CGFO Accounting and Financial Reporting Exam questions and answers Graded A+

CGFO Accounting and Financial Reporting Exam questions and answers Graded A+ What are the two most important financial documents in both public and private organizations? - Budget and annual financial report. What is the purpose of the accounting system? - To provide a recordkeeping framework in which to record (in journals) the transactions authorized by the budget and to reconcile (in ledgers) their cumulative financial impact. What are the six goals of accounting? - Provide financial information that is: Understandable, reliable, relevant, comparable, consistent, and timely. What are generally accepted accounting principles (GAAP)? - Standards adopted by the accounting profession for recording and reporting transactions. What is the role of the Governmental Accounting Sta