- Study guides, Class notes & Summaries

Statements by standard setting bodies - correct answer Sets forth the accounting and reporting standard that should be followed by preparers and auditors of financial statements along with effective date. Concept statements - correct answer Does not establish accounting or reporting standards. Describes the concepts the board will use as framework for evaluating existing standards and practices and for establishing new standards. Interpretations or technical bulletins - correct answer Clar...

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20 pages

Written in 2024/2025

Grade A+

KieranKent55

Fundamental Ethical Principle - correct answer public service is a public trust. GPEFR - correct answer General Purpose External Financial Reports Government borrowing is constrained by- correct answer constitutions and statutes, bond covenants, and debt policies. The federal government has ___ but not ___ debt limits. - correct answer statutory, but not constitutional Wealth taxes - correct answer real property, personal property, intangibles and estate and inheritance taxes...

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113 pages

Written in 2024/2025

Grade A+

KieranKent55

AGA CGFM Exam 1 Study Guide Certified Government Financial Manager Practice Questions & Answers- Federal Budgeting, Accountability, & FASAB Standards (Latest ).pdf AGA CGFM Exam 1 Study Guide Certified Government Financial Manager Practice Questions & Answers- Federal Budgeting, Accountability, & FASAB Standards (Latest ).pdf

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61 pages

Written in 2025/2026

Grade A+

stuvaai

AGA CGFM Exam 1 Study Guide Certified Government Financial Manager Practice Questions & Answers- Federal Budgeting, Accountability, & FASAB Standards (Latest ).pdf AGA CGFM Exam 1 Study Guide Certified Government Financial Manager Practice Questions & Answers- Federal Budgeting, Accountability, & FASAB Standards (Latest ).pdf

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61 pages

Written in 2025/2026

Grade A+

InsightInk

AGA CGFM Exam 1 Study Guide | Certified Government Financial Manager Practice Questions & Answers | Federal Budgeting, Accountability, & FASAB Standards (Latest 2026/2027)Pass your Certified Government Financial Manager (CGFM) Section 1 exam on your first attempt with this comprehensive, high-yield study guide! This premium professional prep resource compiles crucial exam-style questions, flashcard definitions, and verified answers designed to align directly with the Association of Government Ac...

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61 pages

Written in 2025/2026

Grade A+

clevercopies

AGA CGFM Exam 1 Study Guide | Certified Government Financial Manager Practice Questions & Answers | Federal Budgeting, Accountability, & FASAB Standards (Latest 2026/2027)Pass your Certified Government Financial Manager (CGFM) Section 1 exam on your first attempt with this comprehensive, high-yield study guide! This premium professional prep resource compiles crucial exam-style questions, flashcard definitions, and verified answers designed to align directly with the Association of Government Ac...

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61 pages

Written in 2025/2026

Grade A+

mindlift

Budgeting - correct answer Central control device in the gov't management cycle. Operating Budgets - correct answer Covers a limited period of usually one to two years. Specifies planned revenues and expenditures throughout the budget period. Cash-flow Budget - correct answer Purpose is to help plan the timing of cash receipts and expenditures so funds will actually be available when it's time to make a payment. Capital Budget - correct answer Covers big ticket items that ...

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32 pages

Written in 2024/2025

Grade A+

KieranKent55

Ratio Analysis - correct answer Active use of numbers to point out problems and indicate performance, questions to ask, etc. They serve as starting points for further inquiry. Ex. Numbers revealing that receivables are increasing could trigger an increase in debt collection efforts. Other rations could indicate fiscal stress, adequacy of reserves, liquidity, workloads, response times, and accuracy rates. Pure Ratios - correct answer relating one number to another to create a meaningful in...

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52 pages

Written in 2024/2025

Grade A+

KieranKent55

Federal Real Property Profile (FRPP) - correct answer maintained by GSA; comprehensive data base of all real property controlled by all executive branch agencies. Property Management - 4 activities - correct answer 1) Recordkeeping, asset management system 2) Maximize utility 3) Safeguarding, esp. High value, small items 4) Maintenance - to maximize assets life, gov't tendency to defer Heritage Property a.k.a. Works of Art and Historical Treasure - correct answer Assets that do not ...

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52 pages

Written in 2024/2025

Grade A+

KieranKent55

Data analytics - correct answer A process of inspecting, cleaning, transforming, and modeling data with the goal of highlighting useful information, suggesting conclusions, and supporting decision-making Data assurers - correct answer internal and external auditors, and other, who must certify or attest to the integrity of the data Data conversion - correct answer process of reformatting data from an old system to meet the needs of the new system Data definers - correct answer financial...

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17 pages

Written in 2024/2025

Grade A+

KieranKent55

Arbitrage - correct answer difference between an interest rate paid for funds and the interest rate earned on the investment of those funds Tax Reform Act of 1986 - correct answer clarified regulations for dealing with arbitrage with state and local governments Repurchase agreement - correct answer Short-term overnight loans and its an arrangement between entity's and a counter party to lend cash on a short-term basis obtaining securities as collateral Debenture - correct answe...

