Cgfm exam 3 - Study guides, Class notes & Summaries

CGFM Exam 3 Questions and Answers - Financial Management Functions

CGFM Exam 3 - Financial Management Functions fully solved 2023 verifiedPrompt Payment Act - correct answer A federal law that requires federal agencies to pay interest to companies on bills not paid within 30 days of invoice or completion of work. Cash Management Improvement Act - correct answer passed to improve the transfer of federal funds between the federal government and the states, territories, and the District of Columbia 31 CFR Part 2018 Management of Federal Agency Disbursements ...

CGFM exam 3: Section 3, Chapter 1 - Internal Controls questions & answers 2023/2024

Audit 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 Standards? CORRECT ANSWER AICPA - The American Institute of Certified Public Accountan...

CGFM Exam 3 Question and answers correctly solved 2023

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...

Financial management systems - Answer information systems that support financial managers in accomplishing their tasks and achieving their objectives data visualization - Answer the creation and study of the visual representation of data, meaning information that has been abstracted in some schematic form, including attributes or variables for the units of information. data visualization can serve what purposes - Answer •Strategic - They focus on high-level measures of performance and fo...

CGFM exam 3 Section 3, Chapter 1 - Internal Controls

CGFM - Exam 1 Government Sovereignty correct answerNat'l government can't be sued by states or by citizens w/out its permission. Government Authority correct answerDerived from constitutions or charters (local versions of a constitution), statutes, executive orders & regulations. 3 Levels correct answer1) National 2) State 3) Local The primary purpose of each is to provide services to citizens. Separate and distinct, yet they may coordinate their efforts. 3 Branches correct answer1) ...

Three Broad Government Spending Purposes 1) Current Operations 2) Capital Outlays 3) Debt Service Present Value Analysis - Three Components Determines what $$ Rec'd in Future is Worth Today 1) inflation component - year over year loss in value 2) enterprise component - inherent risk 3) unique component - Budget Accounting and Procedures Act of 1950 Requires the head of each federal agency to establish and maintain I/C's. Federal Managers Financial Integrity Act o...