Cgfm 2023 - Study guides, Class notes & Summaries

CGFM Exam 2 Questions with complete solution 2023

Governments exist to provide services no profit motive, no single measure of success Primary funding source = taxes (involuntary payments, because there is no ability to match services to those who provide the resource) Budget process = primary control device in government US Constitution provides two levels of government Federal and State State consitituions similar in that each defines the excutive and legislative braches, establishes political offices, and defines ...

Reasons Governments are not Run Like Businesses - correct answer1) Goals and objectives differ considerably from those in the private sector. 2) Exists to provide services, not gain profits. 3) Goals and objectives are sometimes established with input from the public. 4) Resources are derived primarily from taxes; there are no shareholders. 5) No single measure of success; can't use increasing market share, earnings per share, or the fact that it is still in business like private sector cor...

Federal refers to national government Federalism means that power is distributed among different levels of government Sovereignty government cannot be sued by states or by citizens without its permission Popular Sovereignty citizens hold the ultimate authority through the ballot and even a sovereign government is accountable to citizens Three levels of government Federal, State, Local - each may not enact laws that violate the constitutions of those levels of gov...

I 1.The Defense Logistics Agency holds jet fuel as inventory, which it sells to support flight operations. The table on the left provides beginning/ending fiscal year 2017 inventory levels and purchase information. Assuming the agency uses the FIFO inventory valuation method, what was the cost of goods sold for jet fuel in fiscal year 2017? - ANSWER-Correct Answer: $133.50 I 2.In financial reporting, consistency of communication means - ANSWER-Correct Answer: if accounting principles have cha...

Non-Spendable Fund Balance - Correct answer-Assets not in spendable formInventories 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 - Correct 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 federal and state agencies, creditors, c...

CGFM Exam 1 2023 Updated ALL Questions With Correct Solutions 100% Rated Topscore Pass!!! NEW!! NEW!!!CGFM Exam 1 2023 Updated ALL Questions With Correct Solutions 100% Rated Topscore Pass!!! NEW!! NEW!!!CGFM Exam 1 2023 Updated ALL Questions With Correct Solutions 100% Rated Topscore Pass!!! NEW!! NEW!!!CGFM Exam 1 2023 Updated ALL Questions With Correct Solutions 100% Rated Topscore Pass!!! NEW!! NEW!!!CGFM Exam 1 2023 Updated ALL Questions With Correct Solutions 100% Rated Topscore Pass!!! NE...

A-76 Directive issued by OMB that establishes federal policy for the competition of commercial activities Abuse behavior 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 process of researching, analyzing and evaluating old accounts in an accounting system to determine if they should be terminated or continued, and terminating those that meet ...

CGFM Part 2 - Comprehensive Review Latest 2023 Graded A+ GASB | Financial Statement Components 1. Auditor's Report 2. MD&A 3. Basic Financial Statements - Government-Wide Financials (Icing) - Fund Financials (Layers) - Notes (Filling that holds the layers together) 4. RSI 5. Combining Statements & Individual Fund Statements GASB | Statistical Section Components 1. Financial Trends 2. Revenue Capacity 3. Debt Capacity 4. Demographics and Economics 5. Operations Examples of Direct Costs - Salar...

CGFM EXAM 2 Study with complete solutions 2023Non-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 agenc...