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[General] GFMC Exam Resources & GFMC Best Questions & GFMC Exam Dumps

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【General】 GFMC Exam Resources & GFMC Best Questions & GFMC Exam Dumps

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AGA GFMC Exam Syllabus Topics:
TopicDetails
Topic 1
  • Auditing: This section of the exam measures the auditing knowledge of financial controllers and government auditors. It focuses on audit standards, types of audits, the audit process, and the responsibilities of both auditors and auditees. Key topics include audit preparation, follow-up, independence, materiality, and the scope of the Single Audit Act. Candidates are also expected to be familiar with fieldwork, reporting, and confidentiality concerns relevant to public sector audits.
Topic 2
  • Internal Control: This section of the exam measures the capabilities of compliance officers and internal auditors in implementing and evaluating internal control systems. It includes knowledge of COSO frameworks, OMB standards, and audit procedures aimed at fraud prevention and legal compliance. Candidates must understand roles and responsibilities related to internal control, risk assessment, reporting mechanisms, and enterprise risk management frameworks.
Topic 3
  • Financial and Managerial Analysis Techniques: This section of the exam measures the skills of budget analysts and financial managers in using quantitative tools and data to assess financial decisions. It includes techniques like trend and ratio analysis, forecasting, regression, and data analytics. It also tests understanding of data sources, reliability, and how forensic auditing can be used for deeper insight into financial activities.
Topic 4
  • Financial Management Functions: This section of the exam measures the competencies of public sector finance officers and treasury analysts in managing financial operations in government environments. It covers essential areas such as cash flow practices, investment strategy, debt recovery, and procurement processes. Candidates are expected to understand property and inventory systems, evaluate IT-based financial systems, and apply emerging technologies. Shared services and project management principles are also included as foundational knowledge areas.
Topic 5
  • Performance Measurement
  • Metrics
  • Service Efforts and Accomplishments: This section of the exam measures the ability of program managers and strategic planners to align performance indicators with organizational outcomes. It covers the integration of financial and non-financial metrics with strategic goals, the importance of transparency and accountability, and how performance data informs budgetary decisions. Candidates must understand stakeholder engagement, baseline setting, legal compliance, and benchmark creation.

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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q53-Q58):NEW QUESTION # 53
Who holds primary responsibility for establishing internal controls?
  • A. ccountants
  • B. internal auditors
  • C. management
  • D. audit committee
Answer: C
Explanation:
* Responsibility for Internal Controls:
* Managementholds the primary responsibility for establishing, implementing, and maintaining an organization's internal control system.
* This responsibility is outlined in frameworks such as COSO'sInternal Control - Integrated Frameworkand the GAO'sGreen Book.
* Roles of Other Parties:
* A. Accountants: While accountants may assist in designing or assessing controls, they are not primarily responsible.
* B. Internal auditors: Their role is to evaluate the effectiveness of controls, not establish them.
* D. Audit committee: Provides oversight but does not implement or design controls.
:
COSO,Internal Control - Integrated Framework.
GAO,Standards for Internal Control in the Federal Government (Green Book).

NEW QUESTION # 54
What type of analygis should a finance director use to determine if there will be enough funds available to cover bills due within the next 30 days?
  • A. debt burden ratio
  • B. quick/current ratio
  • C. budgetary cushion ratio
  • D. receivables turnover ratio
Answer: B
Explanation:
* Purpose of the Analysis:A finance director needs to assess whether the organization has enough funds available to cover short-term obligations (bills due within 30 days). This requires evaluating liquidity.
* Explanation of Key Ratios:
* Quick/Current Ratio: Measures an entity's ability to pay its short-term liabilities using liquid assets.
* Current Ratio= Current Assets ÷ Current Liabilities.
* Quick Ratioexcludes less liquid assets (e.g., inventory), focusing on assets that can quickly convert to cash.This is the appropriate measure for assessing immediate liquidity.
* Receivables Turnover Ratio: Measures how efficiently receivables are collected but doesn't directly evaluate liquidity for bills due within 30 days.
* Budgetary Cushion Ratio: Refers to financial reserves relative to annual spending, not short- term liquidity.
* Debt Burden Ratio: Evaluates debt relative to revenues but does not address immediate cash flow needs.
:
Government Finance Officers Association (GFOA),Liquidity Management Best Practices.
Association of Government Accountants (AGA),Financial Statement Analysis for Government Finance Officers.

