CGFM Exam 1: Section 3 - Government
Management Cycle Questions and
Answers
planning - Answers -involves identification of mission, priorities and broad goals.
programming - Answers -broad goals are refined into explicit objectives and involves
identifying resources required to fulfill the objective
Forecasting - Answers -helps decision-makers predict the level of resources likely to be
available.
Operations - Answers -primary output of phase is service to the public.
effective internal control - Answers -helps ensure that resources are applied
appropriately and that programs achieve their intended results.
accounting phase - Answers -tracks financial events and their effects on the financial
position of the entity.
Capital Budget - Answers -GFOA recommends the following threshold for capitalization
of a project: a useful life of at least two years and a cost of at least $5,000 for a single
item
General-Purpose External Financial Reports (GPEFR) - State and local - Answers -
statement of net assets and statement of activities.
Summary of Performance and Financial Info (SPFI) - Answers -All agencies that
prepare APR and AFR instead of PAR must complete this
Planning Outcomes - Answers -include identification of mission and goals, and
identification of key objectives
Level of Govt requires performance reports - Answers -National (Federal)
popular reports or performance reports - Answers -external reports designed for the
average citizen.
Management Cycle Questions and
Answers
planning - Answers -involves identification of mission, priorities and broad goals.
programming - Answers -broad goals are refined into explicit objectives and involves
identifying resources required to fulfill the objective
Forecasting - Answers -helps decision-makers predict the level of resources likely to be
available.
Operations - Answers -primary output of phase is service to the public.
effective internal control - Answers -helps ensure that resources are applied
appropriately and that programs achieve their intended results.
accounting phase - Answers -tracks financial events and their effects on the financial
position of the entity.
Capital Budget - Answers -GFOA recommends the following threshold for capitalization
of a project: a useful life of at least two years and a cost of at least $5,000 for a single
item
General-Purpose External Financial Reports (GPEFR) - State and local - Answers -
statement of net assets and statement of activities.
Summary of Performance and Financial Info (SPFI) - Answers -All agencies that
prepare APR and AFR instead of PAR must complete this
Planning Outcomes - Answers -include identification of mission and goals, and
identification of key objectives
Level of Govt requires performance reports - Answers -National (Federal)
popular reports or performance reports - Answers -external reports designed for the
average citizen.
