Cgfm exam 1 b - Study guides, Class notes & Summaries

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 3: Section 3, Chapter 1 - Internal Controls Questions with complete solution 2023 Federal laws on internal controls began with? - correct answer Budget and Accounting Procedures Act of 1950, which requires each federal agency head to establish and maintain internal controls. Federal Financial Managers' Financial Integrity Act of 1982 (FMFIA) - correct answer requires (1) GAO to prescribe internal control standards, and (2) federal managers to annually (a) evaluate their im...

CGFM Exam 1 B

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 3: Section 3, Chapter 1 - Internal Controls fully solved 2023Federal laws on internal controls began with? - correct answer Budget and Accounting Procedures Act of 1950, which requires each federal agency head to establish and maintain internal controls. Federal Financial Managers' Financial Integrity Act of 1982 (FMFIA) - correct answer requires (1) GAO to prescribe internal control standards, and (2) federal managers to annually (a) evaluate their implementation of internal contr...