CGFM|Certified Government Financial Manager|Bundle

GASB Codification Section 1300 CORRECT ANSWER Establish the foundational accounting and reporting standards for state and local FUNDS Fund CORRECT ANSWER Funds are fiscal and accounting entities that are segregated for the purpose of carrying out specific activities. 3 major categories of fund...

Audit definition CORRECT ANSWER an independent, systematic, objective and unbiased assessment that provides answers to a set of questions. "Material" meaning CORRECT ANSWER use "material" in the context of whether reasonable people would consider that an omission or misstatement would have ch...

Reasons Governments are not Run Like Businesses CORRECT ANSWER 1) Goals and objectives differ considerably from those in the private sector. 2) Exists to provide services, not gain profits. 3) Goals and objectives are sometimes established with input from the public. 4) Resources are derived prim...

A-76 CORRECT ANSWER Directive issued by OMB that establishes federal policy for the competition of commercial activities Abuse CORRECT ANSWER behavior that is deficient or improper when compared with behavior that a prudent person would consider reasonable and necessary business practice given th...

Non-Spendable Fund Balance CORRECT 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 CORRECT ANSWER Sub...

Three Broad Government Spending Purposes CORRECT ANSWER 1) Current Operations 2) Capital Outlays 3) Debt Service Present Value Analysis - Three Components CORRECT ANSWER Determines what $$ Rec'd in Future is Worth Today 1) inflation component - year over year loss in value 2) enterprise co...

Cash Management Improvement Act 1990 CORRECT ANSWER Improve the transfer of federal funds 31 CFR Part 208 Management of Federal Agency Disbursements CORRECT ANSWER Requires EFT payments Cash Management CORRECT ANSWER 1) mutually beneficial relationships with banks 2) collecting and recording ...

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 Rol...

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 cont...

Government Sovereignty CORRECT ANSWER Nat'l government can't be sued by states or by citizens w/out its permission. Government Authority CORRECT ANSWER Derived from constitutions or charters (local versions of a constitution), statutes, executive orders & regulations. 3 Levels CORRECT ANSWER...