Fasab mission Study guides, Class notes & Summaries

Version 1 1 Test Bank for Accounting for Governmental & Nonprofit Entities 19th Edition By Jacqueline Reck Version 1 2 Student name:__________ 1) Explain the essential differences between general purpose and special purpose governments and give several examples of each. 2) Identify and explain the characteristics that distinguish governments and not-for-profit entities from business entities. 3) GASB and FASB standards are concerned only with external financial reporting; whereas, ...

CDFM - Module 3 Exam Study Questions & Answers, 180 Questions And Answers 2023/2024 Federal appropriations law can be categorized into which three topical areas? Purpose, Time and Amount In the Department of Defense, final decision of fiscal law questions are "officially" rendered by whom? DoD General Counsel, Courts What are the basic types of budget authority used in the Federal Government? Appropriations Contract Authority Borrowing Authority Monetary Credits Offsetting Collecti...

Version 1 1 Test Bank for Accounting for Governmental & Nonprofit Entities 19th Edition By Jacqueline Reck Version 1 2 Student name:__________ 1) Explain the essential differences between general purpose and special purpose governments and give several examples of each. 2) Identify and explain the characteristics that distinguish governments and not-for-profit entities from business entities. 3) GASB and FASB standards are concerned only with external financial reporting; whereas, ...

Accounting for Governmental and Nonprofit Entities, 18e (Reck) Chapter 9 Financial Reporting of State and Local Governments 1) In accordance with GASB standards, both a general purpose government and a special purpose government can be considered primary governments if certain criteria are met. 2) State and local governments should prepare only those financial reports required by law—generally year-end financial statements. 3) A financial reporting entity is defined as a primary go...

CDFM - Module 3 Exam Study Questions & Answers, 180 Questions And Answers 2023/2024 Federal appropriations law can be categorized into which three topical areas? Purpose, Time and Amount In the Department of Defense, final decision of fiscal law questions are "officially" rendered by whom? DoD General Counsel, Courts What are the basic types of budget authority used in the Federal Government? Appropriations Contract Authority Borrowing Authority Monetary Credits Offsetting Collecti...

CDFM Module 3 Exam Prep Questions & Answers 2023, Complete Solution, Over 350 Questions And Answers What are the three tests that must be met for use of the Necessary Expense doctrine? Must bear a logical relationship Not prohibited by law Not funded elsewhere (p 3.1.17) Who grants relief of liability to a certifying officer for erroneous or illegal payments in the Department of Defense? The Defense Finance and Accounting Service (DFAS) (p. 3.1.51) What type of budgetary resources rem...

CGFM Practice Exam Test 2023 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 t...

CDFM Module 3 Exam Prep Questions & Answers 2023, Complete Solution, Over 350 Questions And Answers What are the three tests that must be met for use of the Necessary Expense doctrine? Must bear a logical relationship Not prohibited by law Not funded elsewhere (p 3.1.17) Who grants relief of liability to a certifying officer for erroneous or illegal payments in the Department of Defense? The Defense Finance and Accounting Service (DFAS) (p. 3.1.51) What type of budgetary resources rem...

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...

CGFM Part 2 - Comprehensive Review with complete solutions 2023GASB | Financial Statement Components 1. Auditor's Report 2. MD&A 3. Basic Financial Statements - Government-Wide Financials (Icing) - Fund Financials (Layers) - Notes (Filling that holds the layers together) 4. RSI 5. Combining Statements & Individual Fund Statements GASB | Statistical Section Components 1. Financial Trends 2. Revenue Capacity 3. Debt Capacity 4. Demographics and Economics 5. Operations E...