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GFOA CPFO Exam - Topic 6 Question 62 Discussion

Federal Government requires accounting records on:
D) Both A&B
A) GGAP-basis
B) Non-GAAP basis
C) It depends

GFOA CPFO Exam - 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:

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Suggested Answer: D

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

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Gerald
11 months ago
It depends? Really? That sounds too vague.
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Tracey
11 months ago
I agree, it’s all about GAAP compliance.
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Linn
11 months ago
Wait, both A & B? That seems odd.
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Lenna
11 months ago
I thought it was just non-GAAP?
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Doretha
12 months ago
It's definitely GAAP-basis for federal records.
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Lura
12 months ago
I’m leaning towards option D, but I can't recall if both are actually required. I wish I had reviewed that section more thoroughly!
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Lonna
12 months ago
I feel like it might depend on the context of the organization. Some might need to follow both GAAP and non-GAAP for different reports.
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Graciela
12 months ago
I remember practicing a question similar to this, and it was definitely about GAAP. But what if there are specific cases for non-GAAP?
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Shawnee
12 months ago
I think the federal government usually requires GAAP-basis records, but I'm not entirely sure if there are exceptions.
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Erasmo
1 year ago
Okay, let me think this through step-by-step. I believe the key is to identify the appropriate OSPF command to filter the loopback route for R3.
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Zack
1 year ago
Defect repair seems crucial as well, but I can't recall if it's part of the approved changes or just a separate task.
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Claribel
1 year ago
Based on my understanding, the correct answers are B and C. I'll double-check, but I'm fairly confident about those.
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Larue
1 year ago
I'm a little confused by this question. The EOQ model is about inventory management, but the options seem to cover a range of different costs. I'll need to review my notes on the key components of ordering costs in this model to determine the best answer.
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Jacki
1 year 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 year 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
1 year ago
User 3: I agree, better to be safe than sorry.
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Xochitl
1 year ago
'D' it is then. Let's hope for the best.
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Annice
1 year ago
Yeah, 'D' seems like the best choice considering the uncertainty.
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Ashton
1 year ago
I think 'D' is the safest option here.
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Leonardo
1 year ago
User 2: That's a safe choice, covers all bases.
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Leontine
1 year ago
I agree, this question is confusing. I'll go with 'D' too.
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Yuette
1 year ago
User 1: I'm going with option D, both A and B.
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Gail
1 year 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
1 year ago
User 3: I think it's important to follow the Federal Government requirements.
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Leota
1 year ago
User 2: Yeah, it's always better to be thorough with accounting records.
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Anastacia
1 year ago
User 1: I agree, 'Both A&B' seems like the safest option.
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Chaya
1 year 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 year ago
D) Both A&B
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Johnetta
1 year ago
A) GGAP-basis
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Shawnna
1 year ago
GGAP? What kind of made-up accounting standard is that? I'll go with the good old GAAP.
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Carlota
1 year ago
Yes, it's always good to stay informed about different accounting standards.
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Kristin
1 year ago
I didn't know that. I guess it's important to be familiar with both standards then.
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Laquita
1 year ago
I prefer GAAP too, but sometimes the Federal Government requires accounting records on GGAP-basis.
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Garry
1 year 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
1 year ago
It depends
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Ruby
1 year ago
But what about Non-GAAP basis?
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Hayley
1 year ago
Both A&B
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Kerry
1 year ago
GGAP? What kind of made-up accounting standard is that? I'll go with the good old GAAP.
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Craig
1 year 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
1 year ago
I agree with Dahlia, because the Federal Government wants accurate and reliable accounting records.
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Dahlia
2 years ago
I think the answer is D) Both A&B.
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