CGAP Government Financial Management 3

Question 1

Under the federal budget process, what happens to unobligated appropriations at the end of the fiscal year for most annual appropriations?

Accepted Answer

They expire and are no longer available for new obligations

Answer

They are automatically carried forward to the next year

Answer

They revert to the Treasury General Fund immediately

Answer

They must be returned to OMB for reapportionment

Question 2

What is the role of the Government Accountability Office (GAO) in relation to government financial management?

Accepted Answer

Audits federal agencies and reports to Congress

Answer

Sets federal accounting standards

Answer

Approves agency budgets before submission

Answer

Manages the U.S. Treasury's cash balances

Question 3

Which statement best describes a 'continuing resolution' in federal budgeting?

Accepted Answer

Temporary legislation that funds government operations when a regular appropriations act has not been enacted

Answer

A permanent appropriation for entitlement programs

Answer

A rescission reducing previously appropriated funds

Answer

A supplemental appropriation for emergency spending

Question 4

What is 'cost allocation' in the context of government financial management?

Accepted Answer

Distributing shared costs among programs, grants, or cost objectives based on a reasonable methodology

Answer

Transferring budget authority from one agency to another

Answer

Reporting total government expenditures by object class

Answer

Calculating depreciation on general capital assets

Question 5

Which document guides cost principles for non-federal entities receiving federal awards?

Accepted Answer

2 CFR Part 200 (Uniform Guidance)

Answer

OMB Circular A-76

Answer

FASAB SFFAS No. 4

Answer

OMB Circular A-11

Question 6

In government auditing, what does 'economy and efficiency' relate to in a performance audit?

Accepted Answer

Whether resources are acquired at low cost and used with minimum waste to achieve objectives

Answer

Whether the entity's financial statements are fairly presented

Answer

Whether the entity complied with applicable laws and regulations

Answer

Whether program outcomes achieved intended goals