CGFM

CGFM practice questions, page 3 of 8, with answer review and explanations.

Question 11

A successfully integrated technology solution for a CFO ties an organization's activities together and:

  1. requires highly customized application software.
  2. optimizes a specific function or activity.
  3. makes consistent information available agency-wide.
  4. eliminates waste, fraud and abuse.

Question 12

The CFO Act of 1990 mandates all of the following EXCEPT:

  1. establishment of a leadership structure.
  2. provision for long-range planning.
  3. strengthening accountability reporting.
  4. unqualified audited financial statements.

Question 13

GASB has responsibility for:

  1. researching and developing accounting and reporting principles for state and local governments.
  2. ensuring that FASB standards are implemented by state and local governments.
  3. developing standards for federal and state governments.
  4. ensuring that federal and state governments implement FASB standards.

Question 14

The modified accrual basis of accounting is characterized by:

  1. revenues being recognized when realized.
  2. revenues being recognized when measurable and available.
  3. assets included in the general fixed asset account group.
  4. expenditures recorded when warrants are paid.

Question 15

An ISF has the following capital equipment in service for the stated time. Based upon the information below, using the straight-line method, what should be charged for depreciation at year-end?

  1. $8,155
  2. $6,438
  3. $4,267
  4. $2,171