CGFM TEST 3 (2025) ACTUAL
EXAM COMPREHENSIVE
QUESTIONS AND VERIFIED
ACCURATE SOLUTION (DETAILED
& ELABORATED) |GET IT 100%
ACCURATE!! 2025 TEST!!
Save
Terms in this set (210)
Three Broad 1) Current Operations
Government 2) Capital Outlays
Spending 3) Debt Service
Purposes
, Determines what $$ Rec'd in Future
is Worth Today
Present Value
1) inflation component - year over
Analysis - Three
year loss in value
Components
2) enterprise component - inherent
risk
3) unique component -
Budget Requires the head of each federal
Accounting and agency to establish and maintain
Procedures Act I/C's.
of 1950
Federal requires the head of each agency to
Managers evaluate controls on an annual
Financial basis, reporting any weakness along
Integrity Act of with a corrective action plan
1982 (FMFIA) * (resulted in the "green book") *
Single Audit Act requires the audit of state and local
of 1984 governments and npo's receiving
(amended in federal funding
1996)
, Placed restrictions on publicly
traded companies following Enron
Sarbanes Oxley
scandal. Requires mgmt to report
Act of 2002
on I/C's for financial reporting in its
annual report.
Internal Controls Over Financial
(ICOFR)
Reporting
required 10 federal agencies to
produce audited annual financial
Chief Financial
reports that included a report on
Officers Act of
internal control.
1990 (CFO Act):
expanded in 1994 by GMRA
, systems and techniques managers
use to provide reasonable
assurance that agency objectives
met in an effective/efficient manner,
in compliance with laws/regulations,
and to safeguard assets.
INTERNAL
CONTROLS Implemented to accomplish certain
results, prevent problems, or detect
problems that have occurred.
Some controls can both detect and
prevent problems (but only if their
existence is known).
Used in consideration of capital
budgeting
TIME VALUE OF
MONEY 1) Present Value Analysis
2) Future Value Analysis
3) Payback Analysis
Iterative process requiring changes
throughout development, each step
Flowcharting represents a decision, also used to
evaluate processes for effective
internal controls
EXAM COMPREHENSIVE
QUESTIONS AND VERIFIED
ACCURATE SOLUTION (DETAILED
& ELABORATED) |GET IT 100%
ACCURATE!! 2025 TEST!!
Save
Terms in this set (210)
Three Broad 1) Current Operations
Government 2) Capital Outlays
Spending 3) Debt Service
Purposes
, Determines what $$ Rec'd in Future
is Worth Today
Present Value
1) inflation component - year over
Analysis - Three
year loss in value
Components
2) enterprise component - inherent
risk
3) unique component -
Budget Requires the head of each federal
Accounting and agency to establish and maintain
Procedures Act I/C's.
of 1950
Federal requires the head of each agency to
Managers evaluate controls on an annual
Financial basis, reporting any weakness along
Integrity Act of with a corrective action plan
1982 (FMFIA) * (resulted in the "green book") *
Single Audit Act requires the audit of state and local
of 1984 governments and npo's receiving
(amended in federal funding
1996)
, Placed restrictions on publicly
traded companies following Enron
Sarbanes Oxley
scandal. Requires mgmt to report
Act of 2002
on I/C's for financial reporting in its
annual report.
Internal Controls Over Financial
(ICOFR)
Reporting
required 10 federal agencies to
produce audited annual financial
Chief Financial
reports that included a report on
Officers Act of
internal control.
1990 (CFO Act):
expanded in 1994 by GMRA
, systems and techniques managers
use to provide reasonable
assurance that agency objectives
met in an effective/efficient manner,
in compliance with laws/regulations,
and to safeguard assets.
INTERNAL
CONTROLS Implemented to accomplish certain
results, prevent problems, or detect
problems that have occurred.
Some controls can both detect and
prevent problems (but only if their
existence is known).
Used in consideration of capital
budgeting
TIME VALUE OF
MONEY 1) Present Value Analysis
2) Future Value Analysis
3) Payback Analysis
Iterative process requiring changes
throughout development, each step
Flowcharting represents a decision, also used to
evaluate processes for effective
internal controls
