Reinforcement Quiz
A large school district advertises for bids to supply the district with its paper requirements for the year. It receives bids from six commercial vendors. What type of contract is most appropriate for this procurement? a. fixed price b. cost, plus a fixed fee c. time and materials d. cost sharing
A fixed price A fixed price contract is generally the most desirable type of contract and should be used when appropriate specifications can be prepared, leading to advertising for bids and effective price competition
What action results in the government becoming a collector of a guaranteed loan?
A government agency becomes a collector of a guaranteed loan if the borrower fails to make payments on the loan to the lending institution. In these cases, the agency is obligated to pay off the loan to the original lending institution and it becomes both the lender and collector of the loan.
Which OMB Circular defines management's responsibility for internal control in federal agencies?
A123
A copy of the purchase order should go to the receiving department to alert it to incoming supplies. Regarding that copy, which of the following procedures is most likely to ensure accurate counts on inspection? a. show the quantities ordered on that copy b. do not show the quantities ordered on that copy c. show the unit cost of the quantities ordered on that copy d. do not show the unit cost of the quantities ordered on that copy
B
As a result of a severe storm, emergency repairs are needed to repair washed-out segments of several key roadways. How should the village seek a contractor to do the repairs, estimated to cost $75,000? a. contract with the first contractor listed in the telephone book b. get proposals from three contractors who have been pre-qualified to do repair work c. add a change order to a contract currently held by a contractor. d. prepare detailed specifications of work needed, place an invitation for bids in the local newspaper, and allow 30 days to submit bids
B
Considering performance measurement at all three levels of government, which of the following pairs of words best define the term "outcome"? a. inputs and outputs b. results and effects c. activities and services d. missions and strategies
B
Enterprise risk management is: a. the consistent implementation of internal controls across the enterprise. b. an agency-wide approach to addressing the full spectrum of the organization's significant risks by understanding the combined impact of risks as an interrelated portfolio, rather than addressing risks only within silos. c. developing a broad understanding of functional and programmatic risks, and aggregating those risks to create an enterprise risk profile. d. identification and treatment of strategic risks across the enterprise.
B
How is a financial ratio calculated? a. by multiplying one data element by another b. by dividing one data element by another c. by adding one data element to another d. by subtracting one data element from anothe
B
In assessing the financial condition of a general purpose local government, what does the ratio of "total unassigned fund balance" to "total revenues and transfers in" indicate? a. nothing that is useful b. the ability of an entity to meet future revenue shortfalls c. the ability of an entity to pay its short-term obligations d. the ability of an entity to pay its long-term obligations
B
In performance measurement, the crime rate (number of crimes per 1,000 residents) would generally be considered as what kind of indicator? a. an input indicator b. an outcome indicator c. an irrelevant indicator d. an efficiency indicator
B
Internal controls provide what level of assurance that fraud, waste and mismanagement have been eliminated? a. absolute assurance b. reasonable assurance c. minimal assurance d. unqualified assurance e. qualified assurance
B
The technique that allows you to graphically represent a business process is: a. regression analysis. b. flowcharting. c. future value. d. efficiency ratio.
B
What is not a purpose of internal controls? a. achieve program objectives b. ensure timely budget passage c. comply with laws and regulations d. safeguard assets
B
Which factor makes it very difficult for management to prevent fraud? a. multiple bank accounts b. collusion c. employee error d. annual audits by an external auditor
B
Which of the following is required for performance measurement to function effectively? a. an encumbrance accounting system b. an established goal or target c. quantifiable indicators of what a program is doing or achieving d. a cash flow statement
B
Which of the following statements is false regarding the uses of performance measurement and reporting? a. It helps decision-makers in the resource allocation process. b. It helps in assessing efficiency, but not effectiveness. c. It helps citizens assess government performance. d. It represents management's assertion regarding performance.
B
In supply control, which of the following is included in "administrative lead time?" a. time required to physically count the quantity of inventory on hand b. time required to order and receive delivery of stock c. time required to coordinate customer needs before the year begins d. time required to prepare periodic management reports
B Administrative lead time is one of the factors considered in determining when to replenish inventory levels. Administrative lead time includes the time needed to order and receive delivery of stock. The other three answers are irrelevant.
A secure area for expensive electronic components is an example of: a. risk assessment. b. control environment. c. control activity. d. monitoring.
