Test Prep Test Prep Certifications CGFM Questions & Answers

• Question 191:

  GASB has responsibility for:

  A. researching and developing accounting and reporting principles for state and local governments.

  B. ensuring that FASB standards are implemented by state and local governments.

  C. developing standards for federal and state governments.

  D. ensuring that federal and state governments implement FASB standards.

  Correct Answer: A

• Question 192:

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

  A. establishment of a leadership structure.

  B. provision for long-range planning.

  C. strengthening accountability reporting.

  D. unqualified audited financial statements.

  Correct Answer: D

• Question 193:

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

  A. requires highly customized application software.

  B. optimizes a specific function or activity.

  C. makes consistent information available agency-wide.

  D. eliminates waste, fraud and abuse.

  Correct Answer: C

• Question 194:

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

  

  A. More fire engines and fire companies are needed.

  B. The arson task force fielded in FY07 is having a significant impact.

  C. A fire engine bond issuance is needed.

  D. State fire marshal mandates are being met.

  Correct Answer: B

• Question 195:

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

  A. the extent to which a program has been correctly implemented.

  B. whether program funds are being expended properly.

  C. whether the program is reaching its intended goal.

  D. if budgets were allocated equitably.

  Correct Answer: D

• Question 196:

  Debt refunding proceeds would be reported as:

  A. a revenue.

  B. a liability.

  C. an other financial use on the operating statement.

  D. an other financing source on the operating statement.

  Correct Answer: D

• Question 197:

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

  A. forecasting future revenue needs.

  B. controlling expenses under budgetary law.

  C. combining financial and non-financial data.

  D. demonstrating compliance with applicable laws and regulations.

  Correct Answer: A

• Question 198:

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

  a:

  A.

  PAR.

  B.

  CAFR.

  C.

  budget.

  D.

  cost benefit analysis.

  Correct Answer: C

• Question 199:

  A method used to assess accountability of state agencies includes:

  A. a bond rating review.

  B. program evaluation.

  C. judicial review.

  D. an ordinance compliance audit.

  Correct Answer: B

• Question 200:

  A discretionary grant is characterized by a:

  A. transfer of funds based upon a formula.

  B. transfer of funds for broadly-defined purposes.

  C. transfer of funds for specific purposes.

  D. voluntary contribution that confers no rights nor benefits to the giver.

  Correct Answer: C