Cgfm exam 2 - Study guides, Class notes & Summaries

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...

CGFM Exam 2 questions and rationale answers

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...

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

CGFM Exam 2 - Section II Accounting and Reporting for State and Local Governments 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 the government's duty to be publicly accountable. - ANSWER-Financial repo...

CGFM Exam 2 - Section 1, Questions & Answers/ Taxes - -Resources for gov are derived primarily from Grants and shared revenues - -Gobs receive revenue from other levels of gov through Budget - -Primary control device in gov Financial reporting - -Primary mechanism to demonstrate accountability Financial reports - -Shows how much was raised, how it was spent, and whether spending followed the budget Performance reports - -Inform users how well gov is operating and whether it is achievin...

CGFM Exam 2 Questions and Correct Answers - Section 1

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 Questions and answers/ rated A+ 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: $133.50 I 2.In financial reporting, consistency of communication means - -Correct An...

CGFM Exam 2 - Governmental Accounting (2023/2024) Already Graded A Reasons Governments are not Run Like Businesses 1) Goals and objectives differ considerably from those in the private sector. 2) Exists to provide services, not gain profits. 3) Goals and objectives are sometimes established with input from the public. 4) Resources are derived primarily from taxes; there are no shareholders. 5) No single measure of success; can't use increasing market share, earnings per share, or the fact that ...