CGFM Trivia 4

Question 1

What does 'IPERA' stand for in federal financial management?

Accepted Answer

Improper Payments Elimination and Recovery Act

Answer

IPERA stands for the Improper Payments Elimination and Recovery Act of 2010, which expanded requirements for agencies to identify, report on, and reduce improper payments.

Question 2

Which basis of accounting is required for governmental fund financial statements under GASB?

Accepted Answer

Modified accrual basis

Answer

GASB requires governmental funds (General, Special Revenue, Debt Service, Capital Projects, and Permanent funds) to use the modified accrual basis of accounting.

Question 3

The Anti-Deficiency Act prohibits federal agencies from doing what?

Accepted Answer

Obligating or expending funds in excess of amounts appropriated

Answer

The Anti-Deficiency Act prohibits federal agencies from obligating or expending funds exceeding amounts made available by Congress through appropriations.

Question 4

What is the name of the annual financial report that the federal government as a whole is required to publish?

Accepted Answer

Financial Report of the United States Government

Answer

The Financial Report of the United States Government is published annually by the Treasury Department and presents the consolidated financial position of the federal government.

Question 5

Under GASB Statement No. 34, which financial statement replaced the 'General Purpose Financial Statements' as the primary operating statement?

Accepted Answer

Statement of Activities

Answer

GASB 34 introduced the government-wide Statement of Activities, which presents the cost of each governmental function and the revenues generated by those functions.

CGFM - Certified Government Financial Manager Practice Test

CGFM - Certified Government Financial Manager Practice Test

CGFM Trivia 4