Cgfm 2 chapter 1 - Study guides, Class notes & Summaries

CGFM Exam: Section 1, Chapter 1 Questions and Answers Already Passed Difference between a budget in public vs. private sector? Public sector = Law/Private sector = benchmark for performance and goals for growth Primary control device in Govt? budget Financial Reports primary mechanism by which public officials are able to demonstrate accountability. They show how much was raised, how it was spent, and whether spending was in compliance with the budget. State Authority All the powers not set f...

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 and to supervise its administration by the executive branch agencies. OMB provides guidance in what forms? - ANSWER-Mainly with Circulars and Bulletins, but also with Memorandums OMB circulars - A...

CGFM Exam 3: Section 5, Chapter 1 - What is an Audit?2023 verified to passAudit 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 changed their opinions regarding the auditor's conclusions. Which Agency issued the Generally Accepted Auditing Standard...

The four basic phases in acquiring goods and services are? - Answer 1) establishing specifications 2) soliciting supply sources 3) awarding contracts 4) monitoring contractor performance 2 basic methods for soliciting potential contractors - Answer (1) formal advertising through invitations for bid (IFB) and (2) a less formal solicitation through requests for proposal (RFP). The method that is used largely depends on whether there are firm specifications for the goods or services to be ...

CGFM Exam 2 - Section 2, Chapter 2 - Fund Accounting and Reporting correctly answeredGASB Codification Section 1300 Establish the foundational accounting and reporting standards for state and local FUNDS Fund Funds are fiscal and accounting entities that are segregated for the purpose of carrying out specific activities. 3 major categories of funds used by state and local governments governmental, proprietary and fiduciary. Governmental Funds Traditionally been used to a...

CGFM Exam 2, Section 3 - Chapter 2: Federal Budgetary Accounting Question and answers 100% correct 2023 Exec Branch central financial management agencies - correct answer (1) OMB and (2) the Dept of Treasury OMB - correct answer OMB's predominant mission is to assist the president in overseeing the preparation of the federal budget and to supervise its administration by the executive branch agencies. OMB provides guidance in what forms? - correct answer Mainly with Circulars a...

CGFM Exam 3: Section 5, Chapter 1 - What is an Audit? Question and answers already passed 2023 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 changed their opinions regarding the auditor's conclusions. Which Agency issued the Genera...

CGFM exam 3: Section 3, Chapter 1 - Internal Controls Questions with complete solution 2023 Federal laws on internal controls began with? - correct answer Budget and Accounting Procedures Act of 1950, which requires each federal agency head to establish and maintain internal controls. Federal Financial Managers' Financial Integrity Act of 1982 (FMFIA) - correct answer requires (1) GAO to prescribe internal control standards, and (2) federal managers to annually (a) evaluate their im...

CGFM -2 Chapter 5 (Sec 2 Ch 1)