Cgfm exam 2 section 1 - Study guides, Class notes & Summaries

CGFM Exam 1 Questions and Answers- Section 2 - Legal Foundations

CGFM Exam 1 Questions and Answers- Section 2 - Legal Foundations

CGFM Exam 3: Section 1, Chapter 4 - Acquisiton management. Questions and answers/ The four basic phases in acquiring goods and services are? - -1) establishing specifications 2) soliciting supply sources 3) awarding contracts 4) monitoring contractor performance 2 basic methods for soliciting potential contractors - -(1) formal advertising through invitations for bid (IFB) and (2) a less formal solicitation through requests for proposal (RFP). The method that is used largely depen...

CGFM Exam 2 - Section II Accounting and Reporting for State and Local Governments 2023/2024 The reporting model for state and local governments focuses only on fiscal accountability. True or false? - ANSWER-False. The reporting model focuses on both fiscal accountability, through fund-level reporting, and operational accountability, through government-wide reporting. Describe how financial reporting can assist in fulfilling government's duty to be publicly accountable. - ANSWER-Financia...

CGFM Exam 3: Section 5, Chapter 1 - What is an Audit? Questions & Answers 2023/2024 Audit definition - ANSWER-an independent, systematic, objective and unbiased assessment that provides answers to a set of questions. "Material" meaning - ANSWER-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...

CGFM Exam 3: Section 1, Chapter 4 - Acquisition Management Questions and Answers Graded A The four basic phases in acquiring goods and services are? 1) establishing specifications 2) soliciting supply sources 3) awarding contracts 4) monitoring contractor performance 2 basic methods for soliciting potential contractors (1) formal advertising through invitations for bid (IFB) and (2) a less formal solicitation through requests for proposal (RFP). The method that is used largely depends on whethe...

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 users how well gov is operating and whether it is achieving goals...

CGFM Exam: Section 1, Chapter 1 Questions and Answers Already Passed Difference between a budget in public vs. private sector? Public sector = Law/Private sector = benchmark for performance and goals for growth Primary control device in Govt? budget Financial Reports primary mechanism by which public officials are able to demonstrate accountability. They show how much was raised, how it was spent, and whether spending was in compliance with the budget. State Authority All the powers not set f...

CGFM Exam 2, Section 3 - Chapter 2: Federal Budgetary Accounting 2023/2024 Exec Branch central financial management agencies - ANSWER-(1) OMB and (2) the Dept of Treasury OMB - 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? - ANSWER-Mainly with Circulars and Bulletins, but also with Memorandums OMB circulars - A...