C
A state transportation department receives four bids to construct six miles of highway. Each bid is for a different price. Which of the following best describes the contractor who should be awarded the contract? a. the company that built a nearby state highway b. the most experienced builder of state highways c. the lowest responsible bidder d. the bidder with the greatest financial capacity
C
Critical challenges to effective implementation of ERM include: a. the establishment of a Chief Risk Officer reporting directly to the head of the agency b. the establishment of an effective internal control program c. ensuring an organizational culture that is willing to acknowledge risks and determine treatments that are in the best interest of the overall agency. d. establishing objectives that minimize enterprise risks.
C
From the perspective of the citizenry, what is the purpose of performance reporting? a. to see if the entity reports in accordance with GAAP b. to see if the entity's total expenditures do not exceed revenues c. to help citizens assess governments' results d. to see if the financial statements have been audited
C
Management monitors the internal control system to ensure: a. employees read the procedures handbooks. b. the auditors do their work correctly. c. the control mechanisms work effectively. d. employees do not make an unreasonable number of errors.
C
The primary difference between internal and external auditors is: a. external auditors must adopt audit standards. b. external auditors review only financial statements. c. internal auditors are not independent. d. internal auditors use the AICPA audit standards.
C
Using an alarm clock to make sure we wake up at the right time is an example of: a. control environment. b. risk assessment. c. control activity. d. time management.
C
We usually consider the time value of money when: a. calculating depreciation costs. b. hiring new employees. c. making capital investments. d. purchasing supplies.
C
What information would probably not be documented in property record-keeping? a. replacement value b. acquisition cost c. depreciation d. accountability
C
Which federal agencies must have annual financial statements? a. the 15 cabinet agencies b. all agencies with more than $100 million in annual budgetary authority c. virtually all federal agencies d. none of the above
C
Which item is false regarding the steps an agency should take on internal control deficiencies? a. design proposed corrective actions b. establish timetables for corrective actions, including assigning the responsible individual c. place all responsibility for the assessment and maintenance of internal controls under the agency CFO d. track progress to ensure timely and effective results e. establish follow-up procedures
C
Which law first required audited financial statements from the largest federal agencies? a. Federal Financial Management Improvement Act b. Federal Managers' Financial Integrity Act c. Chief Financial Officers Act of 1990, as expanded by the Government Management Reform Act d. OMB Circular A-123
C
Which of the following best describes the basic objective of the acquisition process when acquiring goods and services? a. to obtain the highest quality product or service available b. to obtain at least three competitive proposals c. to obtain the best price considering quality and delivery requirements d. to ensure that all contractors on the bidders list have an opportunity to submit bids or proposals
C
Which of the following data elements is likely to be found in the calculation of the quick ratio? a. outstanding long-term debt b. merchandise inventory c. cash equivalents d. unassigned fund balance
C
Which of these statements about financial ratio analysis is NOT true? a. Ratios should be compared with those of similar entities. b. Ratios should be traced over time within an entity. c. Only one ratio is needed to assess an entity's financial condition. d. Common-size financial statements provide useful data for analysis.
C
Which statement best expresses the relationship of cost versus benefit in internal controls? a. The cost of a control should always exceed the benefits. b. The cost of controls is unimportant because elimination of risk is essential. c. The benefits of a control should exceed its cost. d. We should consider only financial costs and financial benefits in determining whether to institute an internal control mechanism.
C
You consider management philosophy and operating style in connection with a review of: a. risk assessment. b. monitoring. c. control environment. d. information and communication.
C
Which is the most important component of internal controls and why?
CE
What is COTS and what are the pros and cons of a COTS solution?
COTS is an acronym for commercial off-the-shelf systems. There are three important realities of user requirements in COTS procurements. One is that, in all likelihood, no COTS product will exactly meet the identified requirements. The second is that any COTS product designed for government will most likely support the accomplishment of the financial manager's objectives. The third is that the acquisition of a COTS product will only lead to success if the financial manager is willing to revise the way his or her financial information is processed in order to take maximum advantage of the capabilities of the acquired system (i.e. process redesign). The easiest transitions come about when the COTS product that causes the least change is procured.
An assessable unit could be: a. a government agency. b. a very large governmental division. c. a property on the county's tax rolls. d. a governmental unit large enough to be significant, but small enough that an internal review team can deal with it as a whole.
