Cgfm exam 2 section 1 - Study guides, Class notes & Summaries

CGFM Exam 1 Section 2 - Legal Foundations.

CGFM Exam 3: Section 5, Chapter 1 - What is an Audit?2023 verified to passAudit 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 Generally Accepted Auditing Standard...

CGFM Exam 2 - Section 1 Questions and Answers (Rated A+)

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 2 - Section 1 Question and answers already passed 2023 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...

CGFM Exam 2 - Section 3 Question and answers rated A+ 2023 Formulation of the President's Budget Congressional action on budget Budget execution - correct answer Phases of budget process Four - correct answer Budget covers how many years following the budget year to show effect of budget decisions long term Actual amounts for previous year and estimated amounts for current year - correct answer What is presented for comparison of budget 1. Budget and fiscal policy guideli...

The four basic phases in acquiring goods and services are? - Answer 1) establishing specifications 2) soliciting supply sources 3) awarding contracts 4) monitoring contractor performance 2 basic methods for soliciting potential contractors - Answer (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 whether there are firm specifications for the goods or services to be ...

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...