Cgfm 2023 - Study guides, Class notes & Summaries

CGFM Exam 2 - Section 1 Questions & Answers 2023/2024 Taxes - ANSWER-Resources for gov are derived primarily from Grants and shared revenues - ANSWER-Gobs receive revenue from other levels of gov through Budget - ANSWER-Primary control device in gov Financial reporting - ANSWER-Primary mechanism to demonstrate accountability Financial reports - ANSWER-Shows how much was raised, how it was spent, and whether spending followed the budget Performance reports - ANSWER-Inform user...

CGFM Test 1 Questions & Answers 2023/2024 Federal - ANSWER-refers to national government Federalism - ANSWER-means that power is distributed among different levels of government Sovereignty - ANSWER-government cannot be sued by states or by citizens without its permission Popular Sovereignty - ANSWER-citizens hold the ultimate authority through the ballot and even a sovereign government is accountable to citizens Three levels of government - ANSWER-Federal, State, Local - each m...

CGFM TEST 3 QUESTIONS & ANSWERS 2023/2024 Three Broad Government Spending Purposes - ANSWER-1) Current Operations 2) Capital Outlays 3) Debt Service Present Value Analysis - Three Components - ANSWER-Determines what $$ Rec'd in Future is Worth Today 1) inflation component - year over year loss in value 2) enterprise component - inherent risk 3) unique component - Budget Accounting and Procedures Act of 1950 - ANSWER-Requires the head of each federal agency to establish and mai...

CGFM Exam 1 Questions & Answers 2023/2024 Federalism - ANSWER-Power is distributed among different levels of government, no one level has complete authority Sovereignty - ANSWER-National government cant be sued by states or citizens without its permission Popular Sovereignty - ANSWER-Citizens hold ultimate authority through the ballot; even a sovereign government is accountable to citizens Primary Purpose of Government - ANSWER-Provide services to its citizens 10th Amendment - A...

CGFM Test 1 Terms(rated A+)fully solved to pass 2023 AFR - correct answer Agency Financial Report AGA - correct answer Association of Government Accountants BFELoB - correct answer Budget Formulation and Execution Line of Business CAFR - correct answer Comprehensive Annual Financial Report CEAR - correct answer Certificate of Excellence in Accountability Reporting CFO - correct answer Chief Financial Officer CGFM - correct answer Certified Government Financial Manager ERP - ...

CGFM EXAM 2 Study Guide (2023/2024) Rated A+ Non-Spendable Fund Balance Assets not in spendable form-Inventories and prepaid items, principal of a permanent fund which may not be spent, and assets held for sale and long-term receivables. Examples: Supplies, inventory, membership fees Restricted Fund Balance Subject to constraints imposed by external parties or law. Debt covenants (such as a requirement for a sinking fund) or constraints imposed by legislation or federal and state agencies, cred...

CGFM Test 3 Question and answers 100% correct 2023

CGFM Exam 1 Question and answers correctly solved 2023

CGFM TEST 2 Question and answers 100% correct 2023 Governments exist to provide services - correct answer no profit motive, no single measure of success Primary funding source = - correct answer taxes (involuntary payments, because there is no ability to match services to those who provide the resource) Budget process = - correct answer primary control device in government US Constitution provides two levels of government - correct answer Federal and State State consit...

CGFM Exam 1 question with correct answers latest 2023 rated A+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...