AGA CGFM

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...

Arbitrage - correct answer difference between an interest rate paid for funds and the interest rate earned on the investment of those funds Tax Reform Act of 1986 - correct answer clarified regulations for dealing with arbitrage with state and local governments Repurchase agreement - correct answer Short-term overnight loans and its an arrangement between entity's and a counter party to lend cash on a short-term basis obtaining securities as collateral Debenture - correct answe...

SOX - correct answer Internal controls assessed during financial reporting Accountability of Tax Dollars Act of 2002 - correct answer Annual audit for virtually all agencies Components of Internal Control - correct answer 1) control environment 2) risk assessment 3) control activities 4) information and communication 5) monitoring Components of ERM - correct answer 1) internal environment 2) objective setting 3) event identification 4) risk assessment 5) risk response 6) contro...

Present Value Formula - correct answer PV=FV/(1+r)^n Future Value Formula - correct answer FV=PV(1+r)^n Liquidity Ratios - correct answer Current Ratio (Assets/Liabilities) Quick Ratio (Assets - Inventory/ Liabilities) Receivables Ratios - correct answer Percent of Taxes Collected (collections/levy) Days Receivables Outstanding Inventory Ratios - correct answer Inventory turnover (revenue from sale of inventory/average inventory) Average age of inventory (365/inventory t...

GAO - correct answer establishes Govt auditing standards To whom are executive branch officials accountable? - correct answer citizens, public interest groups, legislative and judicial branches, creditors and the media. Govt Sustainability - correct answer ability to fulfill financial obligations as they come due and to fulfill future service obligations Debt-to-GDP ratio - correct answer reflects that programs to provide healthcare and financial assistance to the aged and the needy are...

Economic Order Quantity (EOQ) - correct answer The optimal order size to minimize the sum of ordering, carrying, and stockout costs. Economic Order Quantity (EOQ) Equation - correct answer EOQ = (Square Root of) 2*annual demand*cost of each order)/unit cost*carrying cost) Elements of Inventory Control - correct answer 1) receiving 2) inspecting 3) establishing accountability 4) safeguarding 5) monitoring System Development Life Cycle - correct answer 1) Requirements 2) General Desi...

Private Sector Budget -correct answer Guide to operations. Used as a benchmark for performance, goals for growth, or as a management tool for planning. Financial Reporting -correct answer Primary mechanism by which public officials are able to demonstrate accountability. Accountability -correct answer In gov't, it is the cornerstone of financial reporting. Based on the belief that the gov't has a responsibility to report, the public has a right to know, and the ultimate power belongs...

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 demonstrat...

AICPA -correct answer American Institute of Certified Public Accountants; establishes standards for financial audits that are used by many non-publicly traded companies and not-for-profit entities GAAS - correct answer Generally Accepted Auditing Standards PCAOB - correct answer Public Company Accounting Oversight Board; establishes standards for financial audits of publicly traded companies GAGAS - correct answer Generally Accepted Government Auditing Standards GAO - correct answer ...

Auditors need to evaluate the threats both quantitatively and qualitatively. - correct answer If the threats cannot be reduced to an acceptable level, auditors should decline to perform the audit or terminate it if it has already started. Included in the competence standard is the requirement that auditors complete at least how many cpes every two years? - correct answer 80 hours of CPE every two years that enhance their professional competency to conduct audits or attestation engagements. ...