Cgfm exam 1 2024 - Study guides, Class notes & Summaries

CGFM Exam 1 Section 1 With Correct Solutions 2024

CGFM Exam 2 - Section II Accounting and Reporting for State and Local Governments 2023/2024 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 government's duty to be publicly accountable. - ANSWER-Financia...

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 3, Chapter 1 - Internal Controls questions & answers 2023/2024

CGFM Exam 2 - Governmental Accounting (2023/2024) Already Graded A Reasons Governments are not Run Like Businesses 1) 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 ...

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 1: Government Environment Questions with 100% Correct Answers 2023/2024