CGFM Exam Bundle updated 2023 (Graded A)

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 ...

doctrine of separation of powers provides a foundation for - ANSWER-government financial management govt entity can be classed as - ANSWER-general or special purpose US constitution written - ANSWER-1787 Most school district in US - ANSWER-Independent District Role of federal CFO - ANSWE...

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...

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...

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 mana...

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 govern...

GASB | Financial Statement Components - ANSWER-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 | S...

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 cons...

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 go...

General Purpose Financial Reporting - ANSWER-Assists users in assessing accountability and in making economic, social and political decisions Interperiod Equity - ANSWER-A term coined by the GASB indicating the extent to which current-period revenues are adequate to pay for current-period service...

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 gove...