D
In a typical migration to a shared service provider, which of the following is true? a. Agency accounting support staff will be relocated to the shared service provider's team. b. Migrating to a shared service provider will provide an agency access to modern technology and capabilities. c. Developing a service level agreement with the SSP will help the agency manage support expectations. d. B and C above
D
In performance measurement, the term "outputs" refers to: a. the number of staff persons assigned to a program. b. the cost per unit of a program. c. the results achieved by a program. d. the physical quantity of services provided by a program.
D
Real property should be safeguarded from: a. terrorist attacks. b. fire. c. weather damage. d. all of the above.
D
What is the difference between economy and efficiency? a. There is no difference; the two terms may be used interchangeably. b. Economy is a resource-usage concept, and efficiency relates to the extent to which predetermined goals are achieved. c. Economy relates to the quality of outputs, and efficiency relates to the quantity of outputs. d. Both are least-cost notions, but economy relates to the acquisition of resources and efficiency relates to the usage of resources.
D
Which of the following approaches to procurement is most likely to result in negotiation with the prospective providers of services, based on the best approach to providing the service? a. when the agency purchases from a statewide contract or catalog b. when the agency issues an invitation for bids (IFB) c. when the agency purchases from a blanket purchase agreement d. when the agency issues a request for proposals (RFP)
D
Which of the following inventory/supply control rules is most likely to ensure that the optimum quantity of supplies is on hand? a. taking a physical inventory at year-end b. using all available supply funds before the end of the year c. storing supplies in such way as to prevent deterioration d. ordering enough to meet user demands, but not so much as to create excesses
D
Which of the following is not normally a function of a financial management system? a. collect accurate, timely, complete, reliable and consistent information b. support policy decisions c. support budget execution d. maintain information on citizen inquiries e. facilitate preparation of the financial statements
D
Which of the following situations should be considered when thinking about moving to a shared service provider? Please select the best answer. a. the agency's current systems and processes can no longer be maintained b. the interfaces to mission-based systems will need to be developed c. the number of staff eligible for retirement d. all of the above
D
Which of the following statements is true? a. Auditors and managers have the same responsibility for internal controls. b. Auditors design internal controls and managers implement them. c. Managers design internal controls and auditors implement them. d. Managers design and implement internal controls and auditors assess and report on them.
D
Options for treating risks include all except: a. accept. b. avoid. c. transfer or share. d. reduce. e. cancel.
E
A poor control environment can be overcome by a strong risk assessment. True or false?
F
Auditors are responsible for developing internal controls. True or false?
F
Which of the following are the responsibilities of the financial manager in the implementation of a new financial management system? a. establishing an understanding both within and outside the financial management organization that it is the user of the system and what that entails b. developing and strengthening the interface among the system developer, the procurement activity, and the user activities c. defining user requirements d. communicating and monitoring user requirements e. ensuring that all functional requirements can be supported by the new system f. all of the above
F
If a person defaults on a debt, the government will immediately bring legal action to collect the debt. True or false?
False
Internal controls are relevant to the work environment, not to the home environment. True or false? Explain.
False
The "shared services movement" is primarily a federal phenomenon. True or false
False
A government should establish a different bank account for each of its funds. True or false?
False. A government should concentrate its accounts for increased investment potential. The accounting system should be used to track the cash balances for each fund.
Explain the following components of a financial management system. a. funds management b. receivables management c. payables management d. reporting
Funds management consists of budget preparation, budget formulation, funds allocation, budget execution, and funds control. Receivables management consists of customer information maintenance, receivable establishment, debt management, and collections and offsets. Payables management consists of payee information maintenance, payment warehousing, payment execution, and payment confirmation and follow-up. Reporting consists of general reporting, external reporting, internal reporting, and responding to ad hoc queries.
What is a heritage asset?
Heritage asset is an asset that governments retain for future generations because of its historical significance, natural beauty, artistic merit, etc
Which of the following is not a duty of the Federal Reserve System? a. guaranteeing direct loans of the federal government b. maintaining stability of the financial system c. conducting monetary policy for the government d. supervising and regulating banking institutions
(a). The Federal Reserve System does not guarantee loans of the federal government. Loans are guaranteed by agencies of the federal government.
Which of the following organizations is not an external shared service provider? a. Department of Agriculture, National Finance Center (NFC) b. NASA Shared Service Center (NSSC) c. Department of Defense Finance and Accounting Service (DFAS) d. Department of Interior, Interior Business Center (IBC)
(b) the NASA Shared Service Center is an excellent example of an internal shared service provider. NSSC provides services only to user entities within NASA.
