Cgfm exam 2 Study guides, Class notes & Summaries

CGFM EXAM 2 Study with complete solution

CGFM Exam 2 - Section 1 Questions & Answers 2023/2024 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 user...

CGFM EXAM 2 Study QUESTIONS & ANSWERS 2023/2024 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 fede...

Non-Spendable Fund Balance - correct answerAssets 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 - correct answerSubject 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, creditors, cont...

Special assessments are used to ensure that - Answer individuals benefiting from the project are the ones who will pay for it imputed costs - Answer costs incurred by a federal entity for goods and services provided and paid for in total, or in part, by other federal entities Accumulated Depreciation is which type of account - Answer contra asset Preferred Costing Methodology - Answer Directly tracing costs wherever feasible and economically practical due process document describing ...

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 cha...

Governments exist to provide services - no profit motive, no single measure of success Primary funding source = - taxes (involuntary payments, because there is no ability to match services to those who provide the resource) Budget process = - primary control device in government US Constitution provides two levels of government - Federal and State State consitituions similar in that each defines the excutive and legislative braches, establishes political offices, and defines how local gove...

CGFM EXAM 2 Study Questions and Answers 100% Pass Non-Spendable Fund Balance - Correct Answer️️ -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 - Correct Answer️️ -Subject to constraints imposed by external parties or law. Debt covenants (such as a requirement for a sinking fund) or constrain...

CGFM Exam 2 questions and rationale answers

CGFM Exam 2 - Governmental Accounting Questions and Answers 100% Correct | Updated 2024