Kierankent55

Single Employer Pension Plan - correct answer Pension provide to employees of a single employer Agent Employer Pension Plan - correct answer Multiple employer pension plan with separate accounts for each company Cost-Sharing Employer Pension Plan - correct answer Multiple employers without separate accounts Special Item - correct answer In control and Unusual or infrequent (tobacco settlement) II-112 Extraordinary Item - correct answer Unusual and infrequent (hurricane) II-112 ...

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AGA CGFM • AGA CGFM

AGA CGFM Appraisal Exam Assessment Questions and Correct Answers with Rationales Latest Updates 2024/2025

Economic Order Quantity (EOQ) - correct answer The optimal order size to minimize the sum of ordering, carrying, and stockout costs. Economic Order Quantity (EOQ) Equation - correct answer EOQ = (Square Root of) 2*annual demand*cost of each order)/unit cost*carrying cost) Elements of Inventory Control - correct answer 1) receiving 2) inspecting 3) establishing accountability 4) safeguarding 5) monitoring System Development Life Cycle - correct answer 1) Requirements 2) General Desi...

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AGA CGFM • AGA CGFM

AGA CGFM Objective Assessment Guide Exam Questions and Already graded Solutions and Assured Satisfactions 2024/2025

SOX - correct answer Internal controls assessed during financial reporting Accountability of Tax Dollars Act of 2002 - correct answer Annual audit for virtually all agencies Components of Internal Control - correct answer 1) control environment 2) risk assessment 3) control activities 4) information and communication 5) monitoring Components of ERM - correct answer 1) internal environment 2) objective setting 3) event identification 4) risk assessment 5) risk response 6) contro...

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AGA CGFM • AGA CGFM

AGA CGFM Exam test preparation Questions and Must have solutions Updated version 2024/2025

Present Value Formula - correct answer PV=FV/(1+r)^n Future Value Formula - correct answer FV=PV(1+r)^n Liquidity Ratios - correct answer Current Ratio (Assets/Liabilities) Quick Ratio (Assets - Inventory/ Liabilities) Receivables Ratios - correct answer Percent of Taxes Collected (collections/levy) Days Receivables Outstanding Inventory Ratios - correct answer Inventory turnover (revenue from sale of inventory/average inventory) Average age of inventory (365/inventory t...

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AGA CGFM • AGA CGFM

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...

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AGA CGFM • AGA CGFM

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...

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AGA CGFM • AGA CGFM

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...

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AGA CGFM • AGA CGFM

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 ...

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AGA CGFM • AGA CGFM

AGA CGFM - Exam Prep Questions and verified for Success Solutions; 2024/2025

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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...

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AGA CGFM • AGA CGFM

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...

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AGA CGFM • AGA CGFM

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 ...

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AGA CGFM • AGA CGFM

AGA CGFM: Section 5, Chapter 1 – Focused on Audit Practice Study Guide Questions with A level solution version 2024/2025

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AGA CGFM • AGA CGFM

AGA CGFM: Chapter 3 & 4 - Acquisition management & Internal Controls Problem set study Exam Questions and complete solution Guaranteed Success 2024/2025

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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...

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AGA CGFM • AGA CGFM

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...

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AGA CGFM • AGA CGFM

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...

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AGA CGFM • AGA CGFM

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...

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AGA CGFM • AGA CGFM

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...

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AGA CGFM • AGA CGFM

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 ...

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AGA CGFM • AGA CGFM

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...

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AGA CGFM • AGA CGFM

AGA CGFM Proficiency knowledge test Exam Questions and certified Answers 2024/2025

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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...

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