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

CGFM Exam 2 - Section 1 Questions & Answers 2023/2024 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 user...

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 - 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 and Answers (Rated A+)

CGFM Exam 2 - Section II Accounting and Reporting for State and Local Governments

CGFM Exam 2 - Section II Accounting and Reporting for State and Local Governments

CGFM EXAM 2 Study Non-Spendable Fund Balance - ANSWER-Assets 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 - ANSWER-Subject 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, credito...

CGFM Exam 2 - Section 2, Chapter 2 - Fund Accounting and Reporting 2023/2024 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-Traditional...