Cgfm 2023 - Study guides, Class notes & Summaries

A-76 - correct answerDirective issued by OMB that establishes federal policy for the competition of commercial activities Abuse - correct answerbehavior that is deficient or improper when compared with behavior that a prudent person would consider reasonable and necessary business practice given the facts and circumstances Account cleanup - correct answerprocess of researching, analyzing and evaluating old accounts in an accounting system to determine if they should be terminated or contin...

Cash Management Improvement Act 1990 - correct answerImprove the transfer of federal funds 31 CFR Part 208 Management of Federal Agency Disbursements - correct answerRequires EFT payments Cash Management - correct answer1) mutually beneficial relationships with banks 2) collecting and recording cash 3) generating earnings from cash 4) disbursing cash Federal Reserve System Duties - correct answer1) conducting monetary policy 2) supervising and regulating banks 3) maintaining stabil...

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 reporting, and operational accountability, through government-wide reporting. Describe how financial reporting can assist in fulfilling government's duty to be publicly accountable. - ANSWER-Financia...

CGFM EXAM 2 Study Question and answers rated A+ 2023

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 purpose of carrying out specific activities. 3 major categories of funds used by state and local governments - ANSWER-governmental, proprietary and fiduciary. Governmental Funds - ANSWER-Traditional...

CGFM EXAM 2 Question and answers correctly solved 2023

Difference between a budget in public vs. private sector? - correct answerPublic sector = Law/Private sector = benchmark for performance and goals for growth Primary control device in Govt? - correct answerbudget Financial Reports - correct answerprimary 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 - correct answerAll the powers not set ...

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...

Three Broad Government Spending Purposes 1) Current Operations 2) Capital Outlays 3) Debt Service Present Value Analysis - Three Components Determines what $$ Rec'd in Future is Worth Today 1) inflation component - year over year loss in value 2) enterprise component - inherent risk 3) unique component - Budget Accounting and Procedures Act of 1950 Requires the head of each federal agency to establish and maintain I/C's. Federal Managers Financial Integrity Act o...