Cgfm exam 2 2024 - Study guides, Class notes & Summaries

CGFM Exam 2 - Section 1 Questions & Answers 2023/2024 Taxes - ANSWER-Resources for gov are derived primarily from Grants and shared revenues - ANSWER-Gobs receive revenue from other levels of gov through Budget - ANSWER-Primary control device in gov Financial reporting - ANSWER-Primary mechanism to demonstrate accountability Financial reports - ANSWER-Shows how much was raised, how it was spent, and whether spending followed the budget Performance reports - ANSWER-Inform user...

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 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 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 - Governmental Accounting Questions & Answers 2023/2024

CGFM Exam 3: Section 5, Chapter 1 - What is an Audit? Questions & Answers 2023/2024 Audit definition - ANSWER-an independent, systematic, objective and unbiased assessment that provides answers to a set of questions. "Material" meaning - 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 Standards...