Trivia Flashcards

Which federal law established the Chief Financial Officers (CFO) Act of 1990?

Answer: Public Law 101-576

The CFO Act of 1990 was enacted as Public Law 101-576, requiring major federal agencies to appoint CFOs and produce audited financial statements.

What does the acronym 'CAFR' stand for in governmental accounting?

Answer: Comprehensive Annual Financial Report

CAFR stands for Comprehensive Annual Financial Report, the complete set of financial statements prepared by a state or local government.

The Government Accountability Office (GAO) is headed by whom?

Answer: The Comptroller General of the United States

The GAO is led by the Comptroller General of the United States, who is appointed by the President for a 15-year, non-renewable term.

Which governmental accounting standard addresses pension accounting for state and local governments?

Answer: GASB Statement No. 68

GASB Statement No. 68 established accounting and financial reporting requirements for pensions provided by state and local governmental employers.

What is the primary mission of the Association of Government Accountants (AGA)?

Answer: Advancing government accountability professionals

The AGA's mission is to advance government accountability professionals by providing education, certification (including the CGFM), and leadership opportunities.

How many examinations make up the full CGFM certification?

Answer: Three exams

The CGFM credential requires passing three separate examinations covering governmental environment, governmental accounting, and governmental financial management.

Which document serves as the 'bible' of federal accounting standards, issued by FASAB?

Answer: FASAB Handbook

The FASAB Handbook consolidates all Federal Accounting Standards Advisory Board pronouncements and serves as the primary reference for federal accounting standards.