Gfoa - Study guides, Class notes & Summaries

CGFM Practice Exam Test 2023 Governments exist to provide services - CORRECT ANSWER-no profit motive, no single measure of success Primary funding source = - CORRECT ANSWER-taxes (involuntary payments, because there is no ability to match services to those who provide the resource) Budget process = - CORRECT ANSWER-primary control device in government US Constitution provides two levels of government - CORRECT ANSWER-Federal and State State consitituions similar in that each defines t...

What is the minimum required for presentation of external financial statements in order to conform with GAAP? - Correct Answer-Only the basic financial statements What makes up the RSI information in the ACFR - Correct Answer-MD&A & Other RSI What is included in the mandatory reporting? - Correct Answer-MD&A Basic financial statements Other RSI What is included in the basic financial statements? - Correct Answer-Government-wide Funds - Governmental, Proprietary, Fiduciary Notes to t...

WK5A MMPA 6431 Application: Evaluating Budget Documents Master of Public Administration, Walden University MMPA 6431: Finance and Budgeting for the Public Sector Application: Evaluating Budget Documents The Government Finance Officers Association (GFOA) evaluates the planning, financing, and implementation of government operations throughout the United States and Canada. The GFOA also awards organizations for their exemplary budgetary practices using criteria established in its Distingui...

How many full-time public employees are covered by defined benefit plans? - Correct Answer-Ninety-one percent How many full-time public employees are covered by defined contribution plans? - Correct Answer-nine percent Prudent-Person Rule - Correct Answer-Requires each retirement board member to perform his or her duties as a prudent person would when acting in a like capacity and in a similar situation. Defined Benefit Plan - Correct Answer-Provides for a guaranteed benefit at retireme...