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[General] Reliable GFMC Test Forum - GFMC Updated CBT

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【General】 Reliable GFMC Test Forum - GFMC Updated CBT

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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q84-Q89):NEW QUESTION # 84
What is the basis for determining materiality for financial audits?
  • A. The auditor establishes materiality based on whether a misstatement would influence the judgement made by a reasonable user of the financial statements.
  • B. The auditee determines what is material based on their understanding of how the financial statements may be used by third parties.
  • C. The auditor sets a standard percentage for all entities by transaction class.
  • D. The entity's main provider of resources typically sets materiality levels for financial reporting.
Answer: A
Explanation:
* Definition of Materiality:
* In financial audits, materiality is the threshold above which a misstatement or omission could influence the economic decisions of users of financial statements.
* Auditors consider theneeds of reasonable userswhen determining materiality, focusing on what would influence their decision-making.
* Explanation of Answer Choices:
* A. The auditee determines what is material: Incorrect. The auditor, not the auditee, is responsible for determining materiality.
* B. The auditor establishes materiality based on whether a misstatement would influence the judgment made by a reasonable user of the financial statements: Correct. This aligns with auditing standards, such as those in the Yellow Book and AICPA guidance.
* C. The entity's main provider of resources typically sets materiality levels: Incorrect.
Materiality is not determined by resource providers but by the auditor based on the needs of users.
* D. The auditor sets a standard percentage for all entities by transaction class: Incorrect.
Materiality varies depending on the entity and its financial circumstances.
:
GAO,Government Auditing Standards (Yellow Book).
AICPA,Auditing Standards - Materiality in Planning and Performing an Audit.

NEW QUESTION # 85
Which of the following is a forensic technique used to quantify the impact of fraud?
  • A. data integrity
  • B. test of controls
  • C. benchmarking
  • D. computer-assisted audit techniques
Answer: D
Explanation:
What Are Computer-Assisted Audit Techniques (CAATs)?
* CAATsare specialized tools used in forensic accounting and auditing to analyze large volumes of data for patterns, anomalies, and irregularities that may indicate fraud.
* These techniques help quantify the impact of fraud by identifying discrepancies, overpayments, or unaccounted transactions.
Why Are CAATs Used for Quantifying Fraud?
* CAATs can efficiently analyze transactional data, calculate losses, and determine the extent of financial damage caused by fraud.
* Examples include using software to detect duplicate payments, inflated invoices, or unauthorized transactions.
Why Other Options Are Incorrect:
* A. Test of controls:Tests of controls evaluate the effectiveness of internal controls but do not quantify the impact of fraud.
* C. Data integrity:Ensuring data integrity is important, but it does not specifically address quantifying fraud.
* D. Benchmarking:Benchmarking compares performance metrics but does not analyze or quantify fraud.
References and Documents:
* GAO Fraud Prevention Framework:Highlights the use of CAATs in forensic accounting.
* AICPA Forensic Accounting Guidelines:Recommends CAATs for fraud detection and quantification.

NEW QUESTION # 86
The Single Audit Act requires
  • A. financial statement audits of non-federal entities that receive or administer grant awards of federal funds.
  • B. agencies to establish and assess internal controls related to audits.
  • C. federal departments to have single audits of financial management systems.
  • D. agencies to use an audit process to maximize the value of and manage acquisition risks.
Answer: A
Explanation:
What Does the Single Audit Act Require?
* TheSingle Audit Actrequires non-federal entities (e.g., state and local governments, nonprofit organizations) that receive significant federal funds to undergo a single, organization-wide audit.
* The audit focuses on both the entity's financial statements and its compliance with federal program requirements.
Why Is Option A Correct?
* The Single Audit Act ensures accountability and transparency in the use of federal funds by requiring financial statement audits and compliance testing for grant recipients.
Why Other Options Are Incorrect:
* B. Using audits to manage acquisition risks:This relates to procurement and contract management, not the Single Audit Act.
* C. Single audits of federal financial management systems:The act applies to non-federal entities, not federal agencies.
* D. Establishing internal controls related to audits:While internal controls are assessed during a single audit, the act does not mandate their establishment.
References and Documents:
* Single Audit Act of 1984 (Amended 1996):Specifies the requirements for audits of non-federal entities receiving federal funds.
* OMB Circular A-133 (Superseded by Uniform Guidance, 2 CFR Part 200)rovides detailed guidance on single audit requirements.

