AGA CGFM

Federal Gov't Responsibility - correct answer national defense, foreign relations, interstate commerce, federal courts, housing, education, healthcare State Gov't Responsibility - correct answer public safety, property laws and protection of private property, education, marriage, commercial rules and licensing (ex. Professional licensing) Local Gov't Responsibility - correct answer building codes and permits, property taxes, police and fire protection. Also sometimes parks/rec. ...

In government reporting, how is a Homeless Initiative classified? -correct answer program All of the following are general criteria that a cost must meet to be allowable under an intergovernmental cost-reimbursement contract or grant EXCEPT that the cost must be -correct answer used to meet the matching requirement of another award. The Digital Accountability and Transparency Act combines which two pieces of financial data to improve open reporting of government financial information? -cor...

Statements by standard setting bodies - correct answer Sets forth the accounting and reporting standard that should be followed by preparers and auditors of financial statements along with effective date. Concept statements - correct answer Does not establish accounting or reporting standards. Describes the concepts the board will use as framework for evaluating existing standards and practices and for establishing new standards. Interpretations or technical bulletins - correct answer Clar...

Fund Balance - Committed - correct answer 1) constrained by formal action of the governments highest level of decision making authority Fund Balance - Assigned - correct answer 1) intent to be used for a specific purpose, but not-formally obligated by decision making body Fund Balance - Unassigned - correct answer 1) residual classification for all other amounts Reconciling GW Fund Balance to GW statement of Net Position - correct answer Total governmental fund Plus prepaid charges ...

Federal Real Property Profile (FRPP) - correct answer maintained by GSA; comprehensive data base of all real property controlled by all executive branch agencies. Property Management - 4 activities - correct answer 1) Recordkeeping, asset management system 2) Maximize utility 3) Safeguarding, esp. High value, small items 4) Maintenance - to maximize assets life, gov't tendency to defer Heritage Property a.k.a. Works of Art and Historical Treasure - correct answer Assets that do not ...

Which GASB statement established the MD and A as RSI? - correct answer GASB 34 According to GASB Statement No. 39, which potential component unit could be reported as a component unit to the primary reporting entity? - correct answer legally separate, tax-exempt entities In government accounting, capital assets are reported in all of the following EXCEPT - correct answer governmental funds. A law was passed and signed by the governor, which required the first $1,000,000 received f...

Fund Balance for Permanent fund is classified as what at the end of the fiscal year? - correct answer Non-spendable What appears on the Balance Sheet for Governmental Funds - correct answer CURRENT financial resources and obligations Characteristics of Capital Projects Fund - correct answer Account for resources provided by long-term debt issues or dedicated taxes. Involve significant construction contracts, may take months or years to complete. Expenditures are for capital assets, assets ...

Fundamental Ethical Principle - correct answer public service is a public trust. GPEFR - correct answer General Purpose External Financial Reports Government borrowing is constrained by- correct answer constitutions and statutes, bond covenants, and debt policies. The federal government has ___ but not ___ debt limits. - correct answer statutory, but not constitutional Wealth taxes - correct answer real property, personal property, intangibles and estate and inheritance taxes...

Types of costs -correct answer Costs can be direct or indirect. Direct costs are - correct answer those that can be directly attributed to a cost objective. Indirect costs are - correct answer jointly or commonly used by two or more cost objectives and cannot practically or economically be attributed to an objective. Costs should be assigned on a direct basis at all times. - correct answer False. Although the direct basis is preferred, in many instances, it is neither practical nor econ...

Solvency - correct answer Ability to generate future revenues and meet long-term obligations. Sustainability - correct answer Ability and willingness of the gov't. To meet financial obligations as they come due and meet service commitments. GFOA - correct answer Government Finance Officers Association Benchmarking - correct answer Comparing indicators, such as ratios, across entities or across different fiscal years. Benefit of Sustainability Assessment - correct answer Alerts pub...