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16 pages

Written in 2024/2025

Grade A+

KieranKent55

Fund Balance - Committed - correct answer 1) constrained by formal action of the governments highest level of decision making authority Fund Balance - Assigned - correct answer 1) intent to be used for a specific purpose, but not-formally obligated by decision making body Fund Balance - Unassigned - correct answer 1) residual classification for all other amounts Reconciling GW Fund Balance to GW statement of Net Position - correct answer Total governmental fund Plus prepaid charges ...

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58 pages

Written in 2024/2025

Grade A+

KieranKent55

Serial Bonds - correct answer repmt method in which a few bonds are paid off each year over a series of years (interest due is lower each year because the outstanding principal is reduced each year) Level debt service - correct answer amount paid for principal and interest about the same each year Term bonds - correct answer *interest only until final year bond due (ex., 20 yr bond for $10M, would pay interest only for years 1-19, then $10M plus interest in year 20) Requires sinking...

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58 pages

Written in 2024/2025

Grade A+

KieranKent55

Situational Leadership - correct answer Encourages leaders to diagnose developmental level of employees and vary their leadership style accordingly Sovereignty - correct answer Means possessed supreme power. One consequence of federal government sovereignty is that the federal government cannot be sued without its permission Special Purpose Government - correct answer organized for a single purpose or a few closely related purposes. Examples include school districts and conservation distri...

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16 pages

Written in 2024/2025

Grade A+

KieranKent55

Grant - correct answer Funds transferred from one level of government to another for specific and broad purposes Impartial - correct answer Lack of favoritism, not partial or biased, and treating or affecting all equally Income Tax - correct answer Tax based on income and levied on individuals or corporations. Used most often at national and state levels, though some states allow local governments to impose income taxes Independence - correct answer Free of relationships that ma...

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16 pages

Written in 2024/2025

Grade A+

KieranKent55

Federal Gov't Responsibility - correct answer national defense, foreign relations, interstate commerce, federal courts, housing, education, healthcare State Gov't Responsibility - correct answer public safety, property laws and protection of private property, education, marriage, commercial rules and licensing (ex. Professional licensing) Local Gov't Responsibility - correct answer building codes and permits, property taxes, police and fire protection. Also sometimes parks/rec. ...

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33 pages

Written in 2024/2025

Grade A+

KieranKent55

AICPA -correct answer American Institute of Certified Public Accountants; establishes standards for financial audits that are used by many non-publicly traded companies and not-for-profit entities GAAS - correct answer Generally Accepted Auditing Standards PCAOB - correct answer Public Company Accounting Oversight Board; establishes standards for financial audits of publicly traded companies GAGAS - correct answer Generally Accepted Government Auditing Standards GAO - correct answer ...

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9 pages

Written in 2024/2025

Grade A+

KieranKent55

Bond Financing | General Obligation Bond - correct answer Secured on the full faith and credit of the primary government Bond Financing | Revenue Bond - correct answer Secured only on the project revenue Bond Financing | Serial Bond - correct answer Repayment each year over a period of years Bond Financing | Level Debt Service - correct answer Same interest and principle each year at a level amount across the term of the bond Bond Financing | Term Bond - correct answer Interest payme...

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18 pages

Written in 2024/2025

Grade A+

KieranKent55

Single Employer Pension Plan - correct answer Pension provide to employees of a single employer Agent Employer Pension Plan - correct answer Multiple employer pension plan with separate accounts for each company Cost-Sharing Employer Pension Plan - correct answer Multiple employers without separate accounts Special Item - correct answer In control and Unusual or infrequent (tobacco settlement) II-112 Extraordinary Item - correct answer Unusual and infrequent (hurricane) II-112 ...

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18 pages

Written in 2024/2025

Grade A+

KieranKent55

Economic Order Quantity (EOQ) - correct answer The optimal order size to minimize the sum of ordering, carrying, and stockout costs. Economic Order Quantity (EOQ) Equation - correct answer EOQ = (Square Root of) 2*annual demand*cost of each order)/unit cost*carrying cost) Elements of Inventory Control - correct answer 1) receiving 2) inspecting 3) establishing accountability 4) safeguarding 5) monitoring System Development Life Cycle - correct answer 1) Requirements 2) General Desi...

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9 pages

Written in 2024/2025

Grade A+

KieranKent55

SOX - correct answer Internal controls assessed during financial reporting Accountability of Tax Dollars Act of 2002 - correct answer Annual audit for virtually all agencies Components of Internal Control - correct answer 1) control environment 2) risk assessment 3) control activities 4) information and communication 5) monitoring Components of ERM - correct answer 1) internal environment 2) objective setting 3) event identification 4) risk assessment 5) risk response 6) contro...

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11 pages

Written in 2024/2025

Grade A+

KieranKent55

Present Value Formula - correct answer PV=FV/(1+r)^n Future Value Formula - correct answer FV=PV(1+r)^n Liquidity Ratios - correct answer Current Ratio (Assets/Liabilities) Quick Ratio (Assets - Inventory/ Liabilities) Receivables Ratios - correct answer Percent of Taxes Collected (collections/levy) Days Receivables Outstanding Inventory Ratios - correct answer Inventory turnover (revenue from sale of inventory/average inventory) Average age of inventory (365/inventory t...

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9 pages

Written in 2024/2025

Grade A+

KieranKent55