question

AGA

answer

Association of Government Accountants

question

CEAR

answer

Certificate of Excellence in Accountability Reporting

question

CFO

answer

Chief Financial Officer

question

CGFM

answer

Certified Government Financial Manager

question

ERP

answer

Enterprise Resource Planning

question

FASAB

answer

Federal Accounting Standards Advisory Board

question

FASB

answer

Financial Accounting Standards Board

question

FSIO

answer

Financial Systems Integration Office (within GSA)

question

GAAP

answer

Generally Accepted Accounting Principles

question

GAO

answer

Government Accountibility Office

question

GASB

answer

Government Accounting Standards Board

question

GPRA

answer

Government Performance and Results Act

question

OMB

answer

Office of Management and Budget

question

PAR

answer

Performance and Accountability Report

question

SEA

answer

Service Efforts and Accomplishments

question

Accountability

answer

Principle that in a democracy, government operates at the consent of the people. Therefore it must answer to the people for its actions and results, including the taking and using of the people's resources.

question

Allotments

answer

In the federal government, an agency's distribution of apportioned budgetary authority to various components within the agency. After the executive agency receives its apportionment, it allots budgetary authority to specific components within the agency.

question

Anti-Deficiency Act

answer

At the federal level, a law stating that officials can be fined and/or jailed if they obligate the government to spend funds beyond the legally authorized purpose, time, or amount.

question

Apportionmnets

answer

Definitions may vary at different levels of government. At the federal level, OMB's approval to use a protion of the legislatively approved budgetary authority.

question

Appropriated Budget

answer

Budget that has been passed by the legistlative branch; has effect of law.

question

Appropriation

answer

A legistlative enactment (law, statute or ordinance) that creates spending authority; the legal authority to incur expenses and spend money.

question

Attestation engagements

answer

Engagement primarily concerned with examining or performing agreed upon procedures on a subject matter, or an assertion about a subject matter, and reporting on the results. The subject matter may be financial or nonfinancial and can be part of a financial audit or performance audit. Possible subjects include reporting on an entity's internal controls, compliance with law or performance measures.

question

Authorization

answer

Legislative enactment that approves programs; prescribes what activities an agency may pursue if funding is available.

question

Block grants

answer

Intergovernmental provision of resources for broadly defined purposes. Contrasts with category grants.

question

Capital Budget

answer

Forecasts and controls spending for "big ticket" items that are acquired and used over a period of several years, such as construction projects and major equipment purchases. Used at state and local levels.

question

Capital lease

answer

Capital leases is a lease fo real property that meets defined criteria requiring the government to report the property as it purchased long term debt

question

Cash-flow budget

answer

Forecasts the timing as well as amount of cash flows for the year. Used to project required cash levels.

question

Category grants

answer

Intergovernmental provision of resources to be used for activities in a specific category of purpose. May be further classified as discretionary grants or formula grants. Contrasts with block grants.

question

Central Management Agencies

answer

Government agencies that provide central management services to other components. Example would be a state government hr office (that serves all state agencies) or the OMB at the federal level.

question

CEAR

answer

An AGA program that helps federal agencies and their components to produce effective, high-quality Performance and Accountability Reports

question

Certificate of Participation

answer

Form of shared government financing. In a typical form, several financial institutions share in a loan arrangement with a government entity.

question

Charter

answer

Local government version of a constitution. States may provide for the establishment of local governments through charters

question

checks and balances

answer

Process by which one branch of government (legislative, executiv or judicial) can constrain actions of the other branches. Flows from separation of powers.

question

CFO Act

answer

1990 law that, among other provisions, requires the federal government's major executive branch agencies to have a CFO. Prescribes duties and reporting requirements, and requires audited financial statements

question

Commissions

answer

Government components established by law, statuted or ordinance. May be permanent or temporary. Because they are established by law, may have greater autonomy and authority than government components that are administratively established. Ex. Federal Communication Commision

question

Components

answer

Organized units of government such as agencies, offices and departments. Found in all branches of government at all levels.

question

Conflict of interest

answer

Arises when one has personal interest in matters relating to official duties or activities. Such conflicts can destroy objectivity and independence and prevent the exercise of due care

question

Consumption Taxes

answer

Broad category of tax that includes sales, use, excise and value-added taxes

question

Continuity of Operations

answer

Refers to the efforts to ensure the organization can sustain essential operations regardless of planned or unplanned incidents or disruptions.

