Cpfo - Study guides, Class notes & Summaries

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 ...

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) 3. Statement of performance me...

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 vendor is prohibited from receiving g...

Which of the following is an essential feature of a good budget process, as defined by the National Advisory Council on State and Local Budgeting (NACSLB)? a) Focuses budget decisions on results and outcomes b) Involves and promotes effective communication with stakeholders c) Establishes linkages to broad organizational goals d) All of the above - Correct Answer-d) All of the above Which of the following is a true statement regarding the advantages of line-item budgeting? a) It obscures...

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

CPFO Final Accounting Exam Part 4 What is the minimum required for presentation of external financial statements in order to conform with GAAP? - Correct Answer-Only the basic financial statements What makes up the RSI information in the ACFR - Correct Answer-MD&A & Other RSI What is included in the mandatory reporting? - Correct Answer-MD&A Basic financial statements Other RSI What is included in the basic financial statements? - Correct Answer-Government-wide Funds - Governmental, Prop...

CPFO Final Accounting Exam 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 a...

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 unique to f...