CGFM

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

Question 36

The U.S. Standard General Ledger will be used to record financial events for federal agencies, and common data elements shall be used throughout a federal agency for collection, storage and retrieval of financial information records according to OMB circular number:

  1. A-87.
  2. A-122.
  3. A-127.
  4. A-133.

Question 37

Governmental Organizations also provide funds to:

  1. Profit Organizations
  2. Non-Profit Organizations
  3. SMEs
  4. International Organizations or MNCs

Question 38

Which one of the following statements is the part of practices that States regulate?

  1. Preparation of specifications
  2. Advertising the letting of contracts and Project Scheduling
  3. Minority Goals
  4. All of these

Question 39

Federal and local Governments raise funds from________________ respectively.

  1. Tax-exempt Bonds and Bank Loans
  2. Bank Loans and Bonds
  3. International Market Investments and MNCs Capital Funding
  4. Foreign Reserves, Local Reserves

Question 40

FASAB has established_______ accounting Standards.

  1. 35
  2. 20
  3. 30
  4. 27