CGFM Exam Section 5 Questions with
Complete Solutions
Service efforts and Accomplishments (SEA) - Answer-a report or several linked reports
that communicate the efficiency and effectiveness in which a government operates in
trying to achieve desired results
Service efforts and Accomplishments (SEA) govt requirements - Answer-issued by a
few state and local governments and agencies
Government Performance and Results Act of 1993 (GPRA) - Answer-Congress requires
executive branch agencies to develop performance measures for key programs and
report their results
Free Press - Answer-Referred to as the "fourth estate" because they provide unofficial
checks and balances on the 3 branches of Govt
other post-employment benefits (OPEB) - Answer-examples are health insurance and
life insurance for retirees
GASB statement 68 - Answer-designed to improve accounting and reporting for state
and local defined-benefit pension plans
fundamental accountability for the Govt is established in? - Answer-constitutions and
charters
Chief Financial Officers Act of 1990 - Answer-intended to improve the government's
financial management, outlining standards of financial performance and disclosure
CFO Act created these positions? - Answer-(1) within the OMB, the Deputy Director for
Management, who is the government's chief financial management official;(2) CFOs for
each of the (23) federal departments and agencies
FASAB: Statement of Federal Financial Accounting Concepts No. 1 - Answer-
addresses National (Fed) governmental accountability by stating govt is accountable for
budgetary integrity, operating performance, and stewardship.
Budgetary integrity - Answer-funds are raised and spent according to law.
Operating performance - Answer-funds have been spent efficiently and programs are
effective.
Stewardship - Answer-government activities promote the long-term health of the
community and its economic condition
Complete Solutions
Service efforts and Accomplishments (SEA) - Answer-a report or several linked reports
that communicate the efficiency and effectiveness in which a government operates in
trying to achieve desired results
Service efforts and Accomplishments (SEA) govt requirements - Answer-issued by a
few state and local governments and agencies
Government Performance and Results Act of 1993 (GPRA) - Answer-Congress requires
executive branch agencies to develop performance measures for key programs and
report their results
Free Press - Answer-Referred to as the "fourth estate" because they provide unofficial
checks and balances on the 3 branches of Govt
other post-employment benefits (OPEB) - Answer-examples are health insurance and
life insurance for retirees
GASB statement 68 - Answer-designed to improve accounting and reporting for state
and local defined-benefit pension plans
fundamental accountability for the Govt is established in? - Answer-constitutions and
charters
Chief Financial Officers Act of 1990 - Answer-intended to improve the government's
financial management, outlining standards of financial performance and disclosure
CFO Act created these positions? - Answer-(1) within the OMB, the Deputy Director for
Management, who is the government's chief financial management official;(2) CFOs for
each of the (23) federal departments and agencies
FASAB: Statement of Federal Financial Accounting Concepts No. 1 - Answer-
addresses National (Fed) governmental accountability by stating govt is accountable for
budgetary integrity, operating performance, and stewardship.
Budgetary integrity - Answer-funds are raised and spent according to law.
Operating performance - Answer-funds have been spent efficiently and programs are
effective.
Stewardship - Answer-government activities promote the long-term health of the
community and its economic condition
