CGFM Study guides, Class notes & Summaries

Federal - correct answerrefers to national government Federalism - correct answermeans that power is distributed among different levels of government Sovereignty - correct answergovernment cannot be sued by states or by citizens without its permission Popular Sovereignty - correct answercitizens hold the ultimate authority through the ballot and even a sovereign government is accountable to citizens Three levels of government - correct answerFederal, State, Local - each may not enact...

CGFM TEST 2 QUESTIONS & ANSWERS 2023/2024 Governments exist to provide services - ANSWER-no profit motive, no single measure of success Primary funding source = - ANSWER-taxes (involuntary payments, because there is no ability to match services to those who provide the resource) Budget process = - ANSWER-primary control device in government US Constitution provides two levels of government - ANSWER-Federal and State State consitituions similar in that each defines the excutive a...

CGFM Test 1 Questions & Answers 2023/2024 Federal - ANSWER-refers to national government Federalism - ANSWER-means that power is distributed among different levels of government Sovereignty - ANSWER-government cannot be sued by states or by citizens without its permission Popular Sovereignty - ANSWER-citizens hold the ultimate authority through the ballot and even a sovereign government is accountable to citizens Three levels of government - ANSWER-Federal, State, Local - each m...

Non-Spendable Fund Balance - correct answerAssets 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 - correct answerSubject 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, cont...

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...

CGFM Exam 1 Questions & Answers 2023/2024 Federalism - ANSWER-Power is distributed among different levels of government, no one level has complete authority Sovereignty - ANSWER-National government cant be sued by states or citizens without its permission Popular Sovereignty - ANSWER-Citizens hold ultimate authority through the ballot; even a sovereign government is accountable to citizens Primary Purpose of Government - ANSWER-Provide services to its citizens 10th Amendment - A...

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...

Financial management systems - correct answerinformation systems that support financial managers in accomplishing their tasks and achieving their objectives data visualization - correct answerthe creation and study of the visual representation of data, meaning information that has been abstracted in some schematic form, including attributes or variables for the units of information. data visualization can serve what purposes - correct answer•Strategic - They focus on high-level measures ...

CGFM Exam 1 ALL Questions & Answers 2023/2024 doctrine of separation of powers provides a foundation for - ANSWER-government financial management govt entity can be classed as - ANSWER-general or special purpose US constitution written - ANSWER-1787 Most school district in US - ANSWER-Independent District Role of federal CFO - ANSWER-codified in the Chief Financial Officer act of 1990 telework - ANSWER-working from home or other remote location Anti-fraud policies - ANSWER...

I1. A significant difference between special-purpose and general-purpose governments is that general-purpose governments - correct answerCorrect 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 answerCorrect Answer: jointly-governed organization. I3. A county commission meets to address the budget. In at...