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CGFM > Section III Government Management Cycle > Flashcards

Section III Government Management Cycle Flashcards

18% - identify and describe each phase of the government management cycle - describe how phases of government management cycle interrelate - identify techniques that support the management cycle - identify and define the terms and concepts that underlie performance measurement and reporting

1
Q

Traditional model of management cycle:

4

A
  1. planning
  2. organizing
  3. direction
  4. controlling
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2
Q

Expanded government management cycle:

7

A
  1. planning
  2. programming
  3. budgeting
  4. operations
  5. accounting
  6. reporting
  7. auditing
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3
Q

What is the keystone of public management?

A

planning

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4
Q

What are determined during planning?

A

mission, objectives, and goals.

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5
Q

GPRA

A

Government Performance and Results Act

1993

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6
Q

GPRA requires….

A

…agencies to create strategic plans, create performance plans, and submit follow-on reports.

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7
Q

GPRAMA

A

Government Performance and Results Act Modernization Act 2010

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8
Q

GPRAMA requires….

A

establish cross-agency goals and appoint chief operating officer and a performance improvement officer.

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9
Q

Most creative phase of the management cycle is…

A

…planning.

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10
Q

New strategies are adopted during which phase?

A

planning

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11
Q

Mission

A

ideal statement of what the organization hopes to achieve

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12
Q

Goal

A

broad statement of purpose for a particular program within the agency.

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13
Q

Objective

A

measurable accomplishment to be achieved

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14
Q

Primary purpose of programming

A

determine most cost-effective means for accomplishing goals and objectives

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15
Q

Most appropriate factors to consider:

2

A
  1. entity’s mission, goals and objectives

2. policies and guidance

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16
Q

Outcomes of programming phase:

5

A
  1. specific, measurable, objectives, timeframes
  2. identification of most cost-effective means to achieve objectives
  3. identification of personnel, dollars, equipment, and other resources needed
  4. level of resources that will be requested
  5. decision on how resources will be distributed
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17
Q

3 major types of budgets

A

operations
cash
capital

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18
Q

Features of operating budget

A

limited period
specify planned revenues and expenditures
anticipate total revenues
anticpate costs

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19
Q

Features of cash-flow budget

A

specific timing of cash receipts and expenditures

forecasts timing and cash flows throughout the year

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20
Q

Features of a capital budget

A

covers big ticket items

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21
Q

GFOA recommended threshold for capitalization

A

a useful life of at least 2 years and a cost of at least $5k for a single item

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22
Q

Major budget control is…

A

…appropriation.

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23
Q

Forecasting identifies…

A

…probabilities or most likely outcomes.

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24
Q

Forecasting techniques:

5

A
  1. expert
  2. delphi
  3. extrapolation
  4. leading indicators
  5. technology assessments
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25
Q

Operations

A

all activities needed to achieve program objectives

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26
Q

Which agency publishes a guide to internal controls

A

GAO

Standards for Internal Control in the Federal Government

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27
Q

Purpose of accounting

A

ensure reliability and integrity of financial information

28
Q

3 types of accounting

A
  1. financial
  2. budgetary
  3. managerial
29
Q

Financial accounting is used…

A

…to determine results of operations (revenues and expenses) and changes in net position (assets, liabilities, and fund balance).

30
Q

Formal standards of financial accounting is guided by…

A

GASB and FASAB

31
Q

FASAB

A

Federal Accounting Standards Advisory Board

32
Q

Budgetary accounting helps entities…

A

remain within the legal budget by tracking commitments (requisitions), obligations (encumbrances), and expenditures.

33
Q

Backbone of the accounting phase

A

financial and budgetary accounting

34
Q

Managerial accounting (aka cost accounting) is used…

A

to gauge the cost-effectiveness of operations and improve efficiency.

35
Q

What characterizes managerial accounting?

A

combination of financial and non financial data

36
Q

Who is required to maintain cost accounting systems?

A

all federal agencies

37
Q

Primary purpose of reporting is…

A

communicate accomplishments and resources expended.

38
Q

GAAP

A

Generally Accepted Accounting Principles

39
Q

GPEFR

A

General purpose external financial reports

40
Q

GAAP setting bodies for U.S.:

3

A
  1. GASB
  2. FASAB
  3. FASB
41
Q

Who defines GAAP for state and local governments, tribal governments, and U.S. territories, trusts and commonwealths?

A

GASB

42
Q

Who defines GAAP for the national government?

A

FASAB

43
Q

Who defines GAAP for private sector entities?

A

FASB

44
Q

What are popular reports?

A

condensed financial information in easy-to-read format

45
Q

Who provides guidelines for a citizen-centric report?

A

AGA

46
Q

AGA

A

Association of Government Accountants

47
Q

PAR

A

Performance and Accountability Report

48
Q

Who provides instructions for PARs?

A

OMB

49
Q

MD&A

A

Management Discussion and Analysis

50
Q

Differences between internal and external reports:

3

A
  1. timing
  2. purpose
  3. structure
51
Q

Factors to consider when reporting systems are designed:

A 
purpose
intended user
report content
frequency
output format
integrate data
internal controls
52
Q

AICPA

A

American Institute of Certified Public Accountants

53
Q

Who establishes standards for financial audits for non-publicly traded companies and not-for-profit entities?

A

AICPA

54
Q

GAAS

A

Generally Accepted Auditing Standards

55
Q

PCAOB

A

Public Company Accounting Oversight Board

56
Q

Who establishes standards for financial audits for publicly traded companies?

A

PCAOB

57
Q

GAGAS

A

Generally Accepted Government Auditing Standards

58
Q

Who issues standard for conducting audits for governmental agencies?

A

GAO

59
Q

GAGAS recognizes 3 types of audit engagements:

A
  1. financial audits
  2. performance audits
  3. attestation engagements
60
Q

What is the primary purpose of a financial audit?

A

providing reasonable assurance eon whether financial statements are presented fairly in conformity to GAAP

61
Q

What is the primary purpose of an attestation engagement?

A

assertion about a limited subject matter and reporting on the results

62
Q

What is the primary purpose of a performance audit?

A

examination of the performance and management of a program

63
Q

What is an internal audit?

A

a management process conducted by staff personnel

64
Q

IIA

A

Institute of Internal Auditors

65
Q

Who publishes standards for internal audits?

A

IIA

CGFM (1 decks)

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