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

CGFM #2 Chapter 1

CGFM #2: Chapter 1 Questions with complete solution (graded A+)resources for government entities are derived primarily from.... - correct answer taxes involuntary resource providers...... - correct answer pay the taxes which provide services for others paying little or no taxes because those who are receiving the majority of services aren't the ones paying the taxes, the government is pressured to..... - correct answer keep taxes as low as possible other than taxes, governments primari...

CGFM #2: Chapter 5 (Sec 2 Ch 1)Correctly answered to pass 2023Financial Accounting Foundation - correct answer full time chairman + 6 part time members professional staff from various accounting sectors appoints members to Governmental Accounting Standards Advisory Council (GASAC), an advisor to GASB users of financial reports - correct answer citizens, including media & public interest groups legislative and oversight bodies investors and creditors program managers are users but they...

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 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 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 3: Section 3, Chapter 1 - Internal Controls fully solved 2023Federal 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 implementation of internal contr...