CGFM Study guides, Class notes & Summaries

Cash Management Improvement Act 1990 - Improve the transfer of federal funds 31 CFR Part 208 Management of Federal Agency Disbursements - Requires EFT payments Cash Management - 1) mutually beneficial relationships with banks 2) collecting and recording cash 3) generating earnings from cash 4) disbursing cash

Federalism - Power is distributed among different levels of government, no one level has complete authority Sovereignty - National government cant be sued by states or citizens without its permission Popular Sovereignty - Citizens hold ultimate authority through the ballot; even a sovereign government is accountable to citizens Primary Purpose of Government - Provide services to its citizens

Cash Management Improvement Act 1990 - ️️Improve the transfer of federal funds 31 CFR Part 208 Management of Federal Agency Disbursements - ️️Requires EFT payments Cash Management - ️️1) mutually beneficial relationships with banks 2) collecting and recording cash 3) generating earnings from cash 4) disbursing cash Federal Reserve System Duties - ️️1) conducting monetary policy 2) supervising and regulating banks 3) maintaining stability of the financial system 4) ...

AGA - ️️Association of Government Accountants CEAR - ️️Certificate of Excellence in Accountability Reporting CFO - ️️Chief Financial Officer CGFM - ️️Certified Government Financial Manager ERP - ️️Enterprise Resource Planning FASAB - ️️Federal Accounting Standards Advisory Board FASB - ️️Financial Accounting Standards Board FSIO - ️️Financial Systems Integration Office (within GSA) GAAP - ️️Generally Accepted Accounting Principles GA...

AGA - ️️Association of Government Accountants CEAR - ️️Certificate of Excellence in Accountability Reporting CFO - ️️Chief Financial Officer CGFM - ️️Certified Government Financial Manager ERP - ️️Enterprise Resource Planning FASAB - ️️Federal Accounting Standards Advisory Board FASB - ️️Financial Accounting Standards Board FSIO - ️️Financial Systems Integration Office (within GSA) GAAP - ️️Generally Accepted Accounting Principles GA...

I1. A significant difference between special-purpose and general-purpose governments is that general-purpose governments - ️️Correct Answer: perform multiple functions, while special-purpose governments are typically formed to perform one or two specific functions. I2. A commission that manages water and sewer services for several counties is an example of a - ️️Correct Answer: jointly-governed organization. I3. A county commission meets to address the budget. In attendance are the...

Non-Spendable Fund Balance - ️️Assets not in spendable form-Inventories and prepaid items, principal of a permanent fund which may not be spent, and assets held for sale and long-term receivables. Examples: Supplies, inventory, membership fees Restricted Fund Balance - ️️Subject to constraints imposed by external parties or law. Debt covenants (such as a requirement for a sinking fund) or constraints imposed by legislation or federal and state agencies, creditors, contributors or gran...

Three Broad Government Spending Purposes - ️️1) Current Operations 2) Capital Outlays 3) Debt Service Present Value Analysis - Three Components - ️️Determines what $$ Rec'd in Future is Worth Today 1) inflation component - year over year loss in value 2) enterprise component - inherent risk 3) unique component - Budget Accounting and Procedures Act of 1950 - ️️Requires the head of each federal agency to establish and maintain I/C's. Federal Managers Financial Integr...

Which branch is accountable to whom? - ️️Legislative --> to the public Governments exist to provide services - ️️no profit motive, no single measure of success Primary funding source = - ️️taxes (involuntary payments, because there is no ability to match services to those who provide the resource) Budget process = - ️️primary control device in government US Constitution provides two levels of government - ️️Federal and State State consitituions similar in that ...

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