CGFM EXAM 2(graded A+)CORRECTLY ANSWERED fully solved

CGFM EXAM 2(graded A+)CORRECTLY ANSWERED fully solvedSpecial assessments are used to ensure that - correct answer individuals benefiting from the project are the ones who will pay for it imputed costs - correct answer costs incurred by a federal entity for goods and services provided and paid for in total, or in part, by other federal entities Accumulated Depreciation is which type of account - correct answer contra asset Preferred Costing Methodology - correct answer Directly tracing costs wherever feasible and economically practical due process document describing various methods of accounting for a transaction and asks respondents to provide their views on the preferred method - correct answer discussion memorandum What is the correct accounting entry when one government agency receives a grant from another government agency? - correct answer The grantor agency recognizes liability and the recipient agency recognizes non-exchange revenue when the recipient agency meets all eligibility requirements. GASB, FASB, and FASAB have been designated standard-setting bodies for accounting and reporting standards by the - correct answer AICPA Federal appropriations provide a legal authority for undertaking programs, allocating resources, and - correct answer expending funds Federal appropriations law can be categorized into which three topical areas? - correct answer Purpose, time, and amount (PTA) What are the basic types of budget authority used in the Federal Government? (6) - correct answer 1. Appropriations 2. Contract Authority 3. Borrowing Authority 4. Monetary Credits 5. Offsetting Collections and Receipts 6. Loan and Loan Guarantee Authority In financial reporting, consistency of communication means - correct answer if accounting principles have changed or if the financial reporting entity has changed, the nature and reason for the change, as well as the effect of the change, should be disclosed. Budgeting is an element of which policy? - correct answer fiscal Another term for the federal government baseline budget is - correct answer a current level of service budget. As described by FASAB, the four groups of people to whom the government is accountable and are, therefore, potential users of federal financial statements are - correct answer citizens, Congress, executives, and program managers. When establishing an allowance for doubtful accounts, the journal entry required is a debit to - correct answer Bad Debts Expense and a credit to the Allowance for Doubtful Accounts. Street resurfacing is a type of which budget element? - correct answer program Which of the following sources of accounting principles is at the top of the GASB hierarchy? - correct answer Generally Accepted Accounting Principles The role of the International Public Sector Accounting Standards Board is to - correct answer set standards for the general purpose financial statements of international public sector entities.