AGA CGFM Review Exam Questions with 100% satisfaction
guarantee Answers 2024/2025
What guides activities during the operations phase? - correct answer The
appropriated budget
What is the primary output of operations - correct answer Service to the public.
Others include performance and financial information to guide future decisions
What is the purpose of internal controls? - correct answer Help to ensure that
resources are applied appropriately and that programs achieve their intended
results.
External Reports - correct answer The primary means of demonstrating
government accountability. GAAP compliant external financial reports are
governed by formal accounting standards
Popular Reports - correct answer external reports designed for the average
citizen. These are referred to as popular reports or performance reports.
GAAP - correct answer Generally Accepted Accounting Principles, financial
reports should be grounded in these
Internal Reports (purpose) - correct answer Designed to meet the needs of
government managers and elected officials
Reserved Clause - correct answer Governmental powers reserved for the states
and the people by the Tenth Amendment of the U.S. Constitution.
Commissions - correct answer special-government components (created
through law or statue) that may be permanent or temporary. They enjoy more
autonomy compared to other government components
, Popular Sovereignty - correct answer A government in which the people rule by
their own consent.
general purpose entities - correct answer Federal, state and many local
governments.
special purpose entities - correct answer preform just one or two functions
(education, water, etc)
quasi-governmental entities - correct answer entities that blend characteristics
of government and for-profit organizations
Tribal Councils - correct answer not subject to federal income tax but individual
members are subject to federal income taxation. Special exemption based on
treaties and statues
What is the trend in government entities? - correct answer over the past decade
there has been a significant reduction in special purpose school-district, coupled
with an increase in other special purpose districts
What are legal constraints on government sovereignty? - correct answer
Constitutions, Laws, Statues and Ordinances
Appropriation - correct answer budget laws passed by congress
Apportionments/Reapportionments - correct answer Delegations of budgetary
authority made by OMB to major departments and components of government
guarantee Answers 2024/2025
What guides activities during the operations phase? - correct answer The
appropriated budget
What is the primary output of operations - correct answer Service to the public.
Others include performance and financial information to guide future decisions
What is the purpose of internal controls? - correct answer Help to ensure that
resources are applied appropriately and that programs achieve their intended
results.
External Reports - correct answer The primary means of demonstrating
government accountability. GAAP compliant external financial reports are
governed by formal accounting standards
Popular Reports - correct answer external reports designed for the average
citizen. These are referred to as popular reports or performance reports.
GAAP - correct answer Generally Accepted Accounting Principles, financial
reports should be grounded in these
Internal Reports (purpose) - correct answer Designed to meet the needs of
government managers and elected officials
Reserved Clause - correct answer Governmental powers reserved for the states
and the people by the Tenth Amendment of the U.S. Constitution.
Commissions - correct answer special-government components (created
through law or statue) that may be permanent or temporary. They enjoy more
autonomy compared to other government components
, Popular Sovereignty - correct answer A government in which the people rule by
their own consent.
general purpose entities - correct answer Federal, state and many local
governments.
special purpose entities - correct answer preform just one or two functions
(education, water, etc)
quasi-governmental entities - correct answer entities that blend characteristics
of government and for-profit organizations
Tribal Councils - correct answer not subject to federal income tax but individual
members are subject to federal income taxation. Special exemption based on
treaties and statues
What is the trend in government entities? - correct answer over the past decade
there has been a significant reduction in special purpose school-district, coupled
with an increase in other special purpose districts
What are legal constraints on government sovereignty? - correct answer
Constitutions, Laws, Statues and Ordinances
Appropriation - correct answer budget laws passed by congress
Apportionments/Reapportionments - correct answer Delegations of budgetary
authority made by OMB to major departments and components of government
