AGA CGFM

Budgeting - correct answer Central control device in the gov't management cycle. Operating Budgets - correct answer Covers a limited period of usually one to two years. Specifies planned revenues and expenditures throughout the budget period. Cash-flow Budget - correct answer Purpose is to help plan the timing of cash receipts and expenditures so funds will actually be available when it's time to make a payment. Capital Budget - correct answer Covers big ticket items that ...

Single Employer Pension Plan - correct answer Pension provide to employees of a single employer Agent Employer Pension Plan - correct answer Multiple employer pension plan with separate accounts for each company Cost-Sharing Employer Pension Plan - correct answer Multiple employers without separate accounts Special Item - correct answer In control and Unusual or infrequent (tobacco settlement) II-112 Extraordinary Item - correct answer Unusual and infrequent (hurricane) II-112 ...

Serial Bonds - correct answer repmt method in which a few bonds are paid off each year over a series of years (interest due is lower each year because the outstanding principal is reduced each year) Level debt service - correct answer amount paid for principal and interest about the same each year Term bonds - correct answer *interest only until final year bond due (ex., 20 yr bond for $10M, would pay interest only for years 1-19, then $10M plus interest in year 20) Requires sinking...

Ratio Analysis - correct answer Active use of numbers to point out problems and indicate performance, questions to ask, etc. They serve as starting points for further inquiry. Ex. Numbers revealing that receivables are increasing could trigger an increase in debt collection efforts. Other rations could indicate fiscal stress, adequacy of reserves, liquidity, workloads, response times, and accuracy rates. Pure Ratios - correct answer relating one number to another to create a meaningful in...

Situational Leadership - correct answer Encourages leaders to diagnose developmental level of employees and vary their leadership style accordingly Sovereignty - correct answer Means possessed supreme power. One consequence of federal government sovereignty is that the federal government cannot be sued without its permission Special Purpose Government - correct answer organized for a single purpose or a few closely related purposes. Examples include school districts and conservation distri...

Does Congress have the authority to change budgetary accounting? - correct answer Yes. Example - The Credit Reform Act changed the budgetary accounting for loan guarantees so that an estimate of the losses from guarantees would be recognized in the budget when guarantees are made, instead of when cash is required to meet guarantees. Exec Branch central financial management agencies - correct answer (1) OMB and (2) the Dept of Treasury OMB - correct answer OMB's predominant mission is...

Related organizations - correct answer disclosed in the notes Primary gov't is not financially accountable even though it appoints the voting majority of board. Notes disclose the extent of the primary gov'ts involvement in the related organization. Joint ventures - correct answer contractual agreement of two or more participants. Venture is under joint control and participants have ongoing financial interest or financial responsibility, the extent of which is disclosed in the notes. ...

Data analytics - correct answer A process of inspecting, cleaning, transforming, and modeling data with the goal of highlighting useful information, suggesting conclusions, and supporting decision-making Data assurers - correct answer internal and external auditors, and other, who must certify or attest to the integrity of the data Data conversion - correct answer process of reformatting data from an old system to meet the needs of the new system Data definers - correct answer financial...

Grant - correct answer Funds transferred from one level of government to another for specific and broad purposes Impartial - correct answer Lack of favoritism, not partial or biased, and treating or affecting all equally Income Tax - correct answer Tax based on income and levied on individuals or corporations. Used most often at national and state levels, though some states allow local governments to impose income taxes Independence - correct answer Free of relationships that ma...

Blanket purchase agreement - correct answer individual governments may enter into bulk contracts for specific items that are available for a specified period of time Small purchase procedures - correct answer may define specific dollar amounts that if not exceeded, agencies can use simplified procedures to acquire needed goods and services Fixed price contracts - correct answer prices are not subject to adjustment, regardless of the contractor's cost experience Cost reimburseme...