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15 Cards in this Set

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Which statement about the planning phase of the managment cycle is least true?
a. Planning only occurs between the auditing and programming phases.
b. The role of planning is to determine how objectives will by achieved during the operations phase.
c. Planners are constrained by the expected level of resources.
d. Planning is the most creative phase of the management cycle.
a. Planning only occurs between the auditing and programming phases.
Which of the following decisions is most likely to be made during the programming phase?
a. Decisions about broad goals of government.
b. Decisions about whether to lease space or construct a new building.
c. Decisions about how to respond to an auditor's report
d. Decisions about appropriate accounting methods.
b. Decisions about whether to lease space or construct a new building.
Which is NOT a typical output of the programming phase?
a. Most cost-effective means to achieve objectives
b. Specific, measurable objectives
c. Level of resources to be requested.
d. Reprogramming requests
d. Reprogramming requests
Typically, which type of budget will be in effect the longest?
a. Operations budget
b. Cash flow budget
c. Capital budget
d. Debt budget
c. Capital budget
What is the purpose of forecasting with regards to the budget?
Determine the likely level of economic activity and economic trends and how they will impact revenue and expenses.
What publication of the national government provides an effective guide to internal controls and may be applied at all levels of government?
Standards for internal control in the Federal Government, published by the U.S. Government Accountability Office.
Which of the following is least supported through financial accounting?
a. Information about expenses and intergovernmental transfers.
b. Information about fund levels and disbursements.
c. Information about deposits and earmarked receipts.
d. Information about achievement of program outcomes.
d. Information about achievement of program outcomes.
Which reports make financial results easier for the general citizen to understand?
a. Unaudited popular reports.
b. Audited annual financial reports.
c. Certified Annual Financial Reports.
d. Unaudited Comprehensive Annual Financial Reports
a. Unaudited popular reports.
Which body defines GAAP foar state and local government?
a. FASAB
b. FASB
c. GASB
D. OMB
c. GASB
Compare and contrast internal reports and external reports.
External reports are often formal and required at the end of the reporting period. The format and content of external reports may be prescribed by GAAP, legislation or covenants. In contrast, internal reports are issued at a time and in a format used to management.
True or false: State governments are required by standard-setting bodies to issue performance reports.
False
What is the difference between outputs and outcomes?
Outputs are more immediate and more easily measured. Outputs may include number of immunizations delivered, number of courses taught or other direct measures. Outcomes are the hoped-for social or economic benefits such as number of indigent people who find and keep jobs as a result of training. Outcomes are more difficult to measure; officials sometimes must use proxies to gauge outcomes.
Which is most true about "effectiveness measures?"
a. They relate service efforts to outcomes?
b. They relate service efforts to service outputs.
c. They relate service efforts to resources.
a. They relate service efforts to outcomes?
What is the primary purpose of an external financial audit?
a. Provide independant assessment of cost-effectiveness of programs.
b. Provide independant assessment of whether budgetary laws have been upheld by executive branch departments.
c. Provide independant examination of the reliabilty of financial statements.
c. Provide independant examination of the reliabilty of financial statements.
How does the auditor role differ from the accountants role with regard to financial statements?
The accountant and other financial managers prepare the statements; the auditor examines the statement and provides an opinion on the fairness of the statements presentations.