Cgfm exam 1 section 5 - Study guides, Class notes & Summaries

CGFM Exam 3: Section 1, Chapter 4 - Acquisition Management Questions and Answers Graded A The four basic phases in acquiring goods and services are? 1) establishing specifications 2) soliciting supply sources 3) awarding contracts 4) monitoring contractor performance 2 basic methods for soliciting potential contractors (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 whethe...

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 Section 5, Chapter 1 - What is an Audit? Exam Questions and Answers

CGFM Exam 3: Section 5, Chapter 1 - What is an Audit? Correct answers 2023Audit definition an independent, systematic, objective and unbiased assessment that provides answers to a set of questions. "Material" meaning 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 Standards? AICPA - The American...

CGFM Exam Section 5, Chapter 1 - What is an Audit? Exam Questions and Answers

CGFM Exam 3: Section 1, Chapter 4 - Acquisition management correctly answered 2023The four basic phases in acquiring goods and services are? - correct answer 1) establishing specifications 2) soliciting supply sources 3) awarding contracts 4) monitoring contractor performance 2 basic methods for soliciting potential contractors - correct answer (1) formal advertising through invitations for bid (IFB) and (2) a less formal solicitation through requests for proposal (RFP). The method that...

CGFM Exam 2, Section 3 - Chapter 2: Federal Budgetary Accounting(rated A)PASSED 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 and Bulletins, but also with Memoran...

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 Section 5, Chapter 1 - What is an Audit? Exam Questions and Answers

CGFM Exam Section 5, Chapter 1 - What is an Audit? Exam Questions and Answers