Cgfm Part Ii- Reinforcement Quiz

Front 1

DESCRIBE AT LEAST THREE WAYS GOVERNMENTS DIFFER ROM ORGANIZATIONS IN THE PRIVATE SECTOR

Back 1

* GOVERNMENTS ARE ESTABLISHED THRU LEGAL MEANS
* GOVERNMENTS HAVE NO PROFIT MOTIVE
* GOVERNMENTS RAISE REVENUE PRIMARILY THRU TAXES
* GOVERNMENTS HAVE NO SHAREHOLDERS
* GOVERNMENTS RELY ON BUDGET PROCESS TO ALLOCATE RESOURCES
* GOVERNING BODIES OF MANY GOVERNMENTS ARE ELECTED BY BY THE PUBLIC
* GOVERNMENTS PROVIDE MANY SERVICES THAT ARE NOT AVAILABLE IN THE PUBLIC SECTOR

Front 2

TRUE OR FALSE: THE BUDGET IS ESSENTIAL TO GOVERNMENT FINANCIAL MANAGEMENT?

Back 2

TRUE

GOVERNMENTS ARE LEGALLY BOUND BY APPROPRIATIONS. THE BUDGET ESTABLISHES SPENDING AUTHORITY, OUTLINES PROGRAMS AND SERVICES TO BE PROVIDED TO THE PUBLIC, AND DEFINES THE RESOURCES THAT ARE TO BE USED

Front 3

WHICH IS THE FOLLOWING IS NOT A TYPE OF ACCOUNTABILITY USED IN GOVERNMENT?
A) OPERATIONAL
B) LEGAL
C) PROFIT
D) PERFORMANCE

Back 3

C) PROFIT ACCOUNTABILITY

B/C GOVERNMENTS ARE NOT CREATED TO MAKE A PROFIT

Front 4

TRUE OR FALSE: THE EXECUTIVE BRANCH IS ONLY ACCOUNTABLE TO THE PUBLIC?

Back 4

FALSE

THE EXEC BRANCH IS ALSO ACCOUNTABLE TO THE LEGISLATIVE BRANCH OR SPENDING RESOURCES IN ACCORDING WITH LEGISLATIVE MANDATES

Front 5

DESCRIBE THE CONCEPT OF INTERPERIOD EQUITY

Back 5

CURRENT-YEAR REVENUES SHOULD BE SUFFICIENT TO PAY FOR CURRENT-YEAR SERVICES. CURRENT-YEAR SERVICES SHOULD NOT BE FINANCED BY FUTURE YEAR TAXPAYERS

Front 6

WHICH BASIS OF ACCOUNTING CANNOT BE USED TO DEMONSTRATE THE CONCEPT OF INTERPERIOD EQUITY?
A) CASH BASIS
B) ACCRUAL BASIS
C) MODIFIED ACCRUAL BASIS

Back 6

A) CASH BASIS OF ACCOUNTING CANNOT BE USED B/C TRANSACTIONS ARE RECORDED ONLY BASED ON THE INFLOWS AND OUTFLOWS OF CASH. THE PERIOD IN WHICH THE REVENUE WAS EARNED OR LIABILITY INCURRED IS NOT TAKEN INTO CONSIDERATION

Front 7

FOR WHICH OF THE FOLLOWING DOES GENERAL PURPOSE FINANCIAL REPORTING not ASSIST USERS?
A) ASSESSING ACCOUNTABILITY
B) MAKING ECONOMIC DECISIONS
C) MAKING LEASE-PURCHASE DECISIONS
D) MAKING POLITICAL DECISIONS

Back 7

C) MAKING LEASE PURCHASE DECISIONS

Front 8

TRUE OR FALSE: PROGRAM MANAGES HAVE LITTLE NEED FOR FINANCIAL STATEMENTS

Back 8

FALSE

THE NEEDS OF PROGRAM MANAGERS FOCUS ON DAY-TO-DAY OPERATIONS AND THE DELIVERY OF SERVICES. MANAGERS ALSO REVIEW FINANCIAL STMTS TO ENSURE THEY ARE OPERATING WITHING BUDGETARY PARAMETERS, LEGAL RESTRICTIONS AND REGULATIONS, AND PUBLIC POLICY

Front 9

DESCRIBE THE TYPES OF REPORTS PRODUCED BY GOVERNMETNS

Back 9

GENERAL PURPOSE, EXTERNAL FINANCIAL REPORTS ARE PREPARED PRIMARILY TO DEMONSTRATE ACCOUNTABILITY. THEY CONSIST OF THE FINANCIAL STMTS THAT HAVE BEEN AUDITED BY EXTERNAL AUDITORS, ALONG WITH ADD'L SUPPLEMENTARY INFO

FINANCIAL REPORTING IS MUCH BROADER, IT INCLUDES INTERNAL REPORTS USED TO MANAGE OPERATIONS; REPORTS TO GRANTOR AGENCIES; OFFERING STMTS, WHEN GOVTS ISSUE DEBT; PROJECT REPORTS; AND POPULAR REPORTS

REPORTS ON PERFORMANCE MEASURES MANY OF WHICH ARE NON-FINANCIAL IN NATURE

Front 10

ENSURING AN ACCOUNTING PRINCIPLE IS USED FROM ONE YEAR TO ANOTHER IS AN EXAMPLE OF WHAT FINANCIAL REPORTING CHARACTERISTIC?

Back 10

CONSISTENCY

Front 11

MEANS INFORMATION IS VERIFIABLE AND FREE FROM BIAS?

Back 11

RELIABILITY

Front 12

MEANS THAT LIKE ENTITIES REPORT THE SAME INFO IN THE SAME WAY

Back 12

COMPARABILITY

Front 13

MEANS THE INFORMATION CAN BE USED TO ASSESS A CONDITION, EVENT, OR PROBLEM

Back 13

RELEVANCY

Front 14

DURING DUE PROCESS, A STANDARDS-SETTING BOARD MAY OR MAY NOT TAKE A POSITION, FOR EACH OF THE FOLLOWING DUE PROCESS DOCUMENTS STATE WHETHER OR NOT A POSITION HAS BEEN TAKEN
A) EXPOSURE DRAFT
B) DISCUSSION MEMORANDUM
C) PRELIMINARY VIEWS
D) INVITATION TO COMMENT

Back 14

A) EXPOSURE DRAFT is
B) DISCUSSION MEMORANDUM not
C) PRELIMINARY VIEWS is
D) INVITATION TO COMMENT not

Front 15

DESCRIBE THE JURISDICTION OF THE ACCOUNTING STANDARDS-SETTING ORGANIZATIONS

Back 15

?

Front 16

ESTABLISHES STANDARDS FOR THE PRIVATE SECTOR, INCLUDING NON-FOR-PROFIT ENTITIES

Back 16

FINANCIAL ACCOUNTING STANDARDS BOARD (FASB)

Front 17

ESTABLISHES STANDARDS FOR GOVERNMENTS, EXCLUDING THE FEDERAL GOVERNMENT

Back 17

GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB)

Front 18

ESTABLISHES STANDARDS FOR THE FEDERAL GOVERNMENT

Back 18

FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD (FASAB)