CGFM Exam 1 with 100% correct answers

CGFM Exam 1 doctrine of separation of powers provides a foundation for correct answergovernment financial management govt entity can be classed as correct answergeneral or special purpose US constitution written correct answer1787 Most school district in US correct answerIndependent District Role of federal CFO correct answercodified in the Chief Financial Officer act of 1990 telework correct answerworking from home or other remote location Anti-fraud policies correct answera formal code of conduct frames the behavioral expectations for individuals No. of the Federal Reserve Bank correct answer12 regional banks in major cities if budget has not passed by the start of the new fiscal year correct answerGovernment does not have legal authority to operate supplemental appropriation budget amendment correct answerexecutive inform the legislative branch that more funds are needed due to depletion of funds before the end of fiscal year most power in budget correct answerlegislative branch Appropriation of funds correct answerbudget bill that actually makes funds available Authorization of funds correct answerbill that approves programs it prescribes what an agency will do if funding is available Expanded Government framework correct answerincludes these steps: planning, programming, budgeting, operations, accounting, reporting and auditing. Type of performance audit correct answero Program effectiveness and results audits address the effectiveness of a program and typically measure the extent to which a program is achieving its goals and objectives. o Economy and efficiency audit objectives concern whether an entity is acquiring, protecting and using its resources in the most productive manner to achieve program objectives. o Program effectiveness and results audit objectives, as well as economy and efficiency audit objectives, are often interrelated and may be concurrently