CPACE 256 Exam Study Guide Questions with Complete Solutions 100% Verified Correct Answers

CPACE 256 Exam Study Guide Questions with Complete Solutions 100% Verified Correct Answers What are categorical funds? - Correct Answer 1. Restricted funds for specific purposes only. 2. State - Title I, Federal Government, child nutrition School Site Council - Correct Answer -principal is member -50/50 between parents and employees -does not vote on federal/state budgets Define "audit" and state what information an audit provides about school district funds. - Correct Answer An audit is an examination of documents, records and accounts. Confirms the fund balances as well as their distribution among restricted and unrestricted funds. What are the seven fields that must be included in the account codes of the CA School Accounting Manual? - Correct Answer 1. Fund 2. Resource 3. Project Year 4. Goal 5. Function 6. Object 7. Account group What is zero-based budgeting? (ZBB) - Correct Answer -builds from the bottom up -administrators programs annually -cardinal principal: "nothing is sacred" -objective is to force a rigorous evaluation of all programs -administrator is asked to justify for the financial resources requested to meet program goals SB90 - Correct Answer -sets the maximum amount to be spent -created a ceiling