Cpfo accounting - Study guides, Class notes & Summaries

CPFO Accounting Exam - GAAFR Review 2024 with complete solution(Full solution pack)

CPFO ACCOUNTING EXAM - GAAFR REVIEW QUESTIONS & ANSWERS RATED 100% CORRECT!!

CPFO ACCOUNTING EXAM - GAAFR REVIEW QUESTIONS & ANSWERS RATED 100% CORRECT!!

CPFO Accounting Exam - GAAFR Review 2022 with complete solution(Full solution pack)

CPFO Accounting Exam - GAAFR Review with all Questions and Answers...

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 ...

Ultimate responsibility for internal controls rests with. A. Management B. The governing board C. The external auditor D. The audit committee - B. The governing board. While management is primarily responsible for internal control, the governing body remains ultimately responsible for ensuring that mangement meets its responsibilities in this regard. P 734-735 Which of the following types of fraud is least likely in an environment where cash receipting and record keeping for accounts rec...

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...

CPFO Accounting Examination with 100% Correct Answers Which of the following groups normally would NOT be considered a primary user of state or local government's general-purpose external financial statements? A. Citizens B. Legislative and oversight bodies C. Management D. Investors and creditors - Correct Answer-C - The primary users of general-purpose external financial statements are those who, unlike management, do not have direct access to accounting information. (page 6) (Chapter...

CPFO Accounting Examination with 100% Correct Answers Which of the following groups normally would NOT be considered a primary user of state or local government's general-purpose external financial statements? A. Citizens B. Legislative and oversight bodies C. Management D. Investors and creditors - Correct Answer-C - The primary users of general-purpose external financial statements are those who, unlike management, do not have direct access to accounting information. (page 6) (Chap...