CGFM Test 1 Terms 2025 Questions and
Answers
AFR - --Answer --Agency Financial Report
AGA - --Answer --Association of Government Accountants
BFELoB - --Answer --Budget Formulation and Execution Line of Business
CAFR - --Answer --Comprehensive Annual Financial Report
CEAR - --Answer --Certificate of Excellence in Accountability Reporting
CFO - --Answer --Chief Financial Officer
CGFM - --Answer --Certified Government Financial Manager
ERP - --Answer --Enterprise Resource Planning
FASAB - --Answer --Federal Accounting Standards Advisory Board
FASB - --Answer --Financial Accounting Standards Board
GAAP - --Answer --Generally Accepted Accounting Principles
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,GAAS - --Answer --Generally Accepted Auditing Standards
GAGAS - --Answer --Generally Accepted Government Auditing Standards
GAO - --Answer --Government Accountability Office
GAS - --Answer --Government Auditing Standards
GASB - --Answer --Governmental Accounting Standards Board
GPRA - --Answer --Government Performance and Results Act
GPRAMA - --Answer --Government Performance and Results Act
Modernization Act
MD&A - --Answer --Management Discussion and Analysis
NIST - --Answer --National Institute of Standards and Technology
OMB - --Answer --Office of Management and Budget
PAR - --Answer --Performance and Accountability Report
SEA - --Answer --Service Efforts and Accomplishments
SPFI - --Answer --Summary of Performance and Financial Information
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, Accountability - --Answer --In a democracy, government operates by the
consent of the people. It must answer to, the people for its actions and results,
including the taking and using of people's resources
Allotment - --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 gives budgetary authority
to specific components within the agency.
Anti-Deficiency Act - --Answer --At the federal level, a law stating that
officials can be fined/jailed if they obligate the government to spend funds beyond
legally authorized purpose, time or amount.
Apportionment - --Answer --At the federal level, OMB approval to use a
portion of the legislatively approved budgetary authority.
Appropriated Budget - --Answer --Budget that has been passed by the
legislative branch, signed by chief executive if required, and has the effect of law.
Attestation Engagement - --Answer --Engagement concerned with
examining, reviewing or performing agreed-upon procedures on a limited subject
matter, or limited assertion about a subject matter, and reporting the results. The
subject matter may be financial or nonfinancial.
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 3
Answers
AFR - --Answer --Agency Financial Report
AGA - --Answer --Association of Government Accountants
BFELoB - --Answer --Budget Formulation and Execution Line of Business
CAFR - --Answer --Comprehensive Annual Financial Report
CEAR - --Answer --Certificate of Excellence in Accountability Reporting
CFO - --Answer --Chief Financial Officer
CGFM - --Answer --Certified Government Financial Manager
ERP - --Answer --Enterprise Resource Planning
FASAB - --Answer --Federal Accounting Standards Advisory Board
FASB - --Answer --Financial Accounting Standards Board
GAAP - --Answer --Generally Accepted Accounting Principles
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
,GAAS - --Answer --Generally Accepted Auditing Standards
GAGAS - --Answer --Generally Accepted Government Auditing Standards
GAO - --Answer --Government Accountability Office
GAS - --Answer --Government Auditing Standards
GASB - --Answer --Governmental Accounting Standards Board
GPRA - --Answer --Government Performance and Results Act
GPRAMA - --Answer --Government Performance and Results Act
Modernization Act
MD&A - --Answer --Management Discussion and Analysis
NIST - --Answer --National Institute of Standards and Technology
OMB - --Answer --Office of Management and Budget
PAR - --Answer --Performance and Accountability Report
SEA - --Answer --Service Efforts and Accomplishments
SPFI - --Answer --Summary of Performance and Financial Information
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
, Accountability - --Answer --In a democracy, government operates by the
consent of the people. It must answer to, the people for its actions and results,
including the taking and using of people's resources
Allotment - --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 gives budgetary authority
to specific components within the agency.
Anti-Deficiency Act - --Answer --At the federal level, a law stating that
officials can be fined/jailed if they obligate the government to spend funds beyond
legally authorized purpose, time or amount.
Apportionment - --Answer --At the federal level, OMB approval to use a
portion of the legislatively approved budgetary authority.
Appropriated Budget - --Answer --Budget that has been passed by the
legislative branch, signed by chief executive if required, and has the effect of law.
Attestation Engagement - --Answer --Engagement concerned with
examining, reviewing or performing agreed-upon procedures on a limited subject
matter, or limited assertion about a subject matter, and reporting the results. The
subject matter may be financial or nonfinancial.
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 3
