CGFM Part 2 - Comprehensive Review(rated A+)fully solved 2023

CGFM Part 2 - Comprehensive Review(rated A+)fully solved 2023GASB | Financial Statement Components - correct answer 1. Auditor's Report 2. MD&A 3. Basic Financial Statements - Government-Wide Financials (Icing) - Fund Financials (Layers) - Notes (Filling that holds the layers together) 4. RSI 5. Combining Statements & Individual Fund Statements GASB | Statistical Section Components - correct answer 1. Financial Trends 2. Revenue Capacity 3. Debt Capacity 4. Demographics and Economics 5. Operations Examples of Direct Costs - correct answer - Salary and Benefits - Materials and Supplies - Travel Expenses Methods for Tracing Indirect Cost (3) - correct answer - Direct Tracing - Cause & Effect - Percentage Encumbrances (Normal Account Bal) - correct answer Debit Governmental Fund - Fund Balance Categories (5) - correct answer 1. Non-Spendable (inventory and Prepaid expenses) 2. Restricted (By law or externally imposed) 3. Committed (Formal action of highest government official) 4. Assigned (Executive assigned and encumbered funds) 5. Unassigned (no restrictions) FASAB | Components of Supplemental Stewardship Information - correct answer 1. Human Capital 2. R&D 3. Non-Federal Physical Property Notes: - Investments made by federal government - Not capitalized - Current year costs are expensed - Five (5) year trend of expenses presented Methods for Forecasting Revenue - correct answer 1. Trend (Simple historical estimate) 2. Statistical 3 .Regression Amounts owed from Governmental funds to Fiduciary funds are classified as... - correct answer Payable to external parties Budgetary Resources are made up of... - correct answer 1. Current year appropriations 2. Borrowing/Contract Authority 3. Unobligated multi-year appropriations 4. Offsetting Collections