10th Amendm...

CGFM Exam #2 - Governmental Accounting fully solved graded A+ 2023Reasons Governments are not Run Like Businesses - correct 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 shar...

CGFM Exam Section 4 - Government Financing Process