Free CPFO Exam Braindumps (page: 7)

Page 7 of 52

A payment to the capital projects fund is recorded in the general fund as:

  1. an expense.
  2. an operating subsidy.
  3. an interfund loan.
  4. a transfer out.

Answer(s): D



The general ledger management function of a federal agency's financial system:

  1. must be approved by the Bureau for Program and Policy Coordination.
  2. is promulgated by FASA
  3. must be in full compliance with the U.S. Standard General Ledger.
  4. is defined by the CFO Act of 1990.

Answer(s): C



Notes to the financial statements are:

  1. additional disclosures presented immediately following the government-wide and fund financial statements.
  2. RSI following the MD&A.
  3. supplemental information provided to transmit financial statements.
  4. optional disclosures of management analysis at the end of the financial statements.

Answer(s): A



The Federal Credit Reform Act of 1990 requires that the cost of loan defaults and interest subsidies be estimated and recorded:

  1. on a FIFO basis as loans are made.
  2. when a defaulted loan is made good by the agency.
  3. on a present value basis when the loans are made or guarantees are issued.
  4. on a cash basis when the loan is paid.

Answer(s): C






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