CGFM BUNDLED EXAMS 2 2022/2023 with 100% correct answers

doctrine of separation of powers provides a foundation for government financial management govt entity can be classed as general or special purpose US constitution written 1787 Most school district in US Independent District Role of federal CFO codified in the Chief ...

AGA Association of Government Accountants CEAR Certificate of Excellence in Accountability Reporting CFO Chief Financial Officer CGFM Certified Government Financial Manager ERP Enterprise Resource Planning FASAB Federal Accounting Standards Advisory Board ...

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

Federalism Power is distributed among different levels of government, no one level has complete authority Sovereignty National government cant be sued by states or citizens without its permission Popular Sovereignty Citizens hold ultimate authority through the ballot; even a soverei...

AFR Agency Financial Report AGA Association of Government Accountants BFELoB Budget Formulation and Execution Line of Business CAFR Comprehensive Annual Financial Report CEAR Certificate of Excellence in Accountability Reporting CFO Chief Financial Officer ...

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

Non-Spendable Fund Balance Assets not in spendable form-Inventories 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 Subject to constraints impo...

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

Prompt Payment Act A federal law that requires federal agencies to pay interest to companies on bills not paid within 30 days of invoice or completion of work. Cash Management Improvement Act passed to improve the transfer of federal funds between the federal government and the states, terr...