CGFM Test 1 Terms 2025 Questions
and Answers
AFR - ANSWER-Agency Financial Report
AGA - ANSWER-Association of Government Accountants
BFELoB - ANSWER-Budget Formulation and Execution Line of Business
CAFR - ANSWER-Comprehensive Annual Financial Report
CEAR - ANSWER-Certificate of Excellence in Accountability Reporting
CFO - ANSWER-Chief Financial Officer
CGFM - ANSWER-Certified Government Financial Manager
ERP - ANSWER-Enterprise Resource Planning
FASAB - ANSWER-Federal Accounting Standards Advisory Board
FASB - ANSWER-Financial Accounting Standards Board
GAAP - ANSWER-Generally Accepted Accounting Principles
GAAS - ANSWER-Generally Accepted Auditing Standards
GAGAS - ANSWER-Generally Accepted Government Auditing Standards
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,GAO - ANSWER-Government Accountability Office
GAS - ANSWER-Government Auditing Standards
GASB - ANSWER-Governmental Accounting Standards Board
GPRA - ANSWER-Government Performance and Results Act
GPRAMA - ANSWER-Government Performance and Results Act Modernization
Act
MD&A - ANSWER-Management Discussion and Analysis
NIST - ANSWER-National Institute of Standards and Technology
OMB - ANSWER-Office of Management and Budget
PAR - ANSWER-Performance and Accountability Report
SEA - ANSWER-Service Efforts and Accomplishments
SPFI - ANSWER-Summary of Performance and Financial Information
Accountability - ANSWER-In a democracy, government operates by the consent
of the people. It must answer to, the people for its actions and results, including
the taking and using of people's resources
Allotment - 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 gives budgetary authority to
specific components within the agency.
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
, Anti-Deficiency Act - ANSWER-At the federal level, a law stating that officials can
be fined/jailed if they obligate the government to spend funds beyond legally
authorized purpose, time or amount.
Apportionment - ANSWER-At the federal level, OMB approval to use a portion
of the legislatively approved budgetary authority.
Appropriated Budget - ANSWER-Budget that has been passed by the legislative
branch, signed by chief executive if required, and has the effect of law.
Attestation Engagement - ANSWER-Engagement concerned with examining,
reviewing or performing agreed-upon procedures on a limited subject matter, or
limited assertion about a subject matter, and reporting the results. The subject
matter may be financial or nonfinancial.
Authorization - ANSWER-Legislative enactment that approves programs,
prescribes what activities an agency may pursue if funding is available.
Block Grant - ANSWER-One type of formula grant. Block grants combine several
service categories into one grant and thus allow maximum flexibility to the grantee
to use the funds to meet local needs.
Capital Budget - ANSWER-Forecasts and controls spending for "big ticket" items
that are acquired and used over a period of several years, such as construction
projects and major equipment purchases. Used at state and local level.
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 3
and Answers
AFR - ANSWER-Agency Financial Report
AGA - ANSWER-Association of Government Accountants
BFELoB - ANSWER-Budget Formulation and Execution Line of Business
CAFR - ANSWER-Comprehensive Annual Financial Report
CEAR - ANSWER-Certificate of Excellence in Accountability Reporting
CFO - ANSWER-Chief Financial Officer
CGFM - ANSWER-Certified Government Financial Manager
ERP - ANSWER-Enterprise Resource Planning
FASAB - ANSWER-Federal Accounting Standards Advisory Board
FASB - ANSWER-Financial Accounting Standards Board
GAAP - ANSWER-Generally Accepted Accounting Principles
GAAS - ANSWER-Generally Accepted Auditing Standards
GAGAS - ANSWER-Generally Accepted Government Auditing Standards
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
,GAO - ANSWER-Government Accountability Office
GAS - ANSWER-Government Auditing Standards
GASB - ANSWER-Governmental Accounting Standards Board
GPRA - ANSWER-Government Performance and Results Act
GPRAMA - ANSWER-Government Performance and Results Act Modernization
Act
MD&A - ANSWER-Management Discussion and Analysis
NIST - ANSWER-National Institute of Standards and Technology
OMB - ANSWER-Office of Management and Budget
PAR - ANSWER-Performance and Accountability Report
SEA - ANSWER-Service Efforts and Accomplishments
SPFI - ANSWER-Summary of Performance and Financial Information
Accountability - ANSWER-In a democracy, government operates by the consent
of the people. It must answer to, the people for its actions and results, including
the taking and using of people's resources
Allotment - 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 gives budgetary authority to
specific components within the agency.
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
, Anti-Deficiency Act - ANSWER-At the federal level, a law stating that officials can
be fined/jailed if they obligate the government to spend funds beyond legally
authorized purpose, time or amount.
Apportionment - ANSWER-At the federal level, OMB approval to use a portion
of the legislatively approved budgetary authority.
Appropriated Budget - ANSWER-Budget that has been passed by the legislative
branch, signed by chief executive if required, and has the effect of law.
Attestation Engagement - ANSWER-Engagement concerned with examining,
reviewing or performing agreed-upon procedures on a limited subject matter, or
limited assertion about a subject matter, and reporting the results. The subject
matter may be financial or nonfinancial.
Authorization - ANSWER-Legislative enactment that approves programs,
prescribes what activities an agency may pursue if funding is available.
Block Grant - ANSWER-One type of formula grant. Block grants combine several
service categories into one grant and thus allow maximum flexibility to the grantee
to use the funds to meet local needs.
Capital Budget - ANSWER-Forecasts and controls spending for "big ticket" items
that are acquired and used over a period of several years, such as construction
projects and major equipment purchases. Used at state and local level.
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 3
