CGFM Exam 1- Study Guide well
answered to pass
AGA - correct answer ✔✔Association of Government Accountants
CEAR - correct answer ✔✔Certificate of Excellence in Accountability Reporting
CFO - correct answer ✔✔Chief Financial Officer
CGFM - correct answer ✔✔Certified Government Financial Manager
ERP - correct answer ✔✔Enterprise Resource Planning
FASAB - correct answer ✔✔Federal Accounting Standards Advisory Board
FASB - correct answer ✔✔Financial Accounting Standards Board
FSIO - correct answer ✔✔Financial Systems Integration Office (within GSA)
GAAP - correct answer ✔✔Generally Accepted Accounting Principles
GAO - correct answer ✔✔Government Accountibility Office
GASB - correct answer ✔✔Government Accounting Standards Board
,GPRA - correct answer ✔✔Government Performance and Results Act
OMB - correct answer ✔✔Office of Management and Budget
PAR - correct answer ✔✔Performance and Accountability Report
SEA - correct answer ✔✔Service Efforts and Accomplishments
Accountability - correct answer ✔✔Principle that in a democracy, government operates at the
consent of the people. Therefore it must answer to the people for its actions and results,
including the taking and using of the people's resources.
Allotments - correct 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 allots budgetary authority to specific components within
the agency.
Anti-Deficiency Act - correct answer ✔✔At the federal level, a law stating that officials can be
fined and/or jailed if they obligate the government to spend funds beyond the legally
authorized purpose, time, or amount.
Apportionmnets - correct answer ✔✔Definitions may vary at different levels of government. At
the federal level, OMB's approval to use a protion of the legislatively approved budgetary
authority.
Appropriated Budget - correct answer ✔✔Budget that has been passed by the legistlative
branch; has effect of law.
Appropriation - correct answer ✔✔A legistlative enactment (law, statute or ordinance) that
creates spending authority; the legal authority to incur expenses and spend money.
,Attestation engagements - correct answer ✔✔Engagement primarily concerned with examining
or performing agreed upon procedures on a subject matter, or an assertion about a subject
matter, and reporting on the results. The subject matter may be financial or nonfinancial and
can be part of a financial audit or performance audit. Possible subjects include reporting on an
entity's internal controls, compliance with law or performance measures.
Authorization - correct answer ✔✔Legislative enactment that approves programs; prescribes
what activities an agency may pursue if funding is available.
Block grants - correct answer ✔✔Intergovernmental provision of resources for broadly defined
purposes. Contrasts with category grants.
Capital Budget - correct 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 levels.
Capital lease - correct answer ✔✔Capital leases is a lease fo real property that meets defined
criteria requiring the government to report the property as it purchased long term debt
Cash-flow budget - correct answer ✔✔Forecasts the timing as well as amount of cash flows for
the year. Used to project required cash levels.
Category grants - correct answer ✔✔Intergovernmental provision of resources to be used for
activities in a specific category of purpose. May be further classified as discretionary grants or
formula grants. Contrasts with block grants.
Central Management Agencies - correct answer ✔✔Government agencies that provide central
management services to other components. Example would be a state government hr office
(that serves all state agencies) or the OMB at the federal level.
, CEAR - correct answer ✔✔An AGA program that helps federal agencies and their components to
produce effective, high-quality Performance and Accountability Reports
Certificate of Participation - correct answer ✔✔Form of shared government financing. In a
typical form, several financial institutions share in a loan arrangement with a government entity.
Charter - correct answer ✔✔Local government version of a constitution. States may provide for
the establishment of local governments through charters
checks and balances - correct answer ✔✔Process by which one branch of government
(legislative, executiv or judicial) can constrain actions of the other branches. Flows from
separation of powers.
CFO Act - correct answer ✔✔1990 law that, among other provisions, requires the federal
government's major executive branch agencies to have a CFO. Prescribes duties and reporting
requirements, and requires audited financial statements
Commissions - correct answer ✔✔Government components established by law, statuted or
ordinance. May be permanent or temporary. Because they are established by law, may have
greater autonomy and authority than government components that are administratively
established. Ex. Federal Communication Commision
Components - correct answer ✔✔Organized units of government such as agencies, offices and
departments. Found in all branches of government at all levels.
