CGFM EXAM 2 questions with 100%
complete solutions graded A+
Special assessments are used to ensure that - correct answer ✔✔individuals
benefiting from the project are the ones who will pay for it
imputed costs - correct answer ✔✔costs incurred by a federal entity for goods
and services provided and paid for in total, or in part, by other federal entities
Accumulated Depreciation is which type of account - correct answer ✔✔contra
asset
Preferred Costing Methodology - correct answer ✔✔Directly tracing costs
wherever feasible and economically practical
due process document describing various methods of accounting for a transaction
and asks respondents to provide their views on the preferred method - correct
answer ✔✔discussion memorandum
What is the correct accounting entry when one government agency receives a
grant from another government agency? - correct answer ✔✔The grantor agency
recognizes liability and the recipient agency recognizes non-exchange revenue
when the recipient agency meets all eligibility requirements.
,GASB, FASB, and FASAB have been designated standard-setting bodies for
accounting and reporting standards by the - correct answer ✔✔AICPA
Federal appropriations provide a legal authority for undertaking programs,
allocating resources, and - correct answer ✔✔expending funds
Federal appropriations law can be categorized into which three topical areas? -
correct answer ✔✔Purpose, time, and amount (PTA)
What are the basic types of budget authority used in the Federal Government? (6)
- correct answer ✔✔1. Appropriations
2. Contract Authority
3. Borrowing Authority
4. Monetary Credits
5. Offsetting Collections and Receipts
6. Loan and Loan Guarantee Authority
In financial reporting, consistency of communication means - correct answer ✔✔if
accounting principles have changed or if the financial reporting entity has
changed, the nature and reason for the change, as well as the effect of the
change, should be disclosed.
Budgeting is an element of which policy? - correct answer ✔✔fiscal
Another term for the federal government baseline budget is - correct answer
✔✔a current level of service budget.
, As described by FASAB, the four groups of people to whom the government is
accountable and are, therefore, potential users of federal financial statements are
- correct answer ✔✔citizens, Congress, executives, and program managers.
When establishing an allowance for doubtful accounts, the journal entry required
is a debit to - correct answer ✔✔Bad Debts Expense and a credit to the Allowance
for Doubtful Accounts.
Street resurfacing is a type of which budget element? - correct answer
✔✔program
Which of the following sources of accounting principles is at the top of the GASB
hierarchy? - correct answer ✔✔Generally Accepted Accounting Principles
The role of the International Public Sector Accounting Standards Board is to -
correct answer ✔✔set standards for the general purpose financial statements of
international public sector entities.
Non-exchange revenue includes inflows of resources arising from - correct answer
✔✔taxes, fines and penalties from the private sector.
A group of activities within a function are known as - correct answer ✔✔a
program
complete solutions graded A+
Special assessments are used to ensure that - correct answer ✔✔individuals
benefiting from the project are the ones who will pay for it
imputed costs - correct answer ✔✔costs incurred by a federal entity for goods
and services provided and paid for in total, or in part, by other federal entities
Accumulated Depreciation is which type of account - correct answer ✔✔contra
asset
Preferred Costing Methodology - correct answer ✔✔Directly tracing costs
wherever feasible and economically practical
due process document describing various methods of accounting for a transaction
and asks respondents to provide their views on the preferred method - correct
answer ✔✔discussion memorandum
What is the correct accounting entry when one government agency receives a
grant from another government agency? - correct answer ✔✔The grantor agency
recognizes liability and the recipient agency recognizes non-exchange revenue
when the recipient agency meets all eligibility requirements.
,GASB, FASB, and FASAB have been designated standard-setting bodies for
accounting and reporting standards by the - correct answer ✔✔AICPA
Federal appropriations provide a legal authority for undertaking programs,
allocating resources, and - correct answer ✔✔expending funds
Federal appropriations law can be categorized into which three topical areas? -
correct answer ✔✔Purpose, time, and amount (PTA)
What are the basic types of budget authority used in the Federal Government? (6)
- correct answer ✔✔1. Appropriations
2. Contract Authority
3. Borrowing Authority
4. Monetary Credits
5. Offsetting Collections and Receipts
6. Loan and Loan Guarantee Authority
In financial reporting, consistency of communication means - correct answer ✔✔if
accounting principles have changed or if the financial reporting entity has
changed, the nature and reason for the change, as well as the effect of the
change, should be disclosed.
Budgeting is an element of which policy? - correct answer ✔✔fiscal
Another term for the federal government baseline budget is - correct answer
✔✔a current level of service budget.
, As described by FASAB, the four groups of people to whom the government is
accountable and are, therefore, potential users of federal financial statements are
- correct answer ✔✔citizens, Congress, executives, and program managers.
When establishing an allowance for doubtful accounts, the journal entry required
is a debit to - correct answer ✔✔Bad Debts Expense and a credit to the Allowance
for Doubtful Accounts.
Street resurfacing is a type of which budget element? - correct answer
✔✔program
Which of the following sources of accounting principles is at the top of the GASB
hierarchy? - correct answer ✔✔Generally Accepted Accounting Principles
The role of the International Public Sector Accounting Standards Board is to -
correct answer ✔✔set standards for the general purpose financial statements of
international public sector entities.
Non-exchange revenue includes inflows of resources arising from - correct answer
✔✔taxes, fines and penalties from the private sector.
A group of activities within a function are known as - correct answer ✔✔a
program
