CGFM Exam questions and answers

Three Broad Government Spending Purposes - ANSWER-1) Current Operations 2) Capital Outlays 3) Debt Service Present Value Analysis - Three Components - ANSWER-Determines what $$ Rec'd in Future is Worth Today 1) inflation component - year over year loss in value 2) enterprise component - inher...

CGFM TEST 2 questions and answers

Accountability - ANSWER-Principle that, in a democracy, the 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 g...

CGFM Part 2 - Comprehensive Review with complete solution

Prompt Payment Act - ANSWER-A federal law that requires federal agencies to pay interest to companies on bills not paid within 30 days of invoice or completion of work. Cash Management Improvement Act - ANSWER-passed to improve the transfer of federal funds between the federal government and the...

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...

CGFM EXAM 2 Study questions with complete solution

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 finan...

Federalism - ANSWER-Power is distributed among different levels of government, no one level has complete authority Sovereignty - ANSWER-National government cant be sued by states or citizens without its permission Popular Sovereignty - ANSWER-Citizens hold ultimate authority through the ballot; ...

AGA - ANSWER-Association of Government Accountants CEAR - ANSWER-Certificate of Excellence in Accountability Reporting CFO - ANSWER-Chief Financial Officer CGFM - ANSWER-Certified Government Financial Manager ERP - ANSWER-Enterprise Resource Planning FASAB - ANSWER-Federal Accounting Standards ...

I1. A significant difference between special-purpose and general-purpose governments is that general-purpose governments - ANSWER-Correct Answer: perform multiple functions, while special-purpose governments are typically formed to perform one or two specific functions. I2. A commission that man...

Government Sovereignty - ANSWER-Nat'l government can't be sued by states or by citizens w/out its permission. Government Authority - ANSWER-Derived from constitutions or charters (local versions of a constitution), statutes, executive orders & regulations. 3 Levels - ANSWER-1) National 2) Sta...