Cpfo - Study guides, Class notes & Summaries

CPFO Exam Risk, Benefits, Procurement Questions and Answers.

Ultimate responsibility for internal controls rests with. A. Management B. The governing board C. The external auditor D. The audit committee - B. The governing board. While management is primarily responsible for internal control, the governing body remains ultimately responsible for ensuring that mangement meets its responsibilities in this regard. P 734-735 Which of the following types of fraud is least likely in an environment where cash receipting and record keeping for accounts rec...

CPFO Exam - Risk, Benefits, Procurement Questions With Correct Answers!!

Risk - chance of loss, associated with delivery of public services Risk Management Program Benefits an effective risk management program highlights better ways to prevent and pay for accidental losses, greatly eliminating concerns over the consequences associated with a governments future project. - 1. Allows for a more effective use of government funds. 2. increases worker productivity (preventing worksite accidents. 3. Reduces uncertainties associated with future projects, including budg...

CPFO Operating and Capital Budgeting Sample Exam(Sample Examination Questions from the GFOA)Answered 2023

Procurement - Answer is the process through which government acquires goods and services for its own use The stages procurement - Answer planning/scheduling, source selection/ purchasing, contract administration Fundamental objective of procurement - Answer to provide goods and services in the right quality and quantity on a timely basis as efficiently as possible and at the lowest overall cost Suspension - Answer the vendor is prohibited from receiving government contracts temporarily ...

CPFO Accounting Exam - GAAFR Review 2022 with complete solution(Full solution pack)

CPFO Accounting Exam - GAAFR Review with all Questions and Answers...

QUESTIONS AND ANSWERS

Five components of Fund Balance - Correct Answer-Nonspendable Restricted Committed Assigned Unassigned Six essential characteristics of accounting data for inclusion in the GPEFR? - Correct Answer-Understandable to someone with a reasonable understanding of government and public finance activities & of the fundamentals of governmental financial reporting Reliable - not precise because estimates are acceptable Relevant - Should make a difference in how users assess a problem, co...