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CGFM Exam questions and answers
CGFM Exam questions and answers
[Show more]CGFM Exam questions and answers
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Add to cartCGFM Test 3 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 $$ 
Rec'd in Future is Worth Today 
1) inflation component - year over year loss in value 
2) enterprise component - inher...
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Add to cartThree Broad Government Spending Purposes - ANSWER-1) Current Operations 
2) Capital Outlays 
3) Debt Service 
Present Value Analysis - Three Components - ANSWER-Determines what $$ 
Rec'd in Future is Worth Today 
1) inflation component - year over year loss in value 
2) enterprise component - inher...
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Add to cartCGFM 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...
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Add to cartAccountability - 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
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Add to cartCGFM 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...
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Add to cartPrompt 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...
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Add to cartI 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
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Add to cartCGFM 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...
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Add to cartThe 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; ...
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Add to cartFederalism - 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 ...
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Add to cartAGA - 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...
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Add to cartI1. 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...
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Add to cartGovernment 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...
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