question

Covenant (bond)

answer

Legal requirements pertaining to a specific bond issue. Typically define the maturity date, revenue stream that will be used to repay the debt, interest rate and repayment schedule. May require a sinking fund and may specify conditions that must be met before new debt can be issued.

question

Credit-rating agencies

answer

Independent organizations that assess the credit worthiness of debt. Three major rating agenciew are Standard & Poors, Moody's Investor Service and Fitches rating

question

Data mining

answer

Using special, computer-based techniques such as filters and algorithms to extract meaningful information from large bodies of data

question

Debt

answer

Money owed by the entity to individual or organizational creditors, ususally as a result of planned short- or long-term borrowing to finance government objectives

question

Dedicated tax

answer

Taxes levied to finance a specific activity. Proceeds are deposited into an account restricted to that activity. Also referred to as earmarked or restricted taxes.

question

Deficit

answer

Occurs when government expenditures for a specific fiscal period exceed revenues and/or financial resource inflows.

question

Diligence

answer

Pursuing an event, action or assignment to a timely and sufficient end or close

question

Discrestionary grants

answer

Form of category grant. Transfers funds between governments for a specific purpose; whether a grant is awarded and the amount of the award depend on discretion of the entity providing the funds

question

Donations

answer

Voluntary contributions that confer no rights or benefits on the giver

question

Due care

answer

To discharge professional responsibilities with competence and diligence, to the best of one's ability, and with the same level of ability and skill as others in similar positions. It also means to act in the best interest of those served.

question

Earmarking

answer

Variation on use of special funds. Revenue from specific taxes or other sources is set aside for specific activities. One example is the earmarking of gasoline taxes for highway improvements

question

Enterprise Resoure Planning System

answer

Major "end-to-end" computer system that links many functions and departments. Used to simplify and streamline financial management, and to integrate operation with financial management

question

Estate tax

answer

Form of wealth tax. Levied on the estate of the deceased person before assets are distributed to heirs

question

Ethics

answer

A set of moral principles and values; the principles of conduct governing an individual or a (professional) group. A complex system of discipline that civilized societies impose on themselves through laws, customs, standards, social etiquette and other rules to govern moral conduct

question

Excise tax

answer

Form of consumption tax. Levied on the consumption of a particular type of good or participation in a certain type of activity. Whereas general sales taxes are broad-based, excise taxes are more narrowly targeted.

question

Executive orders

answer

Orders issued by the president, governor, or a local government's chief executive that do not violate laws or statutes and have substantial impact on policy and procedures of government. They carry less weight than laws because the legislature or next chief executive may overturn the previous order

question

Fair

answer

Free from self-interest, prejudice or favoritism. Implies an elimination of one's own feelings, prejudices and desires so as to acheive a proper balance of conflicting interests.

question

FASAB

answer

Defines GAAP for entities of the federal government; this includes the national government as a whole plus distinct components.

question

Federalism

answer

Principle that government authority and responsibility is shared among different levels of government. (In practice, people often use the term 'federal' when referring to the national level of government)

question

FASB

answer

Defines GAAP for private sector entities. Occasionally, GASB and FASAB make FASB standards applicable to national, state or local government

question

Financial Management System

answer

Organized means for the collection, processing, transmission and dissemination of financial information. Includes policies and procedures and trained personnel as well as any applicable computer hardware and software

question

Financial Statement Audit

answer

Examination of financial statements, accomplished by an independent auditor. Results in an opinon on whether the financial statements are presented fairly in accordance with GAAP or another comprehensive basis of accounting

question

Financial Reports

answer

External reports that depict financial position and financial results of operations of the entity

question

Formula grants

answer

Form of category grants. The amount of the inter-governmental transfer is based on a formula contained in law or regulation, which determines the total amount recipients will receive if basic eligibility requirements are satisfied

question

Forensic auditing

answer

"Forensic" implies that the results will be admissable as legal evidence. Forensic auditing combines the skills of auditors and accountants with investigative techniques, useful for both detection and prevention of fraud

question

General Assembly

answer

Name often applied to the legislative branch at the state level

question

General obligation bonds

answer

Form of government debt that is backed by the full faith and credit of the government. Contrasts with revenue bonds

