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Examen
AGA CGFM: Section 5, Chapter 1 - Audit Exam Review Questions and A+ Level pass rate solutions; Latest 2024/2025
Auditors need to evaluate the threats both quantitatively and qualitatively. - correct answer If the threats cannot be reduced to an acceptable level, auditors should decline to perform the audit or terminate it if it has already started. Included in the competence standard is the requirement that auditors complete at least how many cpes every two years? - correct answer 80 hours of CPE every two years that enhance their professional competency to conduct audits or attestation engagements...
KieranKent55
Examen
AGA CGFM: Section 1, Chapter 1 Actual preparation test exam with Thorough and Correct Answers Updated 2024/2025
Due process - correct answer designed to permit a timely, thorough and open study of accounting and financial reporting issues. Discussion memorandum (DM) - correct answer defines the accounting and reporting issues for a particular project. At this point, a board has no particular view on the issue and respondents are asked to comment on the issues Invitation to comment (ITC) - correct answer a staff document. It may contain the elements of a discussion memorandum, a preliminary views doc...
KieranKent55
Examen
AGA CGFM, Section 3 - Chapter 2: Federal Budgetary Accounting Preparedness Baseline Exam Knowledge Questions with Expertly written solution 2024/2025
Does Congress have the authority to change budgetary accounting? - correct answer Yes. Example - The Credit Reform Act changed the budgetary accounting for loan guarantees so that an estimate of the losses from guarantees would be recognized in the budget when guarantees are made, instead of when cash is required to meet guarantees. Exec Branch central financial management agencies - correct answer (1) OMB and (2) the Dept of Treasury OMB - correct answer OMB's predominant mission is...
KieranKent55
Examen
AGA CGFM: Section 3, Chapter 1 - Internal Controls Practice Study Guide Questions with A level solution version 2024/2025
CFO Act of 1990 - correct answer requires Fincial Mangement Systems and annual audited reports for govt agencies Which federal agencies must have annual financial statements? - correct answer virtually all Fed agencies - the Accountability of Tax Dollars Act of 2002, that requirement has now been extended to virtually all federal agencies. Government Management Reform Act of 1994 (GMRA) - correct answer expanded the requirements of the CFO Act by requiring the 24 CFO Act agencies to ...
KieranKent55
Examen
AGA CGFM - Exam Prep Questions and verified for Success Solutions; 2024/2025
GASB Statement 76 - correct answer GASB Hierarchy Cost accounting - correct answer Fed agencies required to incorporate what in the prep of financial statements Gov managers, not outside individuals - correct answer Users of cost accounting info Cost info - correct answer Govs rely on what info to monitor programs to ensure they are operating efficiently and effectively. Often used to help make allocation decisions among programs during budget process User fees - correct answ...
KieranKent55
Examen
CGFM Exam 2 - Section 2, Chapter 2 - Fund Accounting and Reporting Examination sample prep Questions and Answers; certified for accuracy 2024/2025
Which funds can never be considered major funds? - correct answer A fiduciary funds and internal service funds can never be major. Describe the columnar requirements for the budgetary comparison schedule. - correct answer The budgetary comparison schedule requires the original budget, final budget and actual. Any variances that are reported are optional. Where is the budgetary comparison schedule located - correct answer required supplemental information (RSI), which means it is pres...
KieranKent55
Examen
AGA CGFM: Section 1, Chapter 7 - financial Management Systems Test Exam Review Questions with all Answers verified for accuracy Updated 2024/2025
Key responsibilities of the financial manager in implementing a new financial management system? - correct answer Requirements definition, training, account cleanup, data clean-up and conversion, and training. The System Development Life Cycle process, the step that defines what the new system must do is called: - correct answer requirements definition Steps in the SDLC - correct answer 1) Requirements definition - defines what the new system must do 2) General design - how will ...
KieranKent55
Examen
AGA CGFM: Section 5, Chapter 1 – Focused on Audit Practice Study Guide Questions with A level solution version 2024/2025
Auditors need to evaluate the threats both quantitatively and qualitatively. - correct answer If the threats cannot be reduced to an acceptable level, auditors should decline to perform the audit or terminate it if it has already started. Included in the competence standard is the requirement that auditors complete at least how many cpes every two years? - correct answer 80 hours of CPE every two years that enhance their professional competency to conduct audits or attestation engagements. ...
KieranKent55
Examen
AGA CGFM: Chapter 3 & 4 - Acquisition management & Internal Controls Problem set study Exam Questions and complete solution Guaranteed Success 2024/2025
OMB Circular A-130 - correct answer establishes a minimum set of controls in federal automated information security programs and links these controls with agency internal control systems. Management controls - correct answer means internal controls Audited financial statements requirements - correct answer The CFO Act required audited financial statements from the largest agencies, but that requirement has now been extended by other laws to all federal Agencies that receive annual budgeta...
KieranKent55
Examen
AGA CGFM - Financial Management Midterm Problem Solving Exam Questions and certified for accuracy solutions; updated 2024/2025
Blanket purchase agreement - correct answer individual governments may enter into bulk contracts for specific items that are available for a specified period of time Small purchase procedures - correct answer may define specific dollar amounts that if not exceeded, agencies can use simplified procedures to acquire needed goods and services Fixed price contracts - correct answer prices are not subject to adjustment, regardless of the contractor's cost experience Cost reimburseme...