A county government collects funds from property taxes in late December each year. The county releases property taxes collected on behalf of school districts on the following July 1. Which of the following investments would be the most prudent investment of this money for six months? a. bond funds b. commercial paper c. equities d. real estate e. checking account interest
(b). Commercial paper is a short-term investment instrument, which would be the most appropriate and prudent given the limited time period. Bond funds are long-term investments, while equities and real estate have a greater degree of risk. The interest from a checking account would be much less than the interest from commercial paper.
Following up on corrective actions identified after an internal control review: a. is not necessary, although many agencies do it. b. is one of the steps in the internal review process. c. is a function that is properly performed by auditors, not managers. d. creates a conflict of interest for managers conducting the next internal control review.
(b). Even after conducting a thorough internal control review and establishing corrective actions, we may find that the recommended corrective action may not always have the desired impact on the assessable unit. A detailed follow-up process is integral to an effective internal control process.
The prudent expert rule states that: a. only persons with investment experience should sit on a board. b. board members must hire investment expertise if such knowledge is not otherwise available. c. it is sufficient for board members to be prudent in investing government funds. d. board members should perform due diligence by reading and understanding investment manager's reports before the board meetings.
(b). If the individual or board overseeing the government's investments does not have the knowledge or experience needed, then the individual or board must acquire competent individuals or firms to assist in the investment of those funds.
Which statement about payback analysis is false? a. It asks how long it will take to recover the amount invested. b. It considers the time value of money. c. It is a simple straightforward technique. d. It is often used in combination with other analytical techniques.
(b). Payback analysis is a simple analytical technique that asks how many years it will take to recover the costs of an investment. It does not consider the cost of money because recovery in the fourth year is treated the same as recovery in the first year. For that reason, it is often used in tandem with other techniques.
Which organization publishes International Standards for the Professional Practice of Internal Auditing? a. The Government Accountability Office b. The Institute of Internal Auditors c. The Governmental Accounting Standards Board d. The Office of Management and Budget
(b). The Institute of Internal Auditors. The GAO publishes standards on government auditing. The GASB publishes standards on accounting and reporting. OMB does not publish accounting standards, but does provide guidance on other matters.
Quotes for over-the-counter securities can be obtained on the: a. NYSE. b. NASDAQ. c. AMEX. d. Chicago Board of Trade
(b). The NASDAQ provides the quotes for securities that are traded over the counter. The other markets provide quotes only for the securities that are listed on the appropriate exchange.
Which of the following is inappropriate? a. The person receiving a deposit makes out the deposit slip. b. The person making out the deposit slip makes the deposit. c. The person sending out the bill records the transaction in the system. d. The person recording transactions reconciles the bank statements.
(b). The person making the deposit slip has the ability to alter the deposit. Thus, these are not compatible duties. Often, the person receiving the deposit also makes out the deposit slip.
Which of the following statements is closest to an outcome? a. The student teacher ratio was 15:1, compared with 16:1 last year. b. Total expenditures for teachers were $14,370,000, compared with $13,920,000 last year. c. Seventy percent of the fourth-grade students scored proficient or better on the state math exam, compared with 72 percent last year. d. Sixty percent of the education dollar was spent on classroom teaching, compared with 58 percent last year.
(c). An outcome is a result that was achieved, at least in part, because of services provided. Among the choices provided in this question, the only outcome or result achieved is the proficiency of the fourth-grade students on the state math exam.
Enterprise resource planning systems can be characterized as: a. large-scale integrated systems. b. systems that are designed to perform a single application for a single entity. c. systems that rethink how an organization operates in order to improve service and reduce costs. d. systems that are obtained from an organization that provides systems for several entities
(c). By definition, an enterprise resource planning system is more than a large-scale integrated system. It typically encompasses multiple systems, performing multiple applications. And the system can be operated internally or by an external party.
Debt service coverage shows the number of times an entity's debt service is covered by: a. its net assets (assets minus liabilities). b. its working capital (current assets minus current liabilities). c. its net revenues (gross revenues minus operating and maintenance expenses). d. its outstanding long-term debt (debt issued minus debt repaid).
(c). Debt service coverage is the number of times an entity's debt service is "covered" by the annual revenues that are available to pay debt service.
