Cgfm test 2 questions - Study guides, Class notes & Summaries

CGFM TEST 3 QUESTIONS & ANSWERS 2023/2024 Three Broad Government Spending Purposes - ANSWER-1) Current Operations 2) Capital Outlays 3) Debt Service Present Value Analysis - Three Components - ANSWER-Determines what $$ Rec'd in Future is Worth Today 1) inflation component - year over year loss in value 2) enterprise component - inherent risk 3) unique component - Budget Accounting and Procedures Act of 1950 - ANSWER-Requires the head of each federal agency to establish and mai...

CGFM TEST 3 QUESTIONS AND ANSWERS GRADED A Three Broad Government Spending Purposes 1) Current Operations 2) Capital Outlays 3) Debt Service Present Value Analysis - Three Components Determines what $$ Rec'd in Future is Worth Today 1) inflation component - year over year loss in value 2) enterprise component - inherent risk 3) unique component - Budget Accounting and Procedures Act of 1950 Requires the head of each federal agency to establish and maintain I/C's. Federal Managers Financial...

CGFM TEST 3 Questions and Answers (Latest Update 2024)

CGFM - Exam 1: Government Environment Questions and Answers Graded A+ Government Sovereignty Nat'l government can't be sued by states or by citizens w/out its permission. Government Authority Derived from constitutions or charters (local versions of a constitution), statutes, executive orders & regulations. 3 Levels 1) National 2) State 3) Local The primary purpose of each is to provide services to citizens. Separate and distinct, yet they may coordinate their efforts. 3 Branches 1) Legisla...

CGFM TEST 2 SECTION 2- CHAPTER 1. Exam Questions and answers/ rated A+ FINANCIAL REPORTING SHOULD PROVIDE INFORMATION TO DETERMINE WHETHER THE ENTITY'S FINANCIAL POSITION IMPROVED OR DETERIORATED AS A RESULT OF THE YEAR'S OPERATIONS. TRUE THE GOVERNMENT ACCOUNTING STANDARDS BOARD WAS ESTABLISHED BY THE FINANCIAL ACCOUNTING FOUNDATIONS BOARD OF TRUSTEES (FAF). THE BOARD HAS 7 MEMBERS FOR A 5 YEAR TERM GASB = only state and local government HOWEVER NOT REQUIRED THE AICPA HAS RECOGNI...

CGFM - Exam 1: Government Environment Questions and Answers 100% Pass Government Sovereignty - Correct Answer️️ -Nat'l government can't be sued by states or by citizens w/out its permission. Government Authority - Correct Answer️️ -Derived from constitutions or charters (local versions of a constitution), statutes, executive orders & regulations. 3 Levels - Correct Answer️️ -1) National 2) State 3) Local The primary purpose of each is to provide services to citizens. Separ...