Cgfm exam 5 - Study guides, Class notes & Summaries

CGFM Exam 3: Section 5, Chapter 1 - What is an Audit? Correct answers 2023Audit definition an independent, systematic, objective and unbiased assessment that provides answers to a set of questions. "Material" meaning use "material" in the context of whether reasonable people would consider that an omission or misstatement would have changed their opinions regarding the auditor's conclusions. Which Agency issued the Generally Accepted Auditing Standards? AICPA - The American...

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 2, Section 3 - Chapter 2: Federal Budgetary Accounting(rated A)PASSED Exec Branch central financial management agencies - correct answer (1) OMB and (2) the Dept of Treasury OMB - correct answer OMB's predominant mission is to assist the president in overseeing the preparation of the federal budget and to supervise its administration by the executive branch agencies. OMB provides guidance in what forms? - correct answer Mainly with Circulars and Bulletins, but also with Memoran...

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...

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 Exam #2 - Governmental Accounting correctly answered 2023Reasons 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 Final Exam 2023 I1. A significant difference between special-purpose and general-purpose governments is that general-purpose governments - CORRECT ANSWER-Correct Answer: perform multiple functions, while special-purpose governments are typically formed to perform one or two specific functions. I2. A commission that manages water and sewer services for several counties is an example of a - CORRECT ANSWER-Correct Answer: jointly-governed organization. I3. A county commission meets ...