Conflict of interest - correct answer ✔✔Arises when one has personal interest in matters
relating to official duties or activities. Such conflicts can destroy objectivity and independence
and prevent the exercise of due care
Consumption Taxes - correct answer ✔✔Broad category of tax that includes sales, use, excise
and value-added taxes
answered to pass
AGA - correct answer ✔✔Association of Government Accountants
CEAR - correct answer ✔✔Certificate of Excellence in Accountability Reporting
CFO - correct answer ✔✔Chief Financial Officer
CGFM - correct answer ✔✔Certified Government Financial Manager
ERP - correct answer ✔✔Enterprise Resource Planning
FASAB - correct answer ✔✔Federal Accounting Standards Advisory Board
FASB - correct answer ✔✔Financial Accounting Standards Board
FSIO - correct answer ✔✔Financial Systems Integration Office (within GSA)
GAAP - correct answer ✔✔Generally Accepted Accounting Principles
GAO - correct answer ✔✔Government Accountibility Office
GASB - correct answer ✔✔Government Accounting Standards Board
,GPRA - correct answer ✔✔Government Performance and Results Act
OMB - correct answer ✔✔Office of Management and Budget
PAR - correct answer ✔✔Performance and Accountability Report
SEA - correct answer ✔✔Service Efforts and Accomplishments
Accountability - correct answer ✔✔Principle that in a democracy, government operates at the
consent of the people. Therefore it must answer to the people for its actions and results,
including the taking and using of the people's resources.
Allotments - correct 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 allots budgetary authority to specific components within
the agency.
Anti-Deficiency Act - correct answer ✔✔At the federal level, a law stating that officials can be
fined and/or jailed if they obligate the government to spend funds beyond the legally
authorized purpose, time, or amount.
Apportionmnets - correct answer ✔✔Definitions may vary at different levels of government. At
the federal level, OMB's approval to use a protion of the legislatively approved budgetary
authority.
Appropriated Budget - correct answer ✔✔Budget that has been passed by the legistlative
branch; has effect of law.
Appropriation - correct answer ✔✔A legistlative enactment (law, statute or ordinance) that
creates spending authority; the legal authority to incur expenses and spend money.
,Attestation engagements - correct answer ✔✔Engagement primarily concerned with examining
or performing agreed upon procedures on a subject matter, or an assertion about a subject
matter, and reporting on the results. The subject matter may be financial or nonfinancial and
can be part of a financial audit or performance audit. Possible subjects include reporting on an
entity's internal controls, compliance with law or performance measures.
Authorization - correct answer ✔✔Legislative enactment that approves programs; prescribes
what activities an agency may pursue if funding is available.
Block grants - correct answer ✔✔Intergovernmental provision of resources for broadly defined
purposes. Contrasts with category grants.
Capital Budget - correct 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 levels.
Capital lease - correct answer ✔✔Capital leases is a lease fo real property that meets defined
criteria requiring the government to report the property as it purchased long term debt
Cash-flow budget - correct answer ✔✔Forecasts the timing as well as amount of cash flows for
the year. Used to project required cash levels.
Category grants - correct answer ✔✔Intergovernmental provision of resources to be used for
activities in a specific category of purpose. May be further classified as discretionary grants or
formula grants. Contrasts with block grants.
Central Management Agencies - correct answer ✔✔Government agencies that provide central
management services to other components. Example would be a state government hr office
(that serves all state agencies) or the OMB at the federal level.
, CEAR - correct answer ✔✔An AGA program that helps federal agencies and their components to
produce effective, high-quality Performance and Accountability Reports
Certificate of Participation - correct answer ✔✔Form of shared government financing. In a
typical form, several financial institutions share in a loan arrangement with a government entity.
Charter - correct answer ✔✔Local government version of a constitution. States may provide for
the establishment of local governments through charters
checks and balances - correct answer ✔✔Process by which one branch of government
(legislative, executiv or judicial) can constrain actions of the other branches. Flows from
separation of powers.
CFO Act - correct answer ✔✔1990 law that, among other provisions, requires the federal
government's major executive branch agencies to have a CFO. Prescribes duties and reporting
requirements, and requires audited financial statements
Commissions - correct answer ✔✔Government components established by law, statuted or
ordinance. May be permanent or temporary. Because they are established by law, may have
greater autonomy and authority than government components that are administratively
established. Ex. Federal Communication Commision
Components - correct answer ✔✔Organized units of government such as agencies, offices and
departments. Found in all branches of government at all levels.
Conflict of interest - correct answer ✔✔Arises when one has personal interest in matters
relating to official duties or activities. Such conflicts can destroy objectivity and independence
and prevent the exercise of due care
Consumption Taxes - correct answer ✔✔Broad category of tax that includes sales, use, excise
and value-added taxes
