Financial Management & Reporting Flashcards
7 cards from real CGA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Financial Management & Reporting flashcards as text
Under 2 CFR Part 200, what is the threshold for a non-federal entity to require a Single Audit?
Answer: $750,000 in federal expenditures
2 CFR §200.501 requires a Single Audit when a non-federal entity expends $750,000 or more in federal awards during a fiscal year.
Which financial statement shows the financial position of a grant recipient at a specific point in time?
Answer: Balance Sheet (Statement of Net Position)
The Balance Sheet or Statement of Net Position presents assets, liabilities, and net assets/equity as of a specific date.
A grantee uses grant funds to purchase equipment and later sells it. Under 2 CFR Part 200, the proceeds from the sale must be:
Answer: Used to offset the cost of replacement equipment or returned to the federal program
Per 2 CFR §200.313, proceeds from equipment sales must either be used to offset replacement equipment costs or returned to the federal program.
What is a 'program income' in the context of federal grant management?
Answer: Gross income earned by a non-federal entity that is directly generated by a supported activity
2 CFR §200.1 defines program income as gross income earned by a non-federal entity that is directly generated by a supported activity or earned as a result of the federal award.
The 'additive' method for program income means the grantee must:
Answer: Add program income to the total budget, increasing the scope of work
Under the additive method, program income is added to the award funds, effectively expanding the scope or total budget of the project.
Which of the following costs would typically be considered an unallowable entertainment expense under 2 CFR Part 200?
Answer: Dinner for staff attending an awards ceremony not tied to grant activities
2 CFR §200.438 prohibits entertainment costs unless they have a programmatic purpose directly tied to the federal award.
What does 'carryover' refer to in federal grant financial management?
Answer: Unexpended federal award funds that are authorized to be used in the next budget period
Carryover refers to unobligated federal award funds remaining at the end of a budget period that, with approval, may be used in the subsequent budget period.