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

CGFM Exam 2, Section 3 - Chapter 2: Federal Budgetary Accounting 2023/2024 Exec Branch central financial management agencies - ANSWER-(1) OMB and (2) the Dept of Treasury OMB - 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? - ANSWER-Mainly with Circulars and Bulletins, but also with Memorandums OMB circulars - A...

CGFM Exam 2 Questions and Correct Answers - Section 1

CGFM Exam 1 Questions and Answers- Section 2 - Legal Foundations

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...

CGFM Exam 3: Section 1, Chapter 4 - Acquisiton management. Questions and answers/ The four basic phases in acquiring goods and services are? - -1) establishing specifications 2) soliciting supply sources 3) awarding contracts 4) monitoring contractor performance 2 basic methods for soliciting potential contractors - -(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 depen...

CGFM Exam 1 Questions and Answers- Section 2 - Legal Foundations

CGFM Exam 3: Section 1, Chapter 4 - Acquisition Management Questions and Answers Graded A The four basic phases in acquiring goods and services are? 1) establishing specifications 2) soliciting supply sources 3) awarding contracts 4) monitoring contractor performance 2 basic methods for soliciting potential contractors (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 whethe...

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 the government's duty to be publicly accountable. - ANSWER-Financial reporting by governments assists users in assessing accountability and assists in making...

CGFM EXAM 2 Study Questions and Answers 100% Pass Non-Spendable Fund Balance - Correct Answer️️ -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 - Correct Answer️️ -Subject to constraints imposed by external parties or law. Debt covenants (such as a requirement for a sinking fund) or constrain...