CERTIFIED GOVERNMENT FINANCIAL MANAGER (CGFM) EXAM
STUDY GUIDE | QUESTIONS & ANSWERS | NEW 2026/2027 UPDATE |
GRADED A+| 100% CORRECT (VERIFIED SOLUTIONS)
AGA -
ANSWER
Association of Government Accountants
CEAR -
ANSWER
Certificate of Excellence in Accountability Reporting
CFO -
ANSWER
Chief Financial Officer
CGFM -
ANSWER
Certified Government Financial Manager
ERP -
ANSWER
Enterprise Resource Planning
FASAB -
ANSWER
Federal Accounting Standards Advisory Board
FASB -
ANSWER
Financial Accounting Standards Board
,FSIO -
ANSWER
Financial Systems Integration Office (within GSA)
GAAP -
ANSWER
Generally Accepted Accounting Principles
GAO -
ANSWER
Government Accountibility Office
GASB -
ANSWER
Government Accounting Standards Board
GPRA -
ANSWER
Government Performance and Results Act
OMB -
ANSWER
Office of Management and Budget
PAR -
ANSWER
Performance and Accountability Report
SEA -
ANSWER
Service Efforts and Accomplishments
,Accountability -
ANSWER
Principle that in a democracy, government operates at the consent of the people. Therefore it must
ANSWER
to the people for its actions and results, including the taking and using of the people's resources.
Allotments -
ANSWER
In the federal government, an agency's distribution of apportioned budgetary authority to various
components within the agency. After the executive agency receives its apportionment, it allots
budgetary authority to specific components within the agency.
Anti-Deficiency Act -
ANSWER
At the federal level, a law stating that officials can be fined and/or jailed if they obligate the
government to spend funds beyond the legally authorized purpose, time, or amount.
Apportionmnets -
ANSWER
Definitions may vary at different levels of government. At the federal level, OMB's approval to use a
protion of the legislatively approved budgetary authority.
Appropriated Budget -
ANSWER
Budget that has been passed by the legistlative branch; has effect of law.
Appropriation -
ANSWER
A legistlative enactment (law, statute or ordinance) that creates spending authority; the legal
authority to incur expenses and spend money.
Attestation engagements -
, ANSWER
Engagement primarily concerned with examining or performing agreed upon procedures on a
subject matter, or an assertion about a subject matter, and reporting on the results. The subject
matter may be financial or nonfinancial and can be part of a financial audit or performance audit.
Possible subjects include reporting on an entity's internal controls, compliance with law or
performance measures.
Authorization -
ANSWER
Legislative enactment that approves programs; prescribes what activities an agency may pursue if
funding is available.
Block grants -
ANSWER
Intergovernmental provision of resources for broadly defined purposes. Contrasts with category
grants.
Capital Budget -
ANSWER
Forecasts and controls spending for "big ticket" items that are acquired and used over a period of
several years, such as construction projects and major equipment purchases. Used at state and local
levels.
Capital lease -
ANSWER
Capital leases is a lease fo real property that meets defined criteria requiring the government to
report the property as it purchased long term debt
Cash-flow budget -
ANSWER
Forecasts the timing as well as amount of cash flows for the year. Used to project required cash
levels.
Category grants -
ANSWER
STUDY GUIDE | QUESTIONS & ANSWERS | NEW 2026/2027 UPDATE |
GRADED A+| 100% CORRECT (VERIFIED SOLUTIONS)
AGA -
ANSWER
Association of Government Accountants
CEAR -
ANSWER
Certificate of Excellence in Accountability Reporting
CFO -
ANSWER
Chief Financial Officer
CGFM -
ANSWER
Certified Government Financial Manager
ERP -
ANSWER
Enterprise Resource Planning
FASAB -
ANSWER
Federal Accounting Standards Advisory Board
FASB -
ANSWER
Financial Accounting Standards Board
,FSIO -
ANSWER
Financial Systems Integration Office (within GSA)
GAAP -
ANSWER
Generally Accepted Accounting Principles
GAO -
ANSWER
Government Accountibility Office
GASB -
ANSWER
Government Accounting Standards Board
GPRA -
ANSWER
Government Performance and Results Act
OMB -
ANSWER
Office of Management and Budget
PAR -
ANSWER
Performance and Accountability Report
SEA -
ANSWER
Service Efforts and Accomplishments
,Accountability -
ANSWER
Principle that in a democracy, government operates at the consent of the people. Therefore it must
ANSWER
to the people for its actions and results, including the taking and using of the people's resources.
Allotments -
ANSWER
In the federal government, an agency's distribution of apportioned budgetary authority to various
components within the agency. After the executive agency receives its apportionment, it allots
budgetary authority to specific components within the agency.
Anti-Deficiency Act -
ANSWER
At the federal level, a law stating that officials can be fined and/or jailed if they obligate the
government to spend funds beyond the legally authorized purpose, time, or amount.
Apportionmnets -
ANSWER
Definitions may vary at different levels of government. At the federal level, OMB's approval to use a
protion of the legislatively approved budgetary authority.
Appropriated Budget -
ANSWER
Budget that has been passed by the legistlative branch; has effect of law.
Appropriation -
ANSWER
A legistlative enactment (law, statute or ordinance) that creates spending authority; the legal
authority to incur expenses and spend money.
Attestation engagements -
, ANSWER
Engagement primarily concerned with examining or performing agreed upon procedures on a
subject matter, or an assertion about a subject matter, and reporting on the results. The subject
matter may be financial or nonfinancial and can be part of a financial audit or performance audit.
Possible subjects include reporting on an entity's internal controls, compliance with law or
performance measures.
Authorization -
ANSWER
Legislative enactment that approves programs; prescribes what activities an agency may pursue if
funding is available.
Block grants -
ANSWER
Intergovernmental provision of resources for broadly defined purposes. Contrasts with category
grants.
Capital Budget -
ANSWER
Forecasts and controls spending for "big ticket" items that are acquired and used over a period of
several years, such as construction projects and major equipment purchases. Used at state and local
levels.
Capital lease -
ANSWER
Capital leases is a lease fo real property that meets defined criteria requiring the government to
report the property as it purchased long term debt
Cash-flow budget -
ANSWER
Forecasts the timing as well as amount of cash flows for the year. Used to project required cash
levels.
Category grants -
ANSWER
