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

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 2 - Section 2, Chapter 2 - Fund Accounting and Reporting questions with correct answers

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 1 Section 2 - Legal Foundations.

CGFM Exam 3: Section 5, Chapter 1 - What is an Audit?2023 verified to passAudit definition - correct answer an independent, systematic, objective and unbiased assessment that provides answers to a set of questions. "Material" meaning - correct 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 Standard...

CGFM Exam 2 - Section 1 Questions and Answers (Rated A+)

GASB Codification Section 1300 - Answer Establish the foundational accounting and reporting standards for state and local FUNDS Fund - Answer Funds are fiscal and accounting entities that are segregated for the purpose of carrying out specific activities. 3 major categories of funds used by state and local governments - Answer governmental, proprietary and fiduciary. Governmental Funds - Answer Traditionally been used to account for the general services provided to the public. These ser...

CGFM Exam 2 - Section 2, Chapter 2 - Fund Accounting and Reporting correctly answeredGASB Codification Section 1300 Establish the foundational accounting and reporting standards for state and local FUNDS Fund Funds are fiscal and accounting entities that are segregated for the purpose of carrying out specific activities. 3 major categories of funds used by state and local governments governmental, proprietary and fiduciary. Governmental Funds Traditionally been used to a...

CGFM Exam 2 - Section 3 Question and answers rated A+ 2023 Formulation of the President's Budget Congressional action on budget Budget execution - correct answer Phases of budget process Four - correct answer Budget covers how many years following the budget year to show effect of budget decisions long term Actual amounts for previous year and estimated amounts for current year - correct answer What is presented for comparison of budget 1. Budget and fiscal policy guideli...