Fasab - Study guides, Class notes & Summaries

CGFM EXAM 1- STUDY GUIDE | 833 QUESTIONS AND COMPLETE WELL EXPLAINED ANSWERS WITH RATIONALE 100% CORRECT AND VERIFIED BY EXPERTS GRADED A+ LATEST UPDATE 2024 (SUCCESS GUARANTEED]ALL YOU NEED TO PASS YOUR EXAMS AGA Association of Government Accountants CEAR Certificate of Excellence in Accountability Reporting CFO Chief Financial Officer CGFM Certified Government Financial Manager ERP Enterprise Resource Planning FASAB Federal Accounting Standards Advisory Board FASB Financial Accountin...

I 1.The Defense Logistics Agency holds jet fuel as inventory, which it sells to support flight operations. The table on the left provides beginning/ending fiscal year 2017 inventory levels and purchase information. Assuming the agency uses the FIFO inventory valuation method, what was the cost of goods sold for jet fuel in fiscal year 2017? -Correct Answer Correct Answer: $133.50 I 2.In financial reporting, consistency of communication means -Correct Answer Correct Answer: if accounting princ...

ACC 426 - CH 1 QUESTIONS AND ANSWERS ALREADY GRADED A Governmental funds include: A) Special revenue funds B) Internal service funds C) Enterprise funds D) Agency funds A Which of the following has established a "Hierarchy of GAAP": A) Financial Accounting Standards Board. B) Federal Accounting Standards Advisory Board C) Governmental Accounting Standards Board D) All of the above have established a hierarchy D The term "proprietary funds" applies to: A) all funds that use accrual ...

TEST BANK –Accounting for governmental and nonprofit entities 19th edition 1) Explain the essential differences between general purpose and special purpose governments and give several examples of each. 2) Identify and explain the characteristics that distinguish governments and not-for-profit entities from business entities. 3) GASB and FASB standards are concerned only with external financial reporting; whereas, FASAB standards are concerned with ...

CGFM Exam 2 I 1.The Defense Logistics Agency holds jet fuel as inventory, which it sells to support flight operations. The table on the left provides beginning/ending fiscal year 2017 inventory levels and purchase information. Assuming the agency uses the FIFO inventory valuation method, what was the cost of goods sold for jet fuel in fiscal year 2017? - ANSWER-Correct Answer: $133.50 I 2.In financial reporting, consistency of communication means - ANSWER-Correct Answer: if accounting pri...

TEST BANK FOR ACCOUNTING FOR GOVERNMENTAL & NONPROFIT ENTITIES 18TH EDITION JACQUELINE Accounting for Governmental and Nonprofit Entities, 18e (Reck) Chapter 1 Introduction to Accounting and Financial Reporting for Government and Not-for-Profit Entities 1) Special purpose governments generally provide a wider range of services to their residents than do general purpose governments. 2) Examples of general purpose governments include cities, towns, and public schools that receive tax revenue t...

Complete Solutions Manual for Government and Not-for-Profit Accounting: Concepts and Practices, 9th Edition 9e by Michael H. Granof, Saleha B. Khumawala, Thad D. Calabrese. ISBN-13: 3898 1 The Government and Not- for- Profit Environment 1 How Do Governments and Not- For- Profits Compare With Businesses? 2 In Practice: Why Is State And Local Government Accounting Important? 6 What Other Characteristics of Governments and Not- For- Profits Have Accounting Implications? 9 How Do Governments Compare...

FAR Exam Questions & Answers 2023/2024 SU 1 - The Financial Reporting Environment - ANSWER- 1.1 - Standards Setting for Financial Accounting - ANSWER- Nature of financial reporting - ANSWER-Financial accounting produces information about an entity's assets, liabilities, revenues, expenses, and other elements of financial statements. Financial statements are the primary method of communicating to external parties information about the results of operations, financial position, and ...

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...

AGA - correct answerAssociation of Government Accountants CEAR - correct answerCertificate of Excellence in Accountability Reporting CFO - correct answerChief Financial Officer CGFM - correct answerCertified Government Financial Manager ERP - correct answerEnterprise Resource Planning FASAB - correct answerFederal Accounting Standards Advisory Board FASB - correct answerFinancial Accounting Standards Board FSIO - correct answerFinancial Systems Integration Office (within GSA...