Cgfm exam 2 Study guides, Class notes & Summaries

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...

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 principles have ...

CGFM Exam 2 | CGFM Exam 2 (2024) Questions With 100% Solved Answers!

CGFM EXAM 2 Study Non-Spendable Fund Balance - ANSWER-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 - ANSWER-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, credito...

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? CORRECT ANSWER Correct Answer: $133.50 I 2.In financial reporting, consistency of communication means CORRECT ANSWER Correct Answer: if accounting princip...

CGFM EXAM 1 GOVERNMENT ENVIRONMENT LATEST EXAM 2024 WITH 200 PREP QUESTIONS AND CORRECT ANSWERS (100% CORRECT VERIFIED ANSWERS) CGFM EXAM 1 2024/2025 (NEW!)

Taxes CORRECT ANSWER Resources for gov are derived primarily from Grants and shared revenues CORRECT ANSWER Gobs receive revenue from other levels of gov through Budget CORRECT ANSWER Primary control device in gov Financial reporting CORRECT ANSWER Primary mechanism to demonstrate accountability Financial reports CORRECT ANSWER Shows how much was raised, how it was spent, and whether spending followed the budget Performance reports CORRECT ANSWER Inform users how well gov is opera...

CGFM EXAM 2 Study questions with complete solution

CGFM Exam 2 with complete solution