Test Prep CGFM Exam Questions

Question 6 of 203

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

PAR.

CAFR.

budget.

cost benefit analysis.

Correct Answer: C

Question 7 of 203

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

forecasting future revenue needs.

controlling expenses under budgetary law.

combining financial and non-financial data.

demonstrating compliance with applicable laws and regulations.

Correct Answer: A

Question 8 of 203

Debt refunding proceeds would be reported as:

a revenue.

a liability.

an other financial use on the operating statement.

an other financing source on the operating statement.

Correct Answer: D

Question 9 of 203

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

the extent to which a program has been correctly implemented.

whether program funds are being expended properly.

whether the program is reaching its intended goal.

if budgets were allocated equitably.

Correct Answer: D

Question 10 of 203

Based upon the performance measures report below provided to a local governmental oversight committee, what conclusions may be made?
Exam CGFM: Question 10 - Image 1

More fire engines and fire companies are needed.

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

A fire engine bond issuance is needed.

State fire marshal mandates are being met.

Correct Answer: B