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

CGFM EXAM 2 Study question with 100% correct answers(graded A+)Non-Spendable Fund Balance - correct answer 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 answer Subject to constraints imposed by external parties or law. Debt covenants (such as a requirement for a sinking fund) or constraints impo...

Taxes - Answer Resources for gov are derived primarily from Grants and shared revenues - Answer Gobs receive revenue from other levels of gov through Budget - Answer Primary control device in gov Financial reporting - Answer Primary mechanism to demonstrate accountability Financial reports - Answer Shows how much was raised, how it was spent, and whether spending followed the budget Performance reports - Answer Inform users how well gov is operating and whether it is achieving goals...

CGFM Exam: Section 1, Chapter 1 Questions and Answers Already Passed Difference between a budget in public vs. private sector? Public sector = Law/Private sector = benchmark for performance and goals for growth Primary control device in Govt? budget Financial Reports primary mechanism by which public officials are able to demonstrate accountability. They show how much was raised, how it was spent, and whether spending was in compliance with the budget. State Authority All the powers not set f...

CGFM Exam 2 - Section 2, Chapter 2 - Fund Accounting and Reporting questions with correct answers

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

GASB Codification Section 1300 - Answer Establish the foundational accounting and reporting standards for state and local FUNDS Fund - Answer Funds are fiscal and accounting entities that are segregated for the purpose of carrying out specific activities. 3 major categories of funds used by state and local governments - Answer governmental, proprietary and fiduciary. Governmental Funds - Answer Traditionally been used to account for the general services provided to the public. These ser...