Cgfm test 2 - Study guides, Class notes & Summaries

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 the excutive and legislative braches,...

CGFM TEST 3

CGFM Test 1 Terms

CGFM TEST 2.

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 ...

CGFM Test 3 Question and answers 100% correct 2023 A-76 - correct answer Directive issued by OMB that establishes federal policy for the competition of commercial activities Abuse - correct answer behavior that is deficient or improper when compared with behavior that a prudent person would consider reasonable and necessary business practice given the facts and circumstances Account cleanup - correct answer process of researching, analyzing and evaluating old accounts in an acc...

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...

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 the excutive and legislative brache...

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 consitituions similar in that each defines the excutive and legislative braches, establishes political o...

CGFM Test 3 Question and answers 100% correct 2023