What step is not required in evaluating the internal control process? a. segment the agency b. train the evaluation staff c. audit each of the segments d. document the process
(c). It is not necessary to audit each segment. Indeed, the time involved would be so great that we would probably never complete the evaluation of internal controls.
A government has a collateral agreement with its depository bank. The collateral is held in the bank's trust department. The government is subject to: a. interest rate risk. b. liquidity risk. c. custodial credit risk. d. systematic risk.
(c). Securities that are not held by the government or its agent, and particularly if they are not held in the owner's name, have the greatest custodial credit ris
Which of the following should not be done through electronic payments? a. the payroll of the government b. payments to retirees c. a payment for a one-time purchase d. payments for the purchase of investments
(c). The amount of time involved in setting up an account for an electronic payment would be too costly for a one-time purchase. This is particularly true if the amount is small.
Which of the following pairs of factors are "traded off" against each other in determining the Economic Order Quantity? a. pilferage costs and obsolescence costs b. receiving costs and inspecting costs c. ordering costs and carrying costs d. perpetual inventory costs and periodic inventory costs
(c). The more orders placed for supplies, the greater the total ordering costs, and the lower the carrying costs. In the Economic Order Quantity formula, these costs are "traded off" against each other to arrive at the optimum quantity to order.
In the System Development Life Cycle process, the step that defines what the new system must do is called: a. general design. b. implementation. c. detailed design. d. requirements definition.
(d). General design and detailed design are the two steps that define how the system will operate in order to meet the requirements. Implementation occurs after the system is designed, coding is modified or completed, and the system is tested for bugs.
An accounting system is an example of: a. control environment. b. risk assessment. c. control activity. d. information and communication. e. monitoring
(d). Information and communication refers to data that moves around an organization. It includes policies and procedures as well as accounting data and personnel records. Of course, an accounting system includes control activities also. However, it is included in the information and communication component.
Which of the following is considered an outcome indicator? a. the amount spent on the inspection program b. the average cost per inspection c. the number of inspections completed during the year d. the number of food-borne illnesses in the program covered by inspections
(d). Outcomes relate to results achieved, and answer (d) is the only one of the four that relates to results. Answer (a) relates to inputs, answer (b) relates to efficiency and answer (c) relates to outputs.
Which of the following investments types is the most liquid? a. equities b. bonds c. debentures d. STIFs
(d). Short-term investment funds (STIFs) give governments the flexibility to purchase or redeem investments on a daily basis.
A county government is able to issue debt securities at an interest rate of 4 percent and can invest that money in a U.S. government Treasury bill earning 5 percent. Which of the following could prevent this combined transaction from being profitable? a. total return b. benchmarking c. prudent expert rule d. arbitrage
(d). The federal government has arbitrage restrictions on the amount that can be earned from investments.
Which of the following data elements must be used in calculating the average receivables collection period? a. cost of goods sold b. merchandise inventory c. cash d. revenues
(d). To calculate the average receivables collection period, you first need to know either the revenues per day or the accounts receivable turnover, both of which require knowing the total revenues for the year. None of the other three items cited in the question are relevant to the calculation
A warrant is: a. a request for funds drawn on the treasury of a government. b. a request for funds drawn on a financial institution regulated by the Federal Reserve System. c. a request for funds to cover a ZBA. d. a request for the payment of a recurring electronic payment.
: (a). A request for funds drawn on a financial institution is a check. A request for funds to cover a ZBA is an intra-bank transfer. A request for the payment of a recurring electronic payment is a request for an electronic funds transfer.
How can input indicators be expressed in performance measurement? a. both in financial terms (dollars) and nonfinancial terms (number of employees) b. only in financial terms (dollars) c. only in unit costs (that is, cost per unit of outcome) d. only in per capita terms (such as cost per 1,000 population)
A
Office of Management and Budget (OMB) at the federal level, provided guidance in 2010 to halt any new procurements of financial systems. Why was this decision made? Please select the best answer: a. Numerous agencies were spending large sums of money to identify commercially provided products to support their requirements. b. There were several high-profile financial systems failures. c. There were other priorities and new regulations on which the CFOs and their staff needed to focus their attention. d. CFOs and their staff were not very astute project managers.
A
The term "management controls": a. is considered synonymous with internal controls. b. refers to human relations activities only. c. relates only to private industry, not governmental agencies. d. is specifically related to the Foreign Corrupt Practices Act of 1977.
