The 1994 GMRA amended the 1990 CFO Act to require what? (a consolidated, executive branch financial statement)

The 1994 GMRA amended the 1990 CFO Act to require what? (a consolidated, executive branch financial statement)

• A. A consolidated, executive branch financial statement
• B. A consolidated, departmental financial statement
• C. A consolidated financial statement for DoD only
• D. A monthly financial report

Answer: (A)

GMRA expanded the CFO Act to require a consolidated, executive-branch financial statement. This means there is an annual government-wide report that combines the financial information of the entire executive branch, not just individual departments. The purpose is to provide a complete view of the government’s financial position and results, improving accountability and transparency. It’s not limited to a single department, nor is it a monthly report; the focus is on an annual, executive-branch consolidation. DoD is included within the broader government-wide statements, but the requirement targets the executive branch as a whole.

GMRA expanded the CFO Act to require a consolidated, executive-branch financial statement. This means there is an annual government-wide report that combines the financial information of the entire executive branch, not just individual departments. The purpose is to provide a complete view of the government’s financial position and results, improving accountability and transparency. It’s not limited to a single department, nor is it a monthly report; the focus is on an annual, executive-branch consolidation. DoD is included within the broader government-wide statements, but the requirement targets the executive branch as a whole.