Cpfo exam - Study guides, Class notes & Summaries

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

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

How should a government classify a pass-through capital grant ultimately intended for use by some other government in the government-wide statement of activities? A. Program revenues - capital grants and contributions B. Program revenues - operating grants and contributions C. General revenues - grants D. Either A or B - Correct Answer-B - Pass through grant to finance capital acquisition by a subrecipient should be treated as operating grants and contributions by the primary recipient ...

CPFO Accounting Examination A+ Answers 1. Which of the following would be reported as a deferred item in the governmental fund financial statements, but not in the government-wide financial statements? A. Unavailable revenue B. Unearned revenue C. Deferred charge - difference between net carrying amount of refunded debt and reacquisition price D. All of the above E. None of the above - Correct Answer-[Correct response = A] The deferral of revenue because it is unavailable is ...

CPFO Exam - Risk, Benefits, Procurement Questions and Answers Already Graded A+

CPFO Examination- Pensions schemes CPFO Debt Exam Intergenerational Equity - Correct Answer-Balancing the needs of the young and old. Specifically, often referred to as the idea that U.S. government entitlements, such as Medicare and Social Security, "over-benefit" the elderly at the expense of other age groups. Key variable for length of time bonds are issued - Correct Answer-Life of asset financed Factors for revenue bond limits - Correct Answer-Ability and willingness to raise rates ...

CPFO Examination- Pensions schemes Investment Policy Functions - Correct Answer-1. Statement of goals 2. Articulating the investment philosophy and risk tolerance 3. Demonstrates due diligence b/c the system follows a prudent set of procedures 4. Established internal controls 5. Provides guidance to staff and third parties 6. Risk management tool Typical Provisions of an Investment Policy - Correct Answer-1. Statement of goal(s), purpose, or mission 2. Identification of decision maker(s...

How many full-time public employees are covered by defined benefit plans? - Correct Answer-Ninety-one percent How many full-time public employees are covered by defined contribution plans? - Correct Answer-nine percent Prudent-Person Rule - Correct Answer-Requires each retirement board member to perform his or her duties as a prudent person would when acting in a like capacity and in a similar situation. Defined Benefit Plan - Correct Answer-Provides for a guaranteed benefit at retireme...

CPFO Exam on the following Governmental Accounting, Auditing, and Financial Reporting How should a government classify a pass-through capital grant ultimately intended for use by some other government in the government-wide statement of activities? A. Program revenues - capital grants and contributions B. Program revenues - operating grants and contributions C. General revenues - grants D. Either A or B - Correct Answer-B - Pass through grant to finance capital acquisition by a subrecipie...

CPFO Examination– Procurement 2023 Procurement - Correct Answer-is the process through which government acquires goods and services for its own use The stages procurement - Correct Answer-planning/scheduling, source selection/ purchasing, contract administration Fundamental objective of procurement - Correct 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 - Correct Answer-the v...