CGFM Exam 1- Study Guide 2025
Questions and Answers
AGA - --Answer --Association of Government Accountants
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
FSIO - --Answer --Financial Systems Integration Office (within GSA)
GAAP - --Answer --Generally Accepted Accounting Principles
GAO - --Answer --Government Accountibility Office
GASB - --Answer --Government Accounting Standards Board
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
,GPRA - --Answer --Government Performance and Results Act
OMB - --Answer --Office of Management and Budget
PAR - --Answer --Performance and Accountability Report
SEA - --Answer --Service Efforts and Accomplishments
Accountability - --Answer --Principle that in a democracy, government
operates at the consent of the people. Therefore it must answer to the people for
its actions and results, including the taking and using of the people's resources.
Allotments - --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 allots budgetary authority
to specific components within the agency.
Anti-Deficiency Act - --Answer --At the federal level, a law stating that
officials can be fined and/or jailed if they obligate the government to spend funds
beyond the legally authorized purpose, time, or amount.
Apportionmnets - --Answer --Definitions may vary at different levels of
government. At the federal level, OMB's approval to use a protion of the
legislatively approved budgetary authority.
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
,Appropriated Budget - --Answer --Budget that has been passed by the
legistlative branch; has effect of law.
Appropriation - --Answer --A legistlative enactment (law, statute or
ordinance) that creates spending authority; the legal authority to incur expenses
and spend money.
Attestation engagements - --Answer --Engagement primarily concerned with
examining or performing agreed upon procedures on a subject matter, or an
assertion about a subject matter, and reporting on the results. The subject matter
may be financial or nonfinancial and can be part of a financial audit or
performance audit. Possible subjects include reporting on an entity's internal
controls, compliance with law or performance measures.
Authorization - --Answer --Legislative enactment that approves programs;
prescribes what activities an agency may pursue if funding is available.
Block grants - --Answer --Intergovernmental provision of resources for
broadly defined purposes. Contrasts with category grants.
Capital Budget - --Answer --Forecasts and controls spending for "big ticket"
items that are acquired and used over a period of several years, such as
construction projects and major equipment purchases. Used at state and local
levels.
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 3
, Capital lease - --Answer --Capital leases is a lease fo real property that meets
defined criteria requiring the government to report the property as it purchased
long term debt
Cash-flow budget - --Answer --Forecasts the timing as well as amount of
cash flows for the year. Used to project required cash levels.
Category grants - --Answer --Intergovernmental provision of resources to be
used for activities in a specific category of purpose. May be further classified as
discretionary grants or formula grants. Contrasts with block grants.
Central Management Agencies - --Answer --Government agencies that
provide central management services to other components. Example would be a
state government hr office (that serves all state agencies) or the OMB at the federal
level.
CEAR - --Answer --An AGA program that helps federal agencies and their
components to produce effective, high-quality Performance and Accountability
Reports
Certificate of Participation - --Answer --Form of shared government
financing. In a typical form, several financial institutions share in a loan
arrangement with a government entity.
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 4
Questions and Answers
AGA - --Answer --Association of Government Accountants
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
FSIO - --Answer --Financial Systems Integration Office (within GSA)
GAAP - --Answer --Generally Accepted Accounting Principles
GAO - --Answer --Government Accountibility Office
GASB - --Answer --Government Accounting Standards Board
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
,GPRA - --Answer --Government Performance and Results Act
OMB - --Answer --Office of Management and Budget
PAR - --Answer --Performance and Accountability Report
SEA - --Answer --Service Efforts and Accomplishments
Accountability - --Answer --Principle that in a democracy, government
operates at the consent of the people. Therefore it must answer to the people for
its actions and results, including the taking and using of the people's resources.
Allotments - --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 allots budgetary authority
to specific components within the agency.
Anti-Deficiency Act - --Answer --At the federal level, a law stating that
officials can be fined and/or jailed if they obligate the government to spend funds
beyond the legally authorized purpose, time, or amount.
Apportionmnets - --Answer --Definitions may vary at different levels of
government. At the federal level, OMB's approval to use a protion of the
legislatively approved budgetary authority.
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
,Appropriated Budget - --Answer --Budget that has been passed by the
legistlative branch; has effect of law.
Appropriation - --Answer --A legistlative enactment (law, statute or
ordinance) that creates spending authority; the legal authority to incur expenses
and spend money.
Attestation engagements - --Answer --Engagement primarily concerned with
examining or performing agreed upon procedures on a subject matter, or an
assertion about a subject matter, and reporting on the results. The subject matter
may be financial or nonfinancial and can be part of a financial audit or
performance audit. Possible subjects include reporting on an entity's internal
controls, compliance with law or performance measures.
Authorization - --Answer --Legislative enactment that approves programs;
prescribes what activities an agency may pursue if funding is available.
Block grants - --Answer --Intergovernmental provision of resources for
broadly defined purposes. Contrasts with category grants.
Capital Budget - --Answer --Forecasts and controls spending for "big ticket"
items that are acquired and used over a period of several years, such as
construction projects and major equipment purchases. Used at state and local
levels.
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 3
, Capital lease - --Answer --Capital leases is a lease fo real property that meets
defined criteria requiring the government to report the property as it purchased
long term debt
Cash-flow budget - --Answer --Forecasts the timing as well as amount of
cash flows for the year. Used to project required cash levels.
Category grants - --Answer --Intergovernmental provision of resources to be
used for activities in a specific category of purpose. May be further classified as
discretionary grants or formula grants. Contrasts with block grants.
Central Management Agencies - --Answer --Government agencies that
provide central management services to other components. Example would be a
state government hr office (that serves all state agencies) or the OMB at the federal
level.
CEAR - --Answer --An AGA program that helps federal agencies and their
components to produce effective, high-quality Performance and Accountability
Reports
Certificate of Participation - --Answer --Form of shared government
financing. In a typical form, several financial institutions share in a loan
arrangement with a government entity.
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 4
