Section III Government Management Cycle

Question 1

Traditional model of management cycle:

4

Answer 1

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

Question 2

Expanded government management cycle:

7

Answer 2

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

Question 3

What is the keystone of public management?

Answer 3

planning

Question 4

What are determined during planning?

Answer 4

mission, objectives, and goals.

Question 5

GPRA

Answer 5

Government Performance and Results Act

1993

Question 6

GPRA requires….

Answer 6

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

Question 7

GPRAMA

Answer 7

Government Performance and Results Act Modernization Act 2010

Question 8

GPRAMA requires….

Answer 8

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

Question 9

Most creative phase of the management cycle is…

Answer 9

…planning.

Question 10

New strategies are adopted during which phase?

Answer 10

planning

Question 11

Mission

Answer 11

ideal statement of what the organization hopes to achieve

Question 12

Goal

Answer 12

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

Question 13

Objective

Answer 13

measurable accomplishment to be achieved

Question 14

Primary purpose of programming

Answer 14

determine most cost-effective means for accomplishing goals and objectives

Question 15

Most appropriate factors to consider:

2

Answer 15

1. entity’s mission, goals and objectives

2. policies and guidance

Question 16

Outcomes of programming phase:

5

Answer 16

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

Question 17

3 major types of budgets

Answer 17

operations
cash
capital

Question 18

Features of operating budget

Answer 18

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

Question 19

Features of cash-flow budget

Answer 19

specific timing of cash receipts and expenditures

forecasts timing and cash flows throughout the year

Question 20

Features of a capital budget

Answer 20

covers big ticket items

Question 21

GFOA recommended threshold for capitalization

Answer 21

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

Question 22

Major budget control is…

Answer 22

…appropriation.

Question 23

Forecasting identifies…

Answer 23

…probabilities or most likely outcomes.

Question 24

Forecasting techniques:

5

Answer 24

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

Question 25

Operations

Answer 25

all activities needed to achieve program objectives

Question 26

Which agency publishes a guide to internal controls

Answer 26

GAO | Standards for Internal Control in the Federal Government

Question 27

Purpose of accounting

Answer 27

ensure reliability and integrity of financial information

Question 28

3 types of accounting

Answer 28

1. financial 2. budgetary 3. managerial

Question 29

Financial accounting is used...

Answer 29

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

Question 30

Formal standards of financial accounting is guided by...

Answer 30

GASB and FASAB

Question 31

FASAB

Answer 31

Federal Accounting Standards Advisory Board

Question 32

Budgetary accounting helps entities...

Answer 32

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

Question 33

Backbone of the accounting phase

Answer 33

financial and budgetary accounting

Question 34

Managerial accounting (aka cost accounting) is used...

Answer 34

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

Question 35

What characterizes managerial accounting?

Answer 35

combination of financial and non financial data

Question 36

Who is required to maintain cost accounting systems?

Answer 36

all federal agencies

Question 37

Primary purpose of reporting is...

Answer 37

communicate accomplishments and resources expended.

Question 38

GAAP

Answer 38

Generally Accepted Accounting Principles

Question 39

GPEFR

Answer 39

General purpose external financial reports

Question 40

GAAP setting bodies for U.S.: | 3

Answer 40

1. GASB 2. FASAB 3. FASB

Question 41

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

Answer 41

GASB

Question 42

Who defines GAAP for the national government?

Answer 42

FASAB

Question 43

Who defines GAAP for private sector entities?

Answer 43

FASB

Question 44

What are popular reports?

Answer 44

condensed financial information in easy-to-read format

Question 45

Who provides guidelines for a citizen-centric report?

Answer 45

AGA

Question 46

AGA

Answer 46

Association of Government Accountants

Question 47

PAR

Answer 47

Performance and Accountability Report

Question 48

Who provides instructions for PARs?

Answer 48

OMB

Question 49

MD&A

Answer 49

Management Discussion and Analysis

Question 50

Differences between internal and external reports: | 3

Answer 50

1. timing 2. purpose 3. structure

Question 51

Factors to consider when reporting systems are designed:

Answer 51

``` purpose intended user report content frequency output format integrate data internal controls ```

Question 52

AICPA

Answer 52

American Institute of Certified Public Accountants

Question 53

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

Answer 53

AICPA

Question 54

GAAS

Answer 54

Generally Accepted Auditing Standards

Question 55

PCAOB

Answer 55

Public Company Accounting Oversight Board

Question 56

Who establishes standards for financial audits for publicly traded companies?

Answer 56

PCAOB

Question 57

GAGAS

Answer 57

Generally Accepted Government Auditing Standards

Question 58

Who issues standard for conducting audits for governmental agencies?

Answer 58

GAO

Question 59

GAGAS recognizes 3 types of audit engagements:

Answer 59

1. financial audits 2. performance audits 3. attestation engagements

Question 60

What is the primary purpose of a financial audit?

Answer 60

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

Question 61

What is the primary purpose of an attestation engagement?

Answer 61

assertion about a limited subject matter and reporting on the results

Question 62

What is the primary purpose of a performance audit?

Answer 62

examination of the performance and management of a program

Question 63

What is an internal audit?

Answer 63

a management process conducted by staff personnel

Question 64

IIA

Answer 64

Institute of Internal Auditors

Question 65

Who publishes standards for internal audits?

Answer 65

IIA