AGA CGFM

Consumption Taxes - correct answer Broad category of tax that includes sales, use, excise and value-added taxes Continuity of Operations - correct answer Refers to the efforts to ensure the organization can sustain essential operations regardless of planned or unplanned incidents or disruptions. Covenant (bond) - correct answer Legal requirements pertaining to a specific bond issue. Typically define the maturity date, revenue stream that will be used to repay the debt, interest rate and re...

Citizen action that enables voters to remove elected officials from office - correct answer Recall Type of government entity that performs multiple functions - correct answer General purpose Type of government entity that performs just one or two functions - correct answer Special purpose What are the two types of special purpose local governments - correct answer School district Special district What are the 3 types of general purpose local governments? - correct answer C...

GASB Statement 76 - correct answer GASB Hierarchy Cost accounting - correct answer Fed agencies required to incorporate what in the prep of financial statements Gov managers, not outside individuals - correct answer Users of cost accounting info Cost info - correct answer Govs rely on what info to monitor programs to ensure they are operating efficiently and effectively. Often used to help make allocation decisions among programs during budget process User fees - correct answ...

Budgets are primarily organized by program. - correct answer False. Budgets tend to be organized around the department, agency, or other organizational unit. The budget process is most appropriate for containing costs - correct answer is the line item. The zero-based budget approach includes - correct answer the process that begins by assuming the function or activity ceases to exist. Managers then decide the implications. The first decision package prepared - correct answer shows the m...

Classification methods - correct answer Character, functional, organizational unit (public safety, education), activity, and object Activity classification - correct answer Specific lines of work performed within a department (solid waste collection, waste disposal) Object classification - correct answer Item or service used (supplies, personnel services, contracted services) Is encumbrance procedure always needed? - correct answer No salaries and wages are often not recorded as encumbr...

Estimated Revenue not yet Realized recorded as DR or CR - correct answer Generally net DR balance When are appropriations considered to be expended - correct answer When authorized liabilities are incurred When does a PO or contract result in liability - correct answer When the goods or services are received or a contract is executed What is the JE for PO or Contract issued - correct answer DR Encumbrances Control Account CR Budgetary Fund Balance-Reserve for Encumbrances Accou...

Authorization -correct answer Legislative enactment that approves programs; prescribes what activities an agency may pursue if funding is available. Appropriation - correct answer A legislative enactment (law, statute or ordinance) that creates spending authority; the legal authority to incur expenses and spend money. Apportionment - correct answer Definitions may vary at different levels of government. At the federal level, this is OMB's approval to use a portion of the legislatively a...

Deficit - correct answer Occurs when government expenditures for a specific fiscal period exceed revenues and other financial resource inflows Diligence - correct answer Pursuing an event, action or assignment to a timely and sufficient end or close Discretionary Grant - correct answer A term sometimes used to mean "Project Grant" Donation - correct answer Voluntary contribution that confers no rights or benefits on the giver Due Care - correct answer To discharge pro...

1. Congress passes a natonal budget every year whle state and local governments enact ether of what type of budgets? - correct answer: annual or bennal 2. How does the executve branch of the federal government control spendng? - correct answer: OMB apportons resources by tme perod or program, or both. 3. What s monetary polcy and who may exercse t? - correct answer: t s the power to establsh the money supply exercsed by the federal government. 4. Wth respect to U.S. monetary polcy, t...

Whch of the followng agences have the authorty to prevent FASAB from ssung an accountng standard that has been approved by a majorty of the FASAB Board? - correct answer: the GAO and the OMB 2.The Department of the Navy oblgated $700 mllon for the constructon of 10 new shps n 2013. The Navy's constructon appropraton s avalable for 5 years. n 2015, the 10 shps are delvered for a total cost of $675 mllon. The $25 mllon dfference s an example of - correct answer: an amount subject to deoblga...