CGFM

CGFM practice questions, page 2 of 8, with answer review and explanations.

Question 6

A formal estimate of the resources a government or government unit plans to expend in a given period is a:

  1. PAR.
  2. CAFR.
  3. budget.
  4. cost benefit analysis.

Question 7

Managerial accounting helps officials measure the cost-effectiveness of operations by:

  1. forecasting future revenue needs.
  2. controlling expenses under budgetary law.
  3. combining financial and non-financial data.
  4. demonstrating compliance with applicable laws and regulations.

Question 8

Debt refunding proceeds would be reported as:

  1. a revenue.
  2. a liability.
  3. an other financial use on the operating statement.
  4. an other financing source on the operating statement.

Question 9

A program accountability study can be used to determine all of the following EXCEPT:

  1. the extent to which a program has been correctly implemented.
  2. whether program funds are being expended properly.
  3. whether the program is reaching its intended goal.
  4. if budgets were allocated equitably.

Question 10

Based upon the performance measures report below provided to a local governmental oversight committee, what conclusions may be made?

  1. More fire engines and fire companies are needed.
  2. The arson task force fielded in FY07 is having a significant impact.
  3. A fire engine bond issuance is needed.
  4. State fire marshal mandates are being met.