CGFM Exam 2 - Section 1 CH 1
Questions & Answers (Grade A+)
An authoritative document issued by an accounting standards-
setting body that provides technical information concerning the
application and implementation of an accounting standard. -
correct answer ✅Technical Bulletins
The need for public officials to be responsible for their actions and
to justify their decisions relating to the raising of public resources
and how those resources are used. "The public has a "right to
know." -
correct answer ✅Accountability
The accountability of public officials to ensure their actions are
within the applicable laws, rules and regulations. -
correct answer ✅Legal Accountability
Ensuring that a government acts in an effective and efficient
manner in the performance of providing goods and services. -
correct answer ✅Performance Accountability
The need for public officials to be accountable for raising resources
to fund the current operations of the government. -
correct answer ✅Fiscal Accountability
, CGFM Exam 2 - Section 1 CH 1
Questions & Answers (Grade A+)
The need for public officials to be accountable for meeting
objectives efficiently and effectively using the resources they have
available. -
correct answer ✅Operational Accountability
A concept that is based on the notion that goods and services
received by current-year taxpayers should not be a burden on
taxpayers in future years. The GASB believes that a major reason for
financial reporting by state and local governments is to enable
users to assess whether future-year taxpayers will be required to
pay for services received by current-year taxpayers. -
correct answer ✅Interperiod Equity
The legal authority granted by the legislative body to spend money
for the purpose indicated. The amount sets the limit on what can
be spent. In state and local governments, it is based on beginning
fund balance and estimated revenues. If the estimated revenues
are not actually received, state/local governments must reduce
expenditures (or use budget stabilization funds) to meet balanced
budget laws. In the federal government, it provides budget
authority to incur obligations and to make payments from the
Treasury for specified purposes. The federal government does not
restrict budget authority to actual revenue. -
correct answer ✅Budgetary Appropriations
Questions & Answers (Grade A+)
An authoritative document issued by an accounting standards-
setting body that provides technical information concerning the
application and implementation of an accounting standard. -
correct answer ✅Technical Bulletins
The need for public officials to be responsible for their actions and
to justify their decisions relating to the raising of public resources
and how those resources are used. "The public has a "right to
know." -
correct answer ✅Accountability
The accountability of public officials to ensure their actions are
within the applicable laws, rules and regulations. -
correct answer ✅Legal Accountability
Ensuring that a government acts in an effective and efficient
manner in the performance of providing goods and services. -
correct answer ✅Performance Accountability
The need for public officials to be accountable for raising resources
to fund the current operations of the government. -
correct answer ✅Fiscal Accountability
, CGFM Exam 2 - Section 1 CH 1
Questions & Answers (Grade A+)
The need for public officials to be accountable for meeting
objectives efficiently and effectively using the resources they have
available. -
correct answer ✅Operational Accountability
A concept that is based on the notion that goods and services
received by current-year taxpayers should not be a burden on
taxpayers in future years. The GASB believes that a major reason for
financial reporting by state and local governments is to enable
users to assess whether future-year taxpayers will be required to
pay for services received by current-year taxpayers. -
correct answer ✅Interperiod Equity
The legal authority granted by the legislative body to spend money
for the purpose indicated. The amount sets the limit on what can
be spent. In state and local governments, it is based on beginning
fund balance and estimated revenues. If the estimated revenues
are not actually received, state/local governments must reduce
expenditures (or use budget stabilization funds) to meet balanced
budget laws. In the federal government, it provides budget
authority to incur obligations and to make payments from the
Treasury for specified purposes. The federal government does not
restrict budget authority to actual revenue. -
correct answer ✅Budgetary Appropriations