question

General-purpose government

answer

Entities at the national, state or local level that provide a broad range of services

question

GASB

answer

Defines GAAP for state and local government entities

question

Government Corporationgs

answer

Quasi-government entities formed to support businesslike functions where most, if not all, operating expenses are expected to be covered through revenues and fees, rather than from appropriated budget authority

question

Government Performance and Results Act (GPRA)

answer

U.S. law passed in 1993; requires federal agencies to create long-term strategic plans. The strategic plans are followed by annual performance plans (currnetly performance budgets), performance measures and performance reports

question

Grants

answer

Funds transferred from one level of government to another for specific or broad purposes

question

Impartial

answer

Lack of favoritism. The absence of favor or prejudice. Not partial or biased. Treating or affecting all equally.

question

Income tax

answer

Tax based on income and levied on individuals or corporations. Used most often at national and state levels, though some states allow local governments to impose income taxes.

question

Independence

answer

Free from relationships that may impair, or appear to impair, one's ability to act with objectivity. Independence is the quality of being free of any obligation to particular parties or interests.

question

Inheritance Tax

answer

Form of wealth tax. Levied on the person receiving the bequest

question

Initiative

answer

Process that enables citizents to present their view of a problem and a proposed solution, rather then depending on a solution devised and enacted by the legislative branch. Allows direct citizen action to affect laws.

question

Intangibles tax

answer

Form of wealth tax. Applied to intangible assets such as stocks and bonds, savings accounts, trademearks and accounts receivable (in the case of a business).

question

Internal controls

answer

Activities designed to ensure programs achieve their intended results; resources are used efficiently and effectively; programs and resources are protected from waste, fraud and mismanagement; laws and regulations are followed; and reliable and timely information is obtained, maintained and reported

question

Judicial Review

answer

Principle by which the judicial branch may review actions by the legislative and executive branches and if appropriate, declare them unconstitutional or illegal. Flows from the separation of powers

question

Lease-purchase

answer

Practice by which a government entity assumes a long-term lease on a capital asset and at the end of the lease period, the asset may transfer to the government. Usually, these long-term obligations do not require voter approval

question

License fee

answer

Fee paid to the government for a specific privilege often related to an activity. Ranges from recreation (fishing licenses) to business (real estate licenses)

question

Line-item veto

answer

Authority that allows the chief executive, such as a governor or mayor, to strke individual line items from the budget without vetoing the entire budget bill. US presidents do not have line-item veto authority.

question

Lottery

answer

State-controlled gambling, used by many states as a source of revenue

question

Management Cycle

answer

Steps in the continuous government management cycle include planning, programming, budgeting, operations, accounting, reporting and auditing

question

Mediation

answer

Form of conflict resolution that involves an objective, third party mediator who tries to bring the disputants closer together. Unlike arbitration, mediation is usually voluntary and nonbinding

question

Myers-Briggs Type Analysis

answer

Personality assessment based on the psychological theory of Carl Jung and the diagnostic instrument developbed by Isabel Briggs-Myers and her mother Katharine Briggs

question

Notes

answer

Form of government debt used as a short-term financing source. Due to the short maturity period, the principle and interest for a note are usually retired simultaneously upon maturity (that is, no periodic interest payments)

question

Object Class

answer

A budget or accounting category that defines the resources to be applied to specific types of inputs such as personnel, travel, tools, or supplies

question

Objectivity

answer

Imposes the obligation to be impartial, intellectually honest, and free of conflicts of interest. Public officials are objective when they uphold the expectation of fairness, make decisions on merit, and do not allow prejudice or bias to influence thier decisionhs or behavior.

question

Operating budget

answer

Defines level or resources to be applied in providing government programs and services; usually covers periods of one to two years.

question

Ordinance

answer

Law enacted by a legislative body below the state level, such as of a county, city or town

question

Outcome

answer

Ultimate results of government programs, such as number of gainfully employed graduates or reduction in road accidents. May take many months or years to achieve. Outcomes are often more difficult to measure than outputs.

question

Output

answer

The goods or services produced, such as number of students trained or number of road miles repaired

question

Performance and Accountability Report

answer

A single report that combines financial results and performance results. Recent requirement for federal executive agencies, but may be practiced at other levels of government.

CGFM #1 Definitions – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards