CGFM Exam 1 All Questions and Answers 100% Pass doctrine of separation of powers provides a foundation for government financial management
govt entity can be classed as general or special purpose
US constitution written 1787
Most school district in US Independent District
Role of federal CFO co...
CGFM Exam 1 All Questions and Answers 100% Pass doctrine of separation of powers provides a foundation for ✔✔government financial management govt entity can be classed as ✔✔general or special purpose US constitution written ✔✔1787 Most school district in US ✔✔Independent District Role of federal CFO ✔✔codified in the Chief Financial Officer act of 1990 telework ✔✔working from home or other remote location Anti-fraud policies ✔✔a formal code of conduct frames the behavioral expec tations for individuals No. of the Federal Reserve Bank ✔✔12 regional banks in major cities if budget has not passed by the start of the new fiscal year ✔✔Government does not have legal authority to operate supplemental appropriation budget amendment ✔✔executive inform the legislative branch that more funds are needed due to depletion of funds before the end of fiscal year most power in budget ✔✔legislative branch Appropriation of funds ✔✔budget bill that actually makes funds available Authorization o f funds ✔✔bill that approves programs it prescribes what an agency will do if funding is available Expanded Government framework ✔✔includes these steps: planning, programming, budgeting, operations, accounting, reporting and auditing. Type of performance audit ✔✔o Program effectiveness and results audits address the effectiveness of a program and typically measure the extent to which a program is achieving its goals and objectives. o Economy and efficiency audit objectives concern whether an entity is acquiring, protecting and using its resources in the most productive manner to achieve program objectives. o Program effectiveness and results audit objectives, as well as economy and e fficiency audit objectives, are often interrelated and may be concurrently addressed in a performance audit. major form of government revenue ✔✔tax progressive tax rate ✔✔income tax higher incomes, higher tax rate Tax expenditures ✔✔Exceptions to tax la ws and regulations They cost the public in terms of lost revenue that could otherwise be used to fund programs or reduce tax rate 3 broad categories of tax ✔✔income Wealth Consumption Income Tax ✔✔Base - all income Graduated tax Exemptions and deductions apply to enhance horizontal and vertical equity Medicare tax rate ✔✔1.45% no cap sinking fund ✔✔money set aside on a periodic basis to retire term bonds at maturity FSIO ✔✔Financial Systems Integration Office (within GSA) SEA ✔✔Service Efforts and Acc omplishments
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