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AGA Examination 3: Governmental Financial Management and Control (GFMC) - GFMC Exam Questions

Page: 1 / 12
Total 117 questions

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QUESTION NO: 1
When creditworthiness is a criterion for government loan approval, loan applicants must provide

A. a satisfactory history of repaying debt. B. a credit rating from a major bank. C. sufficient capitalization. D. a promise to pay interest at the government borrowing rate.

Correct Answer: A

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QUESTION NO: 2
The first step when gathering data for making strategic sourcing decisions is

A. developing supplier performance measures to add into the purchase agreements. B. researching spend data by category for each business unit. C. contacting business units to find out if there are existing purchasing contracts in place. D. contacting vendors to submit bids under the request for bid process.

Correct Answer: B

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QUESTION NO: 3
An analyst has identified several variables that may be impacting state lottery ticket sales, including investments in advertising, potential pay-out amounts and the size of lottery cards. Which of the following techniques would help determine the extent to which each variable is impacting sales?

A. cost-benefit analysis B. narrative analysis C. content analysis D. regression analysis

Correct Answer: D

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QUESTION NO: 4
According to OMB Circular A-50, who holds personal responsibility for ensuring that disagreements with audit findings and recommendations are resolved?

A. OMB deputy director for management B. inspector general C. audit follow-up official D. comptroller general

Correct Answer: C

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QUESTION NO: 5
A material weakness in internal control over financial reporting is defined as a deficiency that

A. did not allow management to perform their assigned responsibility to prevent, detect and correct misstatements in a timely manner. B. results in a misstatement to the basic financial statements. C. results in a material misstatement in other accompanying financial information. D. creates a reasonable possibility of a material misstatement to the financial statements that will not be detected in a timely manner.

Correct Answer: D

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QUESTION NO: 6
Who is responsible for resolving single audit findings?

A. the audit committee B. the awarding agency C. the recipient agency D. the external auditors

Correct Answer: C

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QUESTION NO: 7
Under the control environment component of internal control, management should

A. implement control activities through policies. B. demonstrate a commitment to integrity and ethical values. C. establish and operate activities to monitor the internal control system. D. communicate quality information to achieve the entity's objectives.

Correct Answer: B

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QUESTION NO: 8
Simplified acquisition processes assist an agency by

A. maintaining the competitive bid requirement and allowing credit card purchases. B. increasing the number of requisitions processed. C. reducing acquisition staff and managerial oversight. D. providing access to bulk purchase discounts and reducing administrative costs.

Correct Answer: D

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QUESTION NO: 9
Which of the following is a forensic technique used to quantify the impact of fraud?

A. benchmarking B. data integrity C. computer-assisted audit techniques D. test of controls

Correct Answer: C

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QUESTION NO: 10
The basic steps in fraud audits include all of the following EXCEPT

A. considering political ramifications. B. consulting legal counsel. C. follow-up on control weaknesses. D. reporting the results.

Correct Answer: A

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Page: 1 / 12
Total 117 questions

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