NEW QUESTION # 55
The Parking Fund for a government entity has the following information in its Statement of Net Position.
Calculate the current ratio.
Total current assets$1,320
Total non-current assets$8,100
Total assets$9,420
Total current liabilities$ 810
Total non-current liabilities$ 360
Total liabilities$1,170
Total net position$8,250
  • A. 1.14
  • B. 0.98
  • C. 0.61
  • D. 1.63
Answer: D
Explanation:
What Is the Current Ratio?
* Thecurrent ratiomeasures an entity's ability to cover its short-term liabilities with its short-term assets.
The formula is: Current Ratio=Total Current AssetsTotal Current Liabilities        ext{Current Ratio} = rac
{        ext{Total Current Assets}}{        ext{Total Current Liabilities}}
Current Ratio=Total Current LiabilitiesTotal Current Assets
Calculation:
* Total Current Assets = $1,320
* Total Current Liabilities = $810
Current Ratio=1,320810        ext{Current Ratio} = rac{1,320}{810}Current Ratio=8101,320 Current Ratio#1.
63        ext{Current Ratio} # 1.63Current Ratio#1.63
Why the Current Ratio Matters:
* A current ratio above 1 indicates that the entity has more current assets than current liabilities, suggesting good short-term liquidity.
Why Other Options Are Incorrect:
* A. 0.61, B. 0.98, C. 1.14:These values result from incorrect calculations or misinterpretations of the formula.
References and Documents:
* GAO Financial Analysis Guiderovides guidance on using the current ratio to assess liquidity.
* GASB Financial Reporting Requirements:Highlights the importance of liquidity measures in government financial statements.

NEW QUESTION # 56
What is the most fupdamental cash control?
  • A. segregation of duties
  • B. frequent reconciliation of bank accounts
  • C. analysis of cash reports
  • D. use of automated systems
Answer: B
Explanation:
* Cash Control Fundamentals:
* The primary goal of cash controls is to safeguard assets and prevent fraud, errors, or misappropriation.
* Frequent bank reconciliations ensure that recorded cash balances match actual bank balances, detecting discrepancies quickly.
* Explanation of Answer Choices:
* A. Segregation of duties: While critical for cash management, it is not the most fundamental cash control.
* B. Use of automated systems: Helpful for efficiency but not a fundamental control.
* C. Analysis of cash reports: Important, but reconciling bank accounts is more critical for detecting errors or fraud.
* D. Frequent reconciliation of bank accounts: Correct. This is the most fundamental and widely recognized control for safeguarding cash.
:
Association of Government Accountants (AGA),Cash Management Best Practices.
Government Finance Officers Association (GFOA),Bank Reconciliation Best Practices.

NEW QUESTION # 57
In the context of audit risk, which type of risk is primarily influenced by the effectiveness of an organization's internal controls?
  • A. control risk
  • B. inherent risk
  • C. audit risk
  • D. detection risk
Answer: A
Explanation:
What Is Control Risk?
* Control riskrefers to the risk that an organization's internal controls will fail to prevent or detect material misstatements in a timely manner.
* The effectiveness of internal controls directly influences control risk. If controls are weak or poorly designed, the risk increases.
Why Is Option B Correct?
* The primary focus of control risk is the adequacy and effectiveness of an entity's internal controls.
Effective controls reduce the likelihood of material misstatements, while deficiencies increase control risk.
Why Other Options Are Incorrect:
* A. Inherent Risk:This is the risk of material misstatements due to the nature of the business or transactions, independent of controls.
* C. Detection Risk:This refers to the risk that auditors will fail to detect material misstatements. It is influenced by the nature and extent of audit procedures, not internal controls.
* D. Audit Risk:This is the overall risk that an auditor will issue an incorrect opinion. It combines inherent, control, and detection risks.
References and Documents:
* AICPA Standards on Audit Risk (AU-C 315):Explains control risk and its relationship to the effectiveness of internal controls.
* GAO Yellow Book:Emphasizes assessing control risk when evaluating internal controls in audits.

NEW QUESTION # 58
......
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