CGFM TEST 3(graded A+) correctly answered 2023 updated to pass

CGFM TEST 3(graded A+) correctly answered 2023 updated to passThree Broad Government Spending Purposes - correct answer 1) Current Operations 2) Capital Outlays 3) Debt Service Present Value Analysis - Three Components - correct 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 - correct answer Requires the head of each federal agency to establish and maintain I/C's. Federal Managers Financial Integrity Act of 1982 (FMFIA) - correct answer requires the head of each agency to evaluate controls on an annual basis, reporting any weakness along with a corrective action plan ** (resulted in the "green book") ** Single Audit Act of 1984 (amended in 1996) - correct answer requires the audit of state and local governments and npo's receiving federal funding Sarbanes Oxley Act of 2002 - correct answer Placed restrictions on publicly traded companies following Enron scandal. Requires mgmt to report on I/C's for financial reporting in its annual report. (ICOFR) - correct answer Internal Controls Over Financial Reporting Chief Financial Officers Act of 1990 (CFO Act): - correct answer required 10 federal agencies to produce audited annual financial reports that included a report on internal control. expanded in 1994 by GMRA INTERNAL CONTROLS - correct answer systems and techniques managers use to provide reasonable assurance that agency objectives met in an effective/efficient manner, in compliance with laws/regulations, and to safeguard assets. Implemented to accomplish certain results, prevent problems, or detect problems that have occurred. Some controls can both detect and prevent problems (but only if their existence is known). TIME VALUE OF MONEY - correct answer Used in consideration of capital budgeting 1) Present Value Analysis 2) Future Value Analysis 3) Payback Analysis Flowcharting - correct answer Iterative process requiring changes throughout development, each step represents a decision, also used to evaluate processes for effective internal controls Earned Value Management (EVM) - correct answer project mgmt system that weighs both schedule and cost performance to determine if a project is delivering expected results on time and within budget Regression Analysis - correct answer Predicts the relationship between variables: 1) Direct Linear Regression 2) Indirect Linerar Regression