GFOA Exam CPFO Topic 6 Question 62 Discussion

Actual exam question for GFOA's CPFO exam

Question #: 62
Topic #: 6

[All CPFO Questions]

Federal Government requires accounting records on:

AGGAP-basis

BNon-GAAP basis

CIt depends

DBoth A&B

Show Suggested Answer

Suggested Answer: D

by Leonora at Dec 07, 2022, 07:40 PM

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Jacki

1 months ago

GGAP? Is that like the government's way of saying 'we don't really care about your numbers as long as they look good'?

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Arlene

1 months ago

This question is as clear as mud. I think I'll just choose 'D' and hope for the best.

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Zoila

5 days ago

User 3: I agree, better to be safe than sorry.

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Xochitl

7 days ago

'D' it is then. Let's hope for the best.

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Annice

8 days ago

Yeah, 'D' seems like the best choice considering the uncertainty.

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Ashton

18 days ago

I think 'D' is the safest option here.

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Leonardo

20 days ago

User 2: That's a safe choice, covers all bases.

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Leontine

22 days ago

I agree, this question is confusing. I'll go with 'D' too.

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Yuette

23 days ago

User 1: I'm going with option D, both A and B.

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Gail

2 months ago

I'm going to have to go with 'Both A&B' on this one. Gotta cover all my bases, you know?

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Tula

10 days ago

User 3: I think it's important to follow the Federal Government requirements.

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Leota

18 days ago

User 2: Yeah, it's always better to be thorough with accounting records.

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Anastacia

1 months ago

User 1: I agree, 'Both A&B' seems like the safest option.

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Chaya

2 months ago

Hmm, 'It depends' - that's the kind of answer that makes me want to pull my hair out. Give me a straight-forward option, please!

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Elliot

1 months ago

D) Both A&B

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Johnetta

1 months ago

A) GGAP-basis

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Shawnna

2 months ago

GGAP? What kind of made-up accounting standard is that? I'll go with the good old GAAP.

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Kristin

22 hours ago

I didn't know that. I guess it's important to be familiar with both standards then.

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Laquita

2 days ago

I prefer GAAP too, but sometimes the Federal Government requires accounting records on GGAP-basis.

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Garry

4 days ago

GGAP stands for Generally Accepted Government Auditing Standards. It's not made-up, it's a real accounting standard.

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Josphine

16 days ago

It depends

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Ruby

28 days ago

But what about Non-GAAP basis?

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Hayley

2 months ago

Both A&B

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Kerry

2 months ago

GGAP? What kind of made-up accounting standard is that? I'll go with the good old GAAP.

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Craig

2 months ago

I'm not sure, but I think it's important for the government to have access to both GGAP and Non-GAAP basis records.

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Louis

2 months ago

I agree with Dahlia, because the Federal Government wants accurate and reliable accounting records.

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Dahlia

3 months ago

I think the answer is D) Both A&B.

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