Government Financial Stewardship Flashcards
6 cards from real CPM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Government Financial Stewardship flashcards as text
How should a CPM handle a budget shortfall in the middle of a fiscal year?
Answer: Analyze spending patterns, prioritize essential services, and develop a corrective action plan
Analyzing spending patterns, prioritizing essential services, and developing a corrective action plan provides a strategic, responsible approach to mid-year budget shortfalls.
What is the purpose of a single audit in government financial management?
Answer: To provide a comprehensive audit of federal award expenditures and internal controls
A single audit provides a comprehensive review of federal award expenditures and internal controls, ensuring that federal funds are spent properly and in compliance with grant requirements.
Which principle requires government financial reports to present all relevant financial information?
Answer: Full disclosure principle
The full disclosure principle requires government financial reports to present all relevant financial information necessary for users to make informed decisions.
What role does capital improvement planning play in public management?
Answer: It strategically plans for major long-term infrastructure investments and their funding
Capital improvement planning strategically addresses major long-term infrastructure investments, their funding sources, and their impact on the community and operating budgets.
How does grant management fit into the CPM's financial stewardship responsibilities?
Answer: CPMs must ensure grants are spent according to terms, tracked separately, and reported accurately
CPMs must ensure that grant funds are spent according to their specific terms and conditions, tracked separately from other funds, and reported accurately to granting agencies.
What is the significance of the Government Accountability Office (GAO) Yellow Book for CPMs?
Answer: It establishes auditing standards for government organizations and programs
The GAO Yellow Book (Government Auditing Standards) establishes the standards for auditing government organizations, programs, and funds, guiding CPMs in maintaining audit readiness.