A
Using dollar amounts in each situation, how is the inventory turnover calculated? a. supplies issued, divided by average inventory b. supplies issued, divided by supplies received c. defects found on inspection, divided by supplies received d. stock-outs, divided by supplies issued
A
Which of the following best describes the order of steps in the risk management process? a. establish the context, identify risk, analyze and evaluate, develop alternatives, respond to risks, monitor and review b. identify risk, analyze and evaluate, develop alternatives, establish the context, respond to risks, monitor and review c. monitor and review, identify risk, establish the context, analyze and evaluate, develop alternatives, respond to risks d. establish strategy, identify risk, analyze and evaluate, develop alternatives, respond to risks, monitor and review
A
Which of the following pairs of items are needed most when an entity manages for results? a. a statement of goals and objectives and a performance measurement system b. a mission statement and an audited financial statement c. a procedures manual and GAAP-based financial statements d. an executive budget office and a legislative budget office
A
Which of the following ratios provides the most rigorous measure of the ability of an entity to meet its short-term obligations? a. quick ratio b. slow ratio c. current ratio d. short ratio
A
Explain the difference between direct loans and guaranteed loans.
A direct loan exists when a government agency disburses funds directly to the borrower and is repaid directly by the borrower. A direct loan becomes an outlay for the government agency at the time the loan is made. In a guaranteed loan, the loan to the borrower is made by a qualified lending institution, such as a bank. In these cases, the agency has a liability and has to expend funds to the lending institution only if the borrower defaults on the loan.
The graph on page III-72 shows two lines coming from Box 3, "Conduct Risk Assessments." One line goes to Box 6, "Develop Control Plans." The other goes to "Corrective Action." Under what circumstances would you go from Conduct Risk Assessments directly to Corrective Action?
Sometimes the risk assessment clearly demonstrates that the current procedures are so poor that immediate action is needed. For example, if we were reviewing a hospital and found that controlled drugs were left in a supply cabinet, we would want to correct that problem immediately.
Federal inspectors general can act as both internal auditors and external auditors. True or false?
T
Internal controls should help prevent goods from being stolen. True or false?
T
Explain two limitations of regression analysis.
You need a high correlation to demonstrate a valid relationship between two sets of data. The correlation coefficient must be at least .85. The database must be within a relevant range. We cannot project data that is outside our experience. • If the database is inaccurate, any correlations derived from regression analysis will be unreliable. Garbage in = garbage out. • Correlation is not causation. The fact that two sets of data seem to move in tandem does not mean that one causes the other. It might be coincidence or both sets of data may be influenced by another factor.
The Depository Trust Company is responsible for: a. facilitating the exchange of ownership of securities. b. holding collateral as an interested third party. c. handling Federal Reserve System wire payments. d. validating the experience and knowledge of investment advisers.
a. facilitating the exchange of ownership of securities.
What are the four C's of credit? a. character, capacity, communication, collectability b. character, communication, collateral, capital c. character, capacity, collateral, capital d. character, capital, collectability, communication
c. character, capacity, collateral, capital
Which of the following statements is NOT an appropriate denominator for calculating the debt burden of a city or county? a. full value of taxable real property b. personal income c. population d. value of government-owned property
d). Governments do not pay taxes on government-owned property, so that property is not part of the denominator for calculating debt burden. The other three items are all used in calculating debt burden.
Name and describe the various methods available to government agencies for the collection of delinquent debt
dunning letters - series of demand letters expressing concern and urgency offset - lower debt with payment owed to borrowers tax refund offset collection agency asset sales - sell portfolio of debt referral for litigation - DOJ to file suit
Define a single integrated financial management system
means a unified set of financial systems and the financial portions of mixed systems encompassing the software, hardware, personnel, processes (manual and automated), procedures, controls, and data necessary to carry out financial management functions, manage financial operations of the agency, and report on the agency's financial status.
Name three ways to dispose of property:
sell it trade it scrap it
What are the three factors that must be considered in calculating net present value?
time interest future value
How does real property differ from personal property?
Real property consists of land, buildings, and other items attached to the land, i. e., items that cannot be moved. Personal property consists of all other types of assets, such as equipment, supplies, and intangible assets (copyrights, patents, stocks and bonds, etc.).
What are key responsibilities of the financial manager in implementing a new financial management system?
Requirements definition, training, account cleanup, data clean-up and conversion, and training.