Cgfm exam 2 section 2 - Study guides, Class notes & Summaries

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 - Section 2, Chapter 2 - Fund Accounting and Reporting, Questions and answers/ GASB 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 use...

CGFM EXAM 2 Study/ questions and answers, 100% Verified/ Non-Spendable Fund Balance - -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 - -Subject to constraints imposed by external parties or law. Debt covenants (such as a requirement for a sinking fund) or constraints imposed by legislation or feder...

CGFM Exam 2 Questions and Correct Answers - Section 1

CGFM Exam- Section 2, Chapter 2 - Fund Accounting and Reporting Exam Questions with 100% Correct Answers

Taxes CORRECT ANSWER Resources for gov are derived primarily from Grants and shared revenues CORRECT ANSWER Gobs receive revenue from other levels of gov through Budget CORRECT ANSWER Primary control device in gov Financial reporting CORRECT ANSWER Primary mechanism to demonstrate accountability Financial reports CORRECT ANSWER Shows how much was raised, how it was spent, and whether spending followed the budget Performance reports CORRECT ANSWER Inform users how well gov is opera...

CGFM EXAM 2 Study Guide (2023/2024) Rated A+ Non-Spendable Fund Balance 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 Subject to constraints imposed by external parties or law. Debt covenants (such as a requirement for a sinking fund) or constraints imposed by legislation or federal and state agencies, cred...

CGFM EXAM 2 Study QUESTIONS & ANSWERS 2023/2024 Non-Spendable Fund Balance - 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 - ANSWER-Subject to constraints imposed by external parties or law. Debt covenants (such as a requirement for a sinking fund) or constraints imposed by legislation or fede...

CGFM TEST 2 SECTION 2- CHAPTER 1. Exam Questions and answers/ rated A+ FINANCIAL REPORTING SHOULD PROVIDE INFORMATION TO DETERMINE WHETHER THE ENTITY'S FINANCIAL POSITION IMPROVED OR DETERIORATED AS A RESULT OF THE YEAR'S OPERATIONS. TRUE THE GOVERNMENT ACCOUNTING STANDARDS BOARD WAS ESTABLISHED BY THE FINANCIAL ACCOUNTING FOUNDATIONS BOARD OF TRUSTEES (FAF). THE BOARD HAS 7 MEMBERS FOR A 5 YEAR TERM GASB = only state and local government HOWEVER NOT REQUIRED THE AICPA HAS RECOGNI...