GFMC BOOK FREE | CERTIFIED GFMC QUESTIONS

GFMC Book Free | Certified GFMC Questions

GFMC Book Free | Certified GFMC Questions

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Tags: GFMC Book Free, Certified GFMC Questions, GFMC Test Cram Pdf, Printable GFMC PDF, GFMC Reliable Study Materials

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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q82-Q87):

NEW QUESTION # 82
Use of a lockbox eliminates

  • A. the writing of checks against insufficient funds.
  • B. delays in the availability of funds after transaction initiation.
  • C. internal office processing delays occurring prior to making deposits.
  • D. mail and check-clearing time.

Answer: C

Explanation:
What Is a Lockbox?
* Alockboxis a service provided by banks to streamline the collection of payments. Customers send payments directly to a bank-managed P.O. box, where the bank processes and deposits them on behalf of the organization.
Why Does a Lockbox Eliminate Internal Office Processing Delays?
* Payments are sent directly to the bank, bypassing the organization's internal mail and deposit processes.
This eliminates delays caused by handling checks internally and ensures quicker access to funds.
Why Other Options Are Incorrect:
* B. Mail and check-clearing time:Lockboxes reduce internal processing delays but do not affect the mail delivery time or bank check-clearing processes.
* C. Delays in the availability of funds after transaction initiation:Fund availability depends on banking processes, not the lockbox.
* D. Writing of checks against insufficient funds:Lockboxes do not prevent the issuance of bad checks.
References and Documents:
* Treasury Financial Manual:Describes lockboxes as tools to reduce internal delays in payment processing.
* GAO Financial Management Best Practices:Highlights the benefits of lockboxes in expediting deposits.


NEW QUESTION # 83
Government performance measurement promotes

  • A. responsibility.
  • B. profitability.
  • C. accountability.
  • D. cash availability.

Answer: C

Explanation:
What Is Government Performance Measurement?
Government performance measurement is the process of setting goals, tracking progress, and evaluating outcomes for government programs and services. This system ensures that public funds are used effectively and that programs achieve intended results.
How Does It Promote Accountability?
* Accountability is the primary goal of performance measurement. It holds government officials and agencies responsible for managing public resources efficiently and achieving measurable outcomes.
* By measuring performance, governments can transparently demonstrate how resources are being used and whether programs are meeting their objectives.
Why Other Options Are Incorrect:
* A. Responsibility:While responsibility is important, it refers more to the assignment of duties, not the system of holding entities accountable.
* B. Profitability:Governments are not profit-driven organizations; their focus is on service delivery, not profits.
* D. Cash Availability:Performance measurement focuses on outcomes, not managing cash flows.
References and Documents:
* Government Performance and Results Act (GPRA):Promotes accountability through performance measurement and reporting.
* GAO Report on Performance Accountability:Emphasizes the role of performance measurement in achieving government accountability.


NEW QUESTION # 84
To support optimal cash management vendor payment procedures, invoices with discount terms should be paid

  • A. on the due date, unless a charge is assessed for late payment.
  • B. after the due date to increase cash flow.
  • C. prior to the due date to improve credit rating.
  • D. on the discount date.

Answer: D


NEW QUESTION # 85
In an internal control evaluation, what are the roles of management and the auditor regarding the risk of fraud, waste and abuse?

  • A. Management identifies risks, auditors assess control effectiveness.
  • B. Auditors identify risks, management implements control measures.
  • C. Management mitigates risks, auditors monitor compliance with controls.
  • D. Both management and auditors determine risk tolerance levels.

Answer: A

Explanation:
Role of Management in Internal Control Evaluation:
* Responsibility for Risk Identification:Management has the primary responsibility for designing, implementing, and maintaining an effective system of internal controls. As part of this process, management identifies the risks related to fraud, waste, and abuse that could impact financial reporting or operational efficiency.
* Mitigating Risks:Once risks are identified, management is responsible for mitigating them by developing appropriate policies, procedures, and controls.
Role of the Auditor in Internal Control Evaluation:
* Assessing Control Effectiveness:Auditors are not responsible for designing or implementing controls; rather, their role is to evaluate whether the controls put in place by management are effective. They do this through testing, observation, and other audit procedures.
* Fraud Risk Assessment:As part of their duties under Generally Accepted Government Auditing Standards (GAGAS), auditors must assess the risk of material misstatement due to fraud and evaluate how management's controls address those risks.
Why Other Options Are Incorrect:
* B.Auditors do not identify risks-this is management's job. Auditors evaluate and assess the controls already in place.
* C.Determining risk tolerance is a governance and management responsibility, not the joint responsibility of auditors and management.
* D.Management mitigates risks, but auditors don't monitor compliance with controls-they test and evaluate the controls as part of their audit procedures.
References and Documents:
* GAGAS (Yellow Book) by GAO:Emphasizes management's responsibility for risk identification and the auditor's responsibility for assessing control effectiveness.
* COSO Internal Control Framework (2013):Highlights management's responsibility for risk assessment and control design, while auditors provide independent assurance.


NEW QUESTION # 86
If a CGFM wants to utilize data on population growth, housing and employment to estimate sales tax revenue, the CGFM should use

  • A. a regression analysis.
  • B. a payback analysis.
  • C. flow charting.
  • D. a cash flow analysis.

Answer: A

Explanation:
* Regression Analysis:
* Regression analysis is a statistical method used to examine relationships between variables and make predictions.
* To estimatesales tax revenue, a CGFM can use regression to analyze how population growth, housing, and employment trends correlate with tax revenue over time.
* Explanation of Answer Choices:
* A. Regression analysis: Correct. This method uses historical and predictive data to model the relationship between variables (e.g., population growth and sales tax revenue).
* B. Cash flow analysis: Focuses on analyzing cash inflows and outflows, not predicting revenue based on external factors.
* C. Payback analysis: Used to calculate the time needed to recover an investment, unrelated to tax revenue estimation.
* D. Flow charting: Used to visualize processes, not for predictive analytics.
:
Association of Government Accountants (AGA),Predictive Analytics in Public Sector Finance.
U).S. Census Bureau,Data Analytics for Revenue Forecasting.


NEW QUESTION # 87
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