NEW QUESTION # 87
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
Explanation:
Why Pay on the Discount Date?
* Discount termsare offered by vendors to encourage early payment, such as "2/10, net 30" (2% discount if paid within 10 days). Paying on the discount date ensures the organization takes advantage of cost savings while still making timely payments.
* This approach optimizes cash management by reducing payment obligations while maintaining good vendor relationships.
Why Other Options Are Incorrect:
* A. After the due dateate payments can damage vendor relationships and incur penalties.
* B. Prior to the due dateaying too early does not provide additional benefits and can unnecessarily deplete cash reserves.
* C. On the due date:If a discount is offered, waiting until the due date means missing the opportunity to save money.
References and Documents:
* GAO Financial Management Guide:Recommends paying invoices with discounts on the discount date to maximize cost savings.
* Best Practices in Governmental Cash Management (AGA):Highlights the importance of managing vendor payments to take advantage of discounts.

NEW QUESTION # 88
Based on the data below, what can be concluded about outsourcing print job?

  • A. It is better to keep the printing in-house.
  • B. Outsourcing printing is feasible.
  • C. Outsourcing printing is necessary.
  • D. ABC Printing should be awarded the outsourcing contract.
Answer: B
Explanation:
* Understanding the Scenario:The table compares the costs of four printing jobs performed by an
"Internal Print Shop" versus three external vendors (Ace Printing, ABC Printing, and Printing, Inc.).
Each vendor's pricing varies by print job type. The task is to evaluate whether outsourcing (hiring external vendors) is a reasonable alternative to keeping the work in-house.
* Key Considerations in Outsourcing:According to governmental accounting principles and budgeting practices outlined by theAssociation of Government Accountants (AGA), the decision to outsource should consider:
* Cost-effectiveness: Does outsourcing reduce costs without compromising quality or service delivery?
* Operational efficiency: Can outsourcing free up internal resources for other priorities?
* Comparative pricing: How do external vendor rates compare to internal costs for identical services?
* Analysis of the Print Jobset's break down the cost comparison for each print job:
* Zone Map:Internal cost = $4.23.Cheapest vendor = Printing, Inc., at $4.00.Outsourcing is cheaper for this job.
* Agenda Packet:Internal cost = $23.18.Cheapest vendor = Printing, Inc., at $22.00.Outsourcing is cheaper for this job.
* Budget Cover:Internal cost = $840.00.Cheapest vendor = ABC Printing, at $624.30.Outsourcing is significantly cheaper for this job.
* Employee Benefit Brochure:Internal cost = $6.14.Cheapest vendor = ABC Printing, at $4.90.
Outsourcing is cheaper for this job.
* Conclusion Based on Analysis:
* Across all four print jobs, the lowest-cost external vendor always beats the Internal Print Shop's costs.
* From abudgetary perspective, outsourcing is feasible as it offers cost savings across all jobs.
* Why Not A, C, or D?:
* Option A(Keep printing in-house): Incorrect, as in-house costs are consistently higher than the cheapest external vendor.
* Option C(Outsourcing is necessary): Incorrect, as feasibility doesn't mean necessity; internal printing is still an option if other factors (like quality or control) outweigh costs.
* Option D(Award contract to ABC Printing): Incorrect, since the best vendor depends on the job (e.g., Printing, Inc. is cheaper for Zone Map and Agenda Packet).
:
Association of Government Accountants (AGA),Government Financial Manager Certification Study Guide:
Budgeting, Cost Accounting, and Auditing Principles.
Government Finance Officers Association (GFOA),Best Practices in Outsourcing and Procurement.
Federal Accounting Standards Advisory Board (FASAB),Cost Accounting Standards for Governmental Operations.

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