Cgfm exam 3 Study guides, Class notes & Summaries

CGFM Exam 3 - Financial Management Functions

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 Integrity Act o...

CGFM Exam 3: Section 5, Chapter 1 - What is an Audit?2023 verified to passAudit definition - correct answer an independent, systematic, objective and unbiased assessment that provides answers to a set of questions. "Material" meaning - correct answer use "material" in the context of whether reasonable people would consider that an omission or misstatement would have changed their opinions regarding the auditor's conclusions. Which Agency issued the Generally Accepted Auditing Standard...

CGFM Exam 3: Section 1, Chapter 7 - financial Management Systems Answered Correctly!!

CGFM Exam 3: Section 1, Chapter 4 - Acquisition Management Questions and Answers Graded A The four basic phases in acquiring goods and services are? 1) establishing specifications 2) soliciting supply sources 3) awarding contracts 4) monitoring contractor performance 2 basic methods for soliciting potential contractors (1) formal advertising through invitations for bid (IFB) and (2) a less formal solicitation through requests for proposal (RFP). The method that is used largely depends on whethe...

CGFM Exam 3 - Financial Management Functions

CGFM Exam 3

CGFM Exam 3 Question and answers correctly solved 2023

CGFM exam 3 Section 3, Chapter 1 - Internal Controls

Prompt Payment Act A federal law that requires federal agencies to pay interest to companies on bills not paid within 30 days of invoice or completion of work. Cash Management Improvement Act passed to improve the transfer of federal funds between the federal government and the states, territories, and the District of Columbia 31 CFR Part 2018 Management of Federal Agency Disbursements requires federal agencies to disburse payments via electronic funds transfer, with few excepti...