CGFM Exam 1- Study Guide Questions
& Answers (Grade A+)
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
FASAB -
correct answer ✅Federal Accounting Standards Advisory Board
FASB -
correct answer ✅Financial Accounting Standards Board
,CGFM Exam 1- Study Guide Questions
& Answers (Grade A+)
FSIO -
correct answer ✅Financial Systems Integration Office (within GSA)
GAAP -
correct answer ✅Generally Accepted Accounting Principles
GAO -
correct answer ✅Government Accountibility Office
GASB -
correct answer ✅Government Accounting Standards Board
GPRA -
correct answer ✅Government Performance and Results Act
OMB -
correct answer ✅Office of Management and Budget
PAR -
correct answer ✅Performance and Accountability Report
,CGFM Exam 1- Study Guide Questions
& Answers (Grade A+)
SEA -
correct answer ✅Service Efforts and Accomplishments
Accountability -
correct answer ✅Principle that in a democracy, government
operates at the consent of the people. Therefore it must answer to
the people for its actions and results, including the taking and using
of the people's resources.
Allotments -
correct answer ✅In the federal government, an agency's
distribution of apportioned budgetary authority to various
components within the agency. After the executive agency receives
its apportionment, it allots budgetary authority to specific
components within the agency.
Anti-Deficiency Act -
correct answer ✅At the federal level, a law stating that officials
can be fined and/or jailed if they obligate the government to spend
funds beyond the legally authorized purpose, time, or amount.
, CGFM Exam 1- Study Guide Questions
& Answers (Grade A+)
Apportionmnets -
correct answer ✅Definitions may vary at different levels of
government. At the federal level, OMB's approval to use a protion
of the legislatively approved budgetary authority.
Appropriated Budget -
correct answer ✅Budget that has been passed by the legistlative
branch; has effect of law.
Appropriation -
correct answer ✅A legistlative enactment (law, statute or
ordinance) that creates spending authority; the legal authority to
incur expenses and spend money.
Attestation engagements -
correct answer ✅Engagement primarily concerned with examining
or performing agreed upon procedures on a subject matter, or an
assertion about a subject matter, and reporting on the results. The
subject matter may be financial or nonfinancial and can be part of a
financial audit or performance audit. Possible subjects include
reporting on an entity's internal controls, compliance with law or
performance measures.
& Answers (Grade A+)
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
FASAB -
correct answer ✅Federal Accounting Standards Advisory Board
FASB -
correct answer ✅Financial Accounting Standards Board
,CGFM Exam 1- Study Guide Questions
& Answers (Grade A+)
FSIO -
correct answer ✅Financial Systems Integration Office (within GSA)
GAAP -
correct answer ✅Generally Accepted Accounting Principles
GAO -
correct answer ✅Government Accountibility Office
GASB -
correct answer ✅Government Accounting Standards Board
GPRA -
correct answer ✅Government Performance and Results Act
OMB -
correct answer ✅Office of Management and Budget
PAR -
correct answer ✅Performance and Accountability Report
,CGFM Exam 1- Study Guide Questions
& Answers (Grade A+)
SEA -
correct answer ✅Service Efforts and Accomplishments
Accountability -
correct answer ✅Principle that in a democracy, government
operates at the consent of the people. Therefore it must answer to
the people for its actions and results, including the taking and using
of the people's resources.
Allotments -
correct answer ✅In the federal government, an agency's
distribution of apportioned budgetary authority to various
components within the agency. After the executive agency receives
its apportionment, it allots budgetary authority to specific
components within the agency.
Anti-Deficiency Act -
correct answer ✅At the federal level, a law stating that officials
can be fined and/or jailed if they obligate the government to spend
funds beyond the legally authorized purpose, time, or amount.
, CGFM Exam 1- Study Guide Questions
& Answers (Grade A+)
Apportionmnets -
correct answer ✅Definitions may vary at different levels of
government. At the federal level, OMB's approval to use a protion
of the legislatively approved budgetary authority.
Appropriated Budget -
correct answer ✅Budget that has been passed by the legistlative
branch; has effect of law.
Appropriation -
correct answer ✅A legistlative enactment (law, statute or
ordinance) that creates spending authority; the legal authority to
incur expenses and spend money.
Attestation engagements -
correct answer ✅Engagement primarily concerned with examining
or performing agreed upon procedures on a subject matter, or an
assertion about a subject matter, and reporting on the results. The
subject matter may be financial or nonfinancial and can be part of a
financial audit or performance audit. Possible subjects include
reporting on an entity's internal controls, compliance with law or
performance measures.
