CGFM 1.5 - Public Accountability questions & answers 2023 verified passed

CGFM 1.5 - Public Accountability questions & answers 2023 verified passedService efforts and Accomplishments (SEA) - correct answer a report or several linked reports that communicate the efficiency and effectiveness in which a government operates in trying to achieve desired results Service efforts and Accomplishments (SEA) govt requirements - correct answer issued by a few state and local governments and agencies Government Performance and Results Act of 1993 (GPRA) - correct answer Congress requires executive branch agencies to develop performance measures for key programs and report their results Free Press - correct answer Referred to as the "fourth estate" because they provide unofficial checks and balances on the 3 branches of Govt other post-employment benefits (OPEB) - correct answer examples are health insurance and life insurance for retirees GASB statement 68 - correct answer designed to improve accounting and reporting for state and local defined-benefit pension plans fundamental accountability for the Govt is established in? - correct answer constitutions and charters Chief Financial Officers Act of 1990 - correct answer intended to improve the government's financial management, outlining standards of financial performance and disclosure CFO Act created these positions? - correct answer (1) within the OMB, the Deputy Director for Management, who is the government's chief financial management official;(2) CFOs for each of the (23) federal departments and agencies FASAB: Statement of Federal Financial Accounting Concepts No. 1 - correct answer addresses National (Fed) governmental accountability by stating govt is accountable for budgetary integrity, operating performance, and stewardship. Budgetary integrity - correct answer funds are raised and spent according to law. Operating performance - correct answer funds have been spent efficiently and programs are effective. Stewardship - correct answer government activities promote the long-term health of the community and its economic condition GASB: Concepts Statement No. 2, Service Efforts and Accomplishments Reporting - correct answer addresses state and local govt accountability with 5 levels of accountability: (1) Probity and legal accountability (2) Process accountability; ( 3)Performance accountability (4) Program accountability; (5) Policy accountability Probity and legal accountability - correct answer raising and spending funds according to law and regulations Process accountability - correct answer using adequate management processes, organization structure and internal control Performance accountability - correct answer achieving desired outputs with efficiency. Program accountability - correct answer effectively achieving desired program outcomes