CASBO EXAM SCRIPT 2026 QUESTIONS WITH
ANSWERS 100% CORRECT
◉Internal Controls . Answer: Developing and maintaining internal
controls to mitigate opportunities for fraud, including segregation of
duties and reconciliations.
◉GAAP . Answer: Generally Accepted Accounting Principles that
ensure compliance and fiscal solvency.
◉Red Flags . Answer: Indicators of potential issues in accounting such
as late or qualified audit opinions, repeated audit findings, and lack of
monthly reconciliation.
◉CBO Role in Audit Process . Answer: CBOs play a central role in
managing and guiding the annual external audit process required of all
California school districts.
◉Audit Documentation . Answer: Preparing all necessary
documentation and financial statements for audit review, including trial
balances, reconciliations, and supporting schedules.
,◉Compliance with Audit Guidelines . Answer: Ensuring compliance
with state and federal audit guidelines, including the California School
Accounting Manual (CSAM) and Government Auditing Standards.
◉Financial Reporting Responsibilities . Answer: Ensuring accurate and
timely reporting to oversight and regulatory agencies.
◉Multiyear Projections (MYPs) . Answer: Developing projections that
incorporate enrollment trends, ADA projections, COLAs, and projected
changes in funding sources.
◉Revenue Estimation . Answer: Estimating revenues based on LCFF
calculations, federal and state categorical programs, local grants, and
donations.
◉Expenditure Forecasting . Answer: Forecasting expenditures including
salaries and benefits, supplies, services, and capital outlay.
◉Cash Flow Projections . Answer: Building and maintaining cash flow
projections to anticipate shortfalls, ensure liquidity, and avoid borrowing
where possible.
◉Year-End Closing . Answer: The critical process that finalizes the
financial position of the district and prepares the LEA for the annual
audit.
,◉GASB Compliance . Answer: Compliance with Governmental
Accounting Standards Board regulations, including GASB 87 and 96.
◉SACS Object Codes . Answer: Codes used for fund accounting and
function alignment within the financial reporting framework.
◉Audit Findings . Answer: Identifying any findings or exceptions
during the audit process and implementing corrective action plans.
◉Audit Presentation . Answer: Presenting audit results to the board and
public, ensuring transparency and accountability.
◉Monitoring Deadlines . Answer: Monitoring deadlines and submission
requirements for key financial reports such as the Unaudited Actuals and
Interim Reports.
◉Program-Specific Compliance . Answer: Ensuring compliance for
funding sources by reconciling expenditures with allowable uses and
retaining proper documentation.
◉SACS Software . Answer: Using tools such as the Standardized
Account Code Structure (SACS) software to ensure correct coding, data
integrity, and reporting.
, ◉LCFF Reporting Requirements . Answer: Ensuring compliance with
Local Control Funding Formula reporting requirements and alignment
with the Local Control Accountability Plan (LCAP).
◉Fiscal Year Transactions . Answer: Coordinating deadlines with
accounting, payroll, accounts payable/receivable, and purchasing to
ensure all transactions for the fiscal year are recorded accurately.
◉Account Reconciliation . Answer: Reviewing and reconciling all
accounts including cash, receivables, payables, accruals, and deferred
revenues.
◉Journal Entries . Answer: Ensuring all journal entries are posted,
including year-end adjustments for inventory, depreciation, and accrued
liabilities.
◉Balance Classification . Answer: Verifying that restricted and
unrestricted balances are properly classified and rolled forward.
◉SACS Unaudited Actuals Report . Answer: Preparing the SACS
Unaudited Actuals report and submitting it to the COE and CDE by
statutory deadlines.
ANSWERS 100% CORRECT
◉Internal Controls . Answer: Developing and maintaining internal
controls to mitigate opportunities for fraud, including segregation of
duties and reconciliations.
◉GAAP . Answer: Generally Accepted Accounting Principles that
ensure compliance and fiscal solvency.
◉Red Flags . Answer: Indicators of potential issues in accounting such
as late or qualified audit opinions, repeated audit findings, and lack of
monthly reconciliation.
◉CBO Role in Audit Process . Answer: CBOs play a central role in
managing and guiding the annual external audit process required of all
California school districts.
◉Audit Documentation . Answer: Preparing all necessary
documentation and financial statements for audit review, including trial
balances, reconciliations, and supporting schedules.
,◉Compliance with Audit Guidelines . Answer: Ensuring compliance
with state and federal audit guidelines, including the California School
Accounting Manual (CSAM) and Government Auditing Standards.
◉Financial Reporting Responsibilities . Answer: Ensuring accurate and
timely reporting to oversight and regulatory agencies.
◉Multiyear Projections (MYPs) . Answer: Developing projections that
incorporate enrollment trends, ADA projections, COLAs, and projected
changes in funding sources.
◉Revenue Estimation . Answer: Estimating revenues based on LCFF
calculations, federal and state categorical programs, local grants, and
donations.
◉Expenditure Forecasting . Answer: Forecasting expenditures including
salaries and benefits, supplies, services, and capital outlay.
◉Cash Flow Projections . Answer: Building and maintaining cash flow
projections to anticipate shortfalls, ensure liquidity, and avoid borrowing
where possible.
◉Year-End Closing . Answer: The critical process that finalizes the
financial position of the district and prepares the LEA for the annual
audit.
,◉GASB Compliance . Answer: Compliance with Governmental
Accounting Standards Board regulations, including GASB 87 and 96.
◉SACS Object Codes . Answer: Codes used for fund accounting and
function alignment within the financial reporting framework.
◉Audit Findings . Answer: Identifying any findings or exceptions
during the audit process and implementing corrective action plans.
◉Audit Presentation . Answer: Presenting audit results to the board and
public, ensuring transparency and accountability.
◉Monitoring Deadlines . Answer: Monitoring deadlines and submission
requirements for key financial reports such as the Unaudited Actuals and
Interim Reports.
◉Program-Specific Compliance . Answer: Ensuring compliance for
funding sources by reconciling expenditures with allowable uses and
retaining proper documentation.
◉SACS Software . Answer: Using tools such as the Standardized
Account Code Structure (SACS) software to ensure correct coding, data
integrity, and reporting.
, ◉LCFF Reporting Requirements . Answer: Ensuring compliance with
Local Control Funding Formula reporting requirements and alignment
with the Local Control Accountability Plan (LCAP).
◉Fiscal Year Transactions . Answer: Coordinating deadlines with
accounting, payroll, accounts payable/receivable, and purchasing to
ensure all transactions for the fiscal year are recorded accurately.
◉Account Reconciliation . Answer: Reviewing and reconciling all
accounts including cash, receivables, payables, accruals, and deferred
revenues.
◉Journal Entries . Answer: Ensuring all journal entries are posted,
including year-end adjustments for inventory, depreciation, and accrued
liabilities.
◉Balance Classification . Answer: Verifying that restricted and
unrestricted balances are properly classified and rolled forward.
◉SACS Unaudited Actuals Report . Answer: Preparing the SACS
Unaudited Actuals report and submitting it to the COE and CDE by
statutory deadlines.
