Cgfm test 1 - Study guides, Class notes & Summaries

CGFM Test 1.

Federal refers to national government Federalism means that power is distributed among different levels of government Sovereignty government cannot be sued by states or by citizens without its permission Popular Sovereignty citizens hold the ultimate authority through the ballot and even a sovereign government is accountable to citizens Three levels of government Federal, State, Local - each may not enact laws that violate the constitutions of those levels of gov...

Accountability - ANSWER-Principle that, in a democracy, government operates by the consent of the people. Therefore, it is responsible to, and must answer to, the people for its actions and results, including the taking and using of the people's resources Allotment - ANSWER-In the federal government, an agency's distribution of apportioned budgetary authority to various components within the agency. After the executive agency receives its apportionment, it allots budgetary authority to spec...

CGFM TEST 2 Governments exist to provide services - ANSWER-no profit motive, no single measure of success Primary funding source = - ANSWER-taxes (involuntary payments, because there is no ability to match services to those who provide the resource) Budget process = - ANSWER-primary control device in government US Constitution provides two levels of government - ANSWER-Federal and State State constitutions are similar in that each defines the executive and legislative branches, establish...

AFR Agency Financial Report AGA Association of Government Accountants BFELoB Budget Formulation and Execution Line of Business CAFR Comprehensive Annual Financial Report CEAR Certificate of Excellence in Accountability Reporting CFO Chief Financial Officer CGFM Certified Government Financial Manager ERP Enterprise Resource Planning FASAB Federal Accounting Standards Advisory Board FASB Financial Accounting Standards Board ...

CGFM TEST 2 | 221 Complete Questions and Answers 100% Correct | Updated 2024

CGFM TEST 2 QUESTIONS AND ANSWERS ALREADY GRADED A 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 poli...

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...