CGFM study plan

Distinguish the three fund categories (governmental, proprietary, fiduciary) and list every fund type that belongs to each, from memory.

Differentiate GASB's standards-setting authority and scope from FASB's and FASAB's, and state which entities fall under each.

Explain why governments differ from for-profit entities along accountability, non-exchange revenue, and budget-as-law dimensions.

Map each fund type to its measurement focus and basis of accounting in a single reference table.

Sequence the four phases of the government budget cycle and explain the legal and accountability role of the budget in each phase.

Classify intergovernmental revenues by type (categorical, block, shared, mandates) and state the recognition rule for each.

Apply the four classes of non-exchange transactions (derived tax, imposed non-exchange, government-mandated, voluntary) to recognition timing decisions.

Describe the components of the governmental financial reporting model at an overview level before drilling into mechanics.

Apply measurement focus and basis of accounting to record representative General Fund transactions under modified accrual.

Record encumbrance, expenditure, and reserve entries and explain when each is reversed.

Construct the conversion entries that move governmental fund results to government-wide full accrual, including capital assets and long-term liabilities.

Reconcile fund balance to net position and articulate each reconciling item.

Differentiate the purpose and content of the government-wide statements from the fund financial statements and the required reconciliations between them.

Identify which items belong in MD&A, which in required supplementary information, and which in the notes.

Classify fund balance into nonspendable, restricted, committed, assigned, and unassigned, and justify each classification with the constraint's source.

Prepare a complete statement of activities from a supplied trial balance dataset.

Produce a statement of net position and a statement of activities from a single dataset and tie them back to the fund statements.

Explain the five components of the COSO internal control framework and the GAO Green Book's principles for government entities.

Contrast the control environment with control activities by giving two government-specific examples of each.

Distinguish the roles of management, the governing body, and the auditor in the internal control system.

Trace a procurement-to-payment cycle and identify at least eight specific control deficiencies with a matching control for each.

Explain cash management and investment policy requirements, including the statutory constraints typical of public funds.

Describe debt issuance, debt service administration, and the disclosure obligations tied to outstanding debt.

Explain budget execution controls such as allotments, apportionments, and appropriation monitoring.

Differentiate financial statement audits, attestation engagements, and performance audits, and state which standards govern each.

Outline the Single Audit process under the Uniform Guidance, including major program determination and reporting requirements.

Distinguish Yellow Book, AICPA, and Single Audit requirements and identify where they overlap.

Compute and interpret financial condition indicators such as liquidity, debt burden, and revenue concentration ratios.

Re-attempt every previously missed item across all three domains until each is answered correctly twice in a row.

Complete two full-length timed practice exams under exam conditions.

Rebuild the fund-type matrix and the internal control framework from memory without notes.

Consolidate all unresolved concepts into a single one-page final review sheet.