Package deal for CGFM Exam 1 ALL QUESTIONS WITH 100% CORRECT ANSWERS 2023

doctrine of separation of powers provides a foundation for - Correct answer-government financial management govt entity can be classed as - Correct answer-general or special purpose US constitution written - Correct answer-1787 Most school district in US - Correct answer-Independent District Ro...

AGA - Correct answer-Association of Government Accountants CEAR - Correct answer-Certificate of Excellence in Accountability Reporting CFO - Correct answer-Chief Financial Officer CGFM - Correct answer-Certified Government Financial Manager ERP - Correct answer-Enterprise Resource Planning FASA...

Federalism - Correct answer-Power is distributed among different levels of government, no one level has complete authority Sovereignty - Correct answer-National government cant be sued by states or citizens without its permission Popular Sovereignty - Correct answer-Citizens hold ultimate author...

Governments exist to provide services - Correct answer-no profit motive, no single measure of success Primary funding source = - Correct answer-taxes (involuntary payments, because there is no ability to match services to those who provide the resource) Budget process = - Correct answer-primary ...

Non-Spendable Fund Balance - Correct answer-Assets not in spendable formInventories and prepaid items, principal of a permanent fund which may not be spent, and assets held for sale and long-term receivables. Examples: Supplies, inventory, membership fees Restricted Fund Balance - Correct answer-...

Three Broad Government Spending Purposes - Correct answer-1) Current Operations 2) Capital Outlays 3) Debt Service Present Value Analysis - Three Components - Correct answer-Determines what $$ Rec'd in Future is Worth Today 1) inflation component - year over year loss in value 2) enterprise c...

Difference between a budget in public vs. private sector? - Correct answer-Public sector = Law/Private sector = benchmark for performance and goals for growth Primary control device in Govt? - Correct answer-budget Financial Reports - Correct answer-primary mechanism by which public officials are...