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[General] AGA GFMC Exam Certification Cost - Valid GFMC Test Dumps

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【General】 AGA GFMC Exam Certification Cost - Valid GFMC Test Dumps

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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q24-Q29):NEW QUESTION # 24
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. on the discount date.
  • C. after the due date to increase cash flow.
  • D. prior to the due date to improve credit rating.
Answer: B
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 # 25
Government entity SEA reporting provides users of general purpose financial reports with an
  • A. evaluation of the efficiency and effectiveness of governmental programs.
  • B. evaluation of the effects of changes in public policy.
  • C. assessment of financial condition and results of operations.
  • D. assessment of the accountability of the public administrators.
Answer: A
Explanation:
* Service Efforts and Accomplishments (SEA) Reporting:
* SEA reporting is designed to providenon-financial performance informationabout the efficiency and effectiveness of government programs.
* It evaluates how well resources are being used to achieve desired outcomes, helping stakeholders assess program performance and accountability.
* Explanation of Answer Choices:
* A. Evaluation of the effects of changes in public policy: Incorrect. SEA reporting does not focus on policy changes but on program performance.
* B. Assessment of financial condition and results of operations: Incorrect. This is the role of financial statements, not SEA reports.
* C. Assessment of the accountability of the public administrators: Incorrect. While SEA reports indirectly support accountability, their main purpose is to assess program efficiency and effectiveness.
* D. Evaluation of the efficiency and effectiveness of governmental programs: Correct. This is the primary focus of SEA reporting.
:
GASB,Concepts Statement No. 2: Service Efforts and Accomplishments Reporting.
GFOA,Performance Reporting in Government.

NEW QUESTION # 26
A governmental attestation engagement may include a requirement to
  • A. establish a policy concerning fraud prevention.
  • B. monitor purchasing card charges for compliance with travel policies.
  • C. review the revenue coverage requirements on outstanding bonds.
  • D. monitor a subgrantee for compliance to the grant restrictions.
Answer: C
Explanation:
* Governmental Attestation Engagements:
* These engagements involve providing assurance on specific elements of financial or non- financial information, such as compliance with laws, contracts, or bond covenants.
* Reviewing revenue coverage requirements for outstanding bonds fits the scope of attestation engagements, which focus on confirming adherence to specific requirements.
* Explanation of Answer Choices:
* A. Monitor a subgrantee for compliance to the grant restrictions: Monitoring is a management responsibility, not typically part of an attestation engagement.
* B. Establish a policy concerning fraud prevention: Establishing policies is a management duty, not a task for auditors.
* C. Monitor purchasing card charges for compliance with travel policies: Monitoring is operational, not attestation-related.
* D. Review the revenue coverage requirements on outstanding bonds: Correct. This falls within the scope of attestation engagements.
:
GAO,Government Auditing Standards (Yellow Book).
AICPA,Attestation Standards for Government Engagements.

NEW QUESTION # 27
Using Benford Digital Analysis, an auditor can identify potential fraud when
  • A. a large contract is awarded to the director's close relative.
  • B. a higher-than-expected number of payment amounts to one vendor start with the number three.
  • C. an employee receives kickbacks from real estate developers.
  • D. a large number of contracts are awarded to one vendor.
Answer: B
Explanation:
* Benford's Law and Fraud Detection:
* Benford's Lawis a statistical principle that predicts the frequency of leading digits in naturally occurring datasets.
* Deviations from the expected distribution (e.g., a higher-than-expected frequency of a specific leading digit) can indicate manipulation or fraud.
* For example, if too many payments start with the number "3," it suggests potential tampering.
* Explanation of Answer Choices:
* A. A higher-than-expected number of payment amounts to one vendor start with the number three: Correct. This aligns with how Benford's Law is used to detect anomalies in numerical data.
* B. A large number of contracts are awarded to one vendor: While concerning, this is not related to Benford's Law.
* C. A large contract is awarded to the director's close relative: This indicates a conflict of interest but is unrelated to Benford's Law.
* D. An employee receives kickbacks from real estate developers: This is fraud but cannot be identified using Benford's Law.
:
Association of Certified Fraud Examiners (ACFE),Fraud Detection Using Benford's Law.
GAO,Fraud Risk Management Framework.

NEW QUESTION # 28
An evaluation of anggntity's single year financial statements would use which of the following analyses?
  • A. comparative
  • B. horizontal
  • C. vertical
  • D. trend
Answer: C
Explanation:
What Is Vertical Analysis?
* Vertical Analysisevaluates a single year's financial statements by expressing each line item as a percentage of a base amount. For example, in an income statement, each expense may be presented as a percentage of total revenue.
* This approach helps users understand the relative size of each financial statement item within the context of the total.
Why Is Vertical Analysis Used for a Single Year?
* Vertical analysis focuses solely on relationships within a single set of financial statements, making it the appropriate choice for single-year evaluations.
Why Other Options Are Incorrect:
* A. Comparative:Involves comparing financial data across entities or periods, not within a single year.
* B. Horizontal:Focuses on changes in financial data over time (year-to-year comparisons).
* C. Trend:Examines patterns over multiple periods to identify long-term trends, not a single year.
References and Documents:
* GAO Financial Audit Manual:Recommends vertical analysis for single-year financial statement evaluations.
* AICPA Financial Statement Analysis Guiderovides detailed examples of vertical analysis techniques.

NEW QUESTION # 29
......
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