Cgfm test 3 stuvia - Study guides, Class notes & Summaries

Three Broad Government Spending Purposes - Answer 1) Current Operations 2) Capital Outlays 3) Debt Service Present Value Analysis - Three Components - Answer 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 - Answer Requires the head of each federal agency to establish and maintain I/C's. Federal Managers Financial Int...

A-76 - Answer Directive issued by OMB that establishes federal policy for the competition of commercial activities Abuse - Answer behavior that is deficient or improper when compared with behavior that a prudent person would consider reasonable and necessary business practice given the facts and circumstances Account cleanup - Answer process of researching, analyzing and evaluating old accounts in an accounting system to determine if they should be terminated or continued, and terminating ...