KieranKent55
Examen
AGA CGFM, Section 3 - Chapter 2: Federal Budgetary Accounting Knowledge test Exam Toolkit Questions and Verified solution 2024/2025
Status of Budgetary Resources Equation - correct answer Budgetary Resources = Status of BR Budgetary resource - correct answer means amounts available to incur obligations in a given year. The term comprises new budget authority and unobligated balances of budget authority provided in previous years. Components of budgetary resources - correct answer • Appropriations of the current year • Borrowing and contracting authority • Unobligated balances of multi-year and no-year money fr...
KieranKent55
Examen
AGA CGFM Study guide Exam Questions with Key Marking Scheme Updated 2024/2025
In government reporting, how is a Homeless Initiative classified? -correct answer program All of the following are general criteria that a cost must meet to be allowable under an intergovernmental cost-reimbursement contract or grant EXCEPT that the cost must be -correct answer used to meet the matching requirement of another award. The Digital Accountability and Transparency Act combines which two pieces of financial data to improve open reporting of government financial information? -cor...
KieranKent55
Examen
AGA CGFM Key Exam Guide Questions and Integral solution version 2024/2025
Classification methods - correct answer Character, functional, organizational unit (public safety, education), activity, and object Activity classification - correct answer Specific lines of work performed within a department (solid waste collection, waste disposal) Object classification - correct answer Item or service used (supplies, personnel services, contracted services) Is encumbrance procedure always needed? - correct answer No salaries and wages are often not recorded as encumbr...
KieranKent55
Examen
AGA CGFM Problem set Exam Questions with all answers Correctly provided Latest 2024/2025
Fund Balance for Permanent fund is classified as what at the end of the fiscal year? - correct answer Non-spendable What appears on the Balance Sheet for Governmental Funds - correct answer CURRENT financial resources and obligations Characteristics of Capital Projects Fund - correct answer Account for resources provided by long-term debt issues or dedicated taxes. Involve significant construction contracts, may take months or years to complete. Expenditures are for capital assets, assets ...
KieranKent55
Examen
AGA CGFM Learning checks Exam Questions with complete Answers 2024/2025
Estimated Revenue not yet Realized recorded as DR or CR - correct answer Generally net DR balance When are appropriations considered to be expended - correct answer When authorized liabilities are incurred When does a PO or contract result in liability - correct answer When the goods or services are received or a contract is executed What is the JE for PO or Contract issued - correct answer DR Encumbrances Control Account CR Budgetary Fund Balance-Reserve for Encumbrances Accou...
KieranKent55
Examen
AGA CGFM Proficiency knowledge test Exam Questions and certified Answers 2024/2025
Which GASB statement established the MD and A as RSI? - correct answer GASB 34 According to GASB Statement No. 39, which potential component unit could be reported as a component unit to the primary reporting entity? - correct answer legally separate, tax-exempt entities In government accounting, capital assets are reported in all of the following EXCEPT - correct answer governmental funds. A law was passed and signed by the governor, which required the first $1,000,000 received f...
KieranKent55
Examen
AGA CGFM Common practice test Questions and Answers; verified and accurate 2025
Whch of the followng agences have the authorty to prevent FASAB from ssung an accountng standard that has been approved by a majorty of the FASAB Board? - correct answer: the GAO and the OMB 2.The Department of the Navy oblgated $700 mllon for the constructon of 10 new shps n 2013. The Navy's constructon appropraton s avalable for 5 years. n 2015, the 10 shps are delvered for a total cost of $675 mllon. The $25 mllon dfference s an example of - correct answer: an amount subject to deoblga...
KieranKent55
Examen
AGA CGFM - Governmental Accounting Exam Review Guide Questions and Answers 2024/2025
Private Sector Budget -correct answer Guide to operations. Used as a benchmark for performance, goals for growth, or as a management tool for planning. Financial Reporting -correct answer Primary mechanism by which public officials are able to demonstrate accountability. Accountability -correct answer In gov't, it is the cornerstone of financial reporting. Based on the belief that the gov't has a responsibility to report, the public has a right to know, and the ultimate power belongs...
KieranKent55
Examen
AGA CGFM - Competency test preparation questions with approved Answers 2024/2025
Deficit - correct answer Occurs when government expenditures for a specific fiscal period exceed revenues and other financial resource inflows Diligence - correct answer Pursuing an event, action or assignment to a timely and sufficient end or close Discretionary Grant - correct answer A term sometimes used to mean "Project Grant" Donation - correct answer Voluntary contribution that confers no rights or benefits on the giver Due Care - correct answer To discharge pro...
KieranKent55
Examen
AGA CGFM - Review Exam Questions with 100% satisfaction guarantee Answers 2024/2025
Consumption Taxes - correct answer Broad category of tax that includes sales, use, excise and value-added taxes Continuity of Operations - correct answer Refers to the efforts to ensure the organization can sustain essential operations regardless of planned or unplanned incidents or disruptions. Covenant (bond) - correct answer Legal requirements pertaining to a specific bond issue. Typically define the maturity date, revenue stream that will be used to repay the debt, interest rate and re...
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