100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
CGFM Exam 1 ALL questions with complete solutions 2023 $26.99   Add to cart

Exam (elaborations)

CGFM Exam 1 ALL questions with complete solutions 2023

 55 views  0 purchase
  • Course
  • CGFM
  • Institution
  • CGFM

CGFM Exam 1 ALL questions with complete solutions 2023doctrine of separation of powers provides a foundation for government financial management govt entity can be classed as general or special purpose US constitution written 1787 Most school district in US Independent Dist...

[Show more]

Preview 4 out of 71  pages

  • March 18, 2023
  • 71
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers
  • CGFM
  • CGFM
avatar-seller
maxiscore
CGFM Exam 1 ALL questions with complete solutions 2023
doctrine of separation of powers provides a foundation for - correct answer government
financial management
govt entity can be classed as - correct answer general or special purpose
US constitution written - correct answer 1787
Most school district in US - correct answer Independent District
Role of federal CFO - correct answer codified in the Chief Financial Officer act of 1990
telework - correct answer working from home or other remote location
Anti-fraud policies - correct answer a formal code of conduct frames the behavioral expectations for individuals
No. of the Federal Reserve Bank - correct answer 12 regional banks in major cities
if budget has not passed by the start of the new fiscal year - correct answer Government does not have legal authority to operate
supplemental appropriation
budget amendment - correct answer executive inform the legislative branch that more funds are needed due to depletion of funds before the end of fiscal year
most power in budget - correct answer legislative branch
Appropriation of funds - correct answer budget bill that actually makes funds available
Authorization of funds - correct answer bill that approves programs
it prescribes what an agency will do if funding is available
Expanded Government framework - correct answer includes these steps: planning, programming, budgeting, operations, accounting, reporting and auditing.
Type of performance audit - correct answer o Program effectiveness and results audits address the effectiveness of a program and typically measure the extent to which a program is achieving its goals and objectives. o Economy and efficiency audit objectives concern whether an entity is acquiring, protecting and using its resources in the most productive manner to achieve program objectives.
o Program effectiveness and results audit objectives, as well as economy and efficiency
audit objectives, are often interrelated and may be concurrently addressed in a performance audit.
major form of government revenue - correct answer tax
progressive tax rate - correct answer income tax
higher incomes, higher tax rate
Tax expenditures - correct answer Exceptions to tax laws and regulations
They cost the public in terms of lost revenue that could otherwise be used to fund programs or reduce tax rate
3 broad categories of tax - correct answer income
Wealth
Consumption
Income Tax - correct answer Base - all income
Graduated tax
Exemptions and deductions apply to enhance horizontal and vertical equity
Medicare tax rate - correct answer 1.45% no cap
sinking fund - correct answer money set aside on a periodic basis to retire term bonds at maturity
FSIO - correct answer Financial Systems Integration Office (within GSA)
SEA - correct answer Service Efforts and Accomplishments
Attestation engagements (External Audits ) - correct answer Engagement primarily concerned with examining, reviewing or performing agreed upon procedures on a subject matter, or an assertion about a subject matter, and reporting on the results. The subject matter may be financial or nonfinancial and can be part of a financial audit or performance audit. Possible subjects include reporting on an entity's internal controls, compliance with law or performance measures.
Block grants - correct answer Intergovernmental provision of resources for broadly defined purposes. Contrasts with category grants.
Category grants - correct answer Intergovernmental provision of resources to be used for activities in a specific category of purpose. May be further classified as discretionary grants or formula grants. Contrasts with block grants. Central Management Agencies - correct answer Government agencies that provide central management services to other components. Example would be a state government hr office (that serves all state agencies) or the OMB at the federal level.
Checks and balances - correct answer Process by which one branch of government (legislative, executive or judicial) can constrain actions of the other branches. Flows from separation of powers. No branch of govt is completely independent of other
Conflict of interest - correct answer Arises when one has personal interest in matters relating to official duties or activities. Such conflicts can destroy objectivity and independence and prevent the exercise of due care
COOP-Continuity of Operations - correct answer Refers to the efforts to ensure the organization can sustain essential operations regardless of planned or unplanned incidents or disruptions.
Earmarking (dedicated collections or tax) - correct answer Variation on use of special funds. Revenue from specific taxes or other sources is set aside for specific activities. One example is the earmarking of gasoline taxes for highway improvements
project grants/discretionary grant - correct answer Form of category grant. Transfers funds between governments for a specific purpose; whether a grant is awarded and the amount of the award depend on discretion of the entity providing the funds
Estate tax - correct answer Form of wealth tax. Levied on the estate of the deceased person before assets are distributed to heirs
Ethics - correct answer A set of moral principles and values; the principles of conduct governing an individual or a (professional) group. A complex system of discipline that civilized societies impose on themselves through laws, customs, standards, social etiquette and other rules to govern moral conduct
Financial Reports - correct answer External reports that depict financial position and financial results of operations of the entity
Formula grants - correct answer Form of category grants. The amount of the inter-
governmental transfer is based on a formula contained in law or regulation, which determines the total amount recipients will receive if basic eligibility requirements are satisfied
Income tax - correct answer Tax based on income and levied on individuals or corporations. Used most often at national and state levels, though some states allow local governments to impose income taxes. Independence - correct answer Free from relationships that may impair, or appear to impair, one's ability to act with objectivity. Independence is the quality of being free of any obligation to particular parties or interests. also free of undue influence.
Inheritance Tax - correct answer Form of wealth tax. Levied on the person receiving the
bequest
Myers-Briggs Type Analysis - correct answer Personality assessment based on the psychological theory of Carl Jung and the diagnostic instrument developbed by Isabel Briggs-Myers and her mother Katharine Briggs
Operating budget - correct answer Defines level or resources to be applied in providing government programs and services; usually covers periods of one to two years.
Situational Leadership - correct answer Leadership model developed by Ken Blanchard
and Paul Hersey. Encourages leaders to diagnose developmental level of employees and vary their leadership style accordingly.
Serial bonds - correct answer A bond issue featuring maturities, every year, over a period of several years. Contrasts with term bonds in which the entire issue matures on the same date or near the same date.
Gov't sovereignty vs. Popular sovereignty - correct answer The national government cannot be sued by states or citizens without its permission. Pop: Principle that, while governments are sovereign entities, in a democracy, ultimate sovereignty rests with the people.
Judicial review - correct answer Principle by which the judicial branch may review actions by the legislative and executive branches and, if appropriate, declare them unconstitutional or illegal. Flows from the separation of powers.
Appropriation - correct answer A legislative enactment (law, statute or ordinance) that creates spending authority; the legal authority to incur expenses and spend money.
GAGAS (Generally Accepted Government Auditing Standards) - correct answer Issued by the Government Accountability Office (GAO), to define the expected levels of performance for the conduct of an audit or attestation of a government organization, program, activity, or function(also called government auditing standards or Yellow Book).
Fundamental Ethical Princile - correct answer Public service is a public trust.
GPEFR - correct answer General Purpose External Financial Reports
Government borrowing is constrained by... - correct answer ...constitutions and statutes, bond covenants, and debt policies.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller maxiscore. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $26.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

78252 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$26.99
  • (0)
  Add to cart