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[Show more]CGFM TEST 2 QUESTIONS & ANSWERS 2023/2024 
 
 
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 pr...
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Add to cartCGFM TEST 2 QUESTIONS & ANSWERS 2023/2024 
 
 
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 pr...
CGFM Exam 1 ALL Questions & Answers 2023/2024 
 
 
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-...
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Add to cartCGFM Exam 1 ALL Questions & Answers 2023/2024 
 
 
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-...
CGFM TEST 3 QUESTIONS & ANSWERS 2023/2024 
 
 
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 y...
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Add to cartCGFM TEST 3 QUESTIONS & ANSWERS 2023/2024 
 
 
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 y...
CGFM Exam 1 Questions & Answers 2023/2024 
 
 
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-Citi...
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Add to cartCGFM Exam 1 Questions & Answers 2023/2024 
 
 
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-Citi...
CGFM Test 1 Questions & Answers 2023/2024 
 
 
Federal - ANSWER-refers to national government 
 
Federalism - ANSWER-means that power is distributed among different levels of government 
 
Sovereignty - ANSWER-government cannot be sued by states or by citizens without its permission 
 
Popular Sover...
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Add to cartCGFM Test 1 Questions & Answers 2023/2024 
 
 
Federal - ANSWER-refers to national government 
 
Federalism - ANSWER-means that power is distributed among different levels of government 
 
Sovereignty - ANSWER-government cannot be sued by states or by citizens without its permission 
 
Popular Sover...
CGFM Exam #2 - Governmental Accounting Questions & Answers 2023/2024
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Add to cartCGFM Exam #2 - Governmental Accounting Questions & Answers 2023/2024
CGFM Exam 3 - Financial Management Functions Questions & Answers 2023/2024 
 
 
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 ...
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Add to cartCGFM Exam 3 - Financial Management Functions Questions & Answers 2023/2024 
 
 
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 ...
CGFM EXAM 2 Study QUESTIONS & ANSWERS 2023/2024 
 
 
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 fee...
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Add to cartCGFM EXAM 2 Study QUESTIONS & ANSWERS 2023/2024 
 
 
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 fee...
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 purp...
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Add to cartCGFM 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 purp...
CGFM Exam 3: Section 5, Chapter 1 - What is an Audit? Questions & Answers 2023/2024 
 
 
Audit definition - ANSWER-an independent, systematic, objective and unbiased assessment that provides answers to a set of questions. 
 
"Material" meaning - ANSWER-use "material" in the context of whether re...
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Add to cartCGFM Exam 3: Section 5, Chapter 1 - What is an Audit? Questions & Answers 2023/2024 
 
 
Audit definition - ANSWER-an independent, systematic, objective and unbiased assessment that provides answers to a set of questions. 
 
"Material" meaning - ANSWER-use "material" in the context of whether re...
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...
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Add to cartCGFM 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...
CGFM Exam 2 - Section II Accounting and Reporting for State and Local Governments 2023/2024 
 
 
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 rep...
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Add to cartCGFM Exam 2 - Section II Accounting and Reporting for State and Local Governments 2023/2024 
 
 
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 rep...
CGFM exam 3: Section 3, Chapter 1 - Internal Controls questions & answers 2023/2024
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Add to cartCGFM exam 3: Section 3, Chapter 1 - Internal Controls questions & answers 2023/2024
CGFM Exam 2, Section 3 - Chapter 2: Federal Budgetary Accounting 2023/2024 
 
 
Exec Branch central financial management agencies - ANSWER-(1) OMB and (2) the Dept of Treasury 
 
OMB - ANSWER-OMB's predominant mission is to assist the president in overseeing the preparation of the federal budget an...
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Add to cartCGFM Exam 2, Section 3 - Chapter 2: Federal Budgetary Accounting 2023/2024 
 
 
Exec Branch central financial management agencies - ANSWER-(1) OMB and (2) the Dept of Treasury 
 
OMB - ANSWER-OMB's predominant mission is to assist the president in overseeing the preparation of the federal budget an...
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