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Examination 3: Governmental Financial Management and Control (GFMC) practice exa
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P.S. Free 2026 AGA GFMC dumps are available on Google Drive shared by TestsDumps: https://drive.google.com/open?id=195VFrknvwTpATmhmQG9FnBOUarlFoDFB
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AGA GFMC Exam Syllabus Topics:| Topic | Details | | Topic 1 | - 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 2 | - 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 3 | - 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.
| | Topic 4 | - 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 5 | - 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.
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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q41-Q46):NEW QUESTION # 41
Which of the following disbursement techniques can be used to ensure timely payments?
- A. warrants
- B. bank cards
- C. checks
- D. drafts
Answer: D
Explanation:
What Are Disbursement Techniques?
* Disbursement techniques refer to the methods used by organizations to pay vendors or settle financial obligations. The timeliness of payments depends on the technique used.
Why Are Drafts the Best Option for Timely Payments?
* Adraftis a payment instrument issued by an organization's bank, drawn against its account, and typically includes specific payment timing instructions.
* Drafts allow the payer to specify the timing of payments, ensuring they are made on time.
Why Other Options Are Incorrect:
* A. Warrants:Warrants authorize payments but do not ensure timeliness as they require additional processing before funds are disbursed.
* B. Checks:Checks rely on postal delivery and clearing times, which may delay payments.
* D. Bank cards:While convenient, bank cards are typically used for immediate payments, not for ensuring future timely disbursements.
References and Documents:
* Treasury Financial Manual:Highlights drafts as a disbursement tool for controlling the timing of payments.
* GAO Cash Management Guide iscusses the benefits of drafts in ensuring timely payments.
NEW QUESTION # 42
A single audit report will include an opinion or disclaimer of opinion that the financial statements are
- A. fairly presented in accordance with GAAP.
- B. fairly presented in accordance with GAO.
- C. fairly presented in accordance with GASB.
- D. free from fraud.
Answer: A
Explanation:
* Single Audit Report Requirements:
* A single audit evaluates the financial statements and compliance with federal award requirements.
* Thefinancial statement opinionmust state whether the financial statements arefairly presented in accordance with Generally Accepted Accounting Principles (GAAP).
* Explanation of Answer Choices:
* A. Free from fraud: Incorrect. Auditors do not provide an opinion on fraud; they assess for material misstatements.
* B. Fairly presented in accordance with GAAP: Correct. The financial statement opinion is issued based on compliance with GAAP.
* C. Fairly presented in accordance with GASB: Incorrect. GASB (Governmental Accounting Standards Board) provides guidance for state and local governments, but financial statements must comply with GAAP as the overarching standard.
* D. Fairly presented in accordance with GAO: Incorrect. The GAO (Government Accountability Office) issues auditing standards, not financial reporting standards.
:
OMB Uniform Guidance (2 CFR Part 200),Subpart F - Audit Requirements.
GAO,Government Auditing Standards (Yellow Book).
NEW QUESTION # 43
If a state treasurer wants to evaluate a variety of alternative long-term investments, which financial analysis should be used?
- A. ratio analysis
- B. regression analysis
- C. net present value analysis
- D. horizontal analysis
Answer: C
Explanation:
What Is Net Present Value (NPV)?
* NPV analysisevaluates the profitability of long-term investments by calculating the present value of expected cash inflows and outflows over time, discounted at a specified rate (e.g., the opportunity cost of capital).
* It helps decision-makers compare investment options by quantifying their value in today's dollars.
Why NPV Is Appropriate for Long-Term Investments:
* It considers thetime value of money(a dollar today is worth more than a dollar in the future).
* NPV helps the treasurer evaluate and prioritize investments based on their overall profitability and financial impact over the long term.
Why Other Options Are Incorrect:
* B. Regression Analysis:This statistical method analyzes relationships between variables but is not commonly used for evaluating long-term investments.
* C. Horizontal Analysis:Focuses on financial data changes over time (e.g., year-to-year comparisons), not investment decisions.
* D. Ratio Analysis:Measures financial performance but does not evaluate the profitability of long-term investment alternatives.
References and Documents:
* GAO Guide on Investment Decision-Making:Recommends using NPV for evaluating long-term projects and investments.
* OMB Circular A-94 rovides guidelines for using NPV in benefit-cost analysis of federal investments.
NEW QUESTION # 44
One of the five components of COSO ERM is
- A. changing environment.
- B. complex calculations.
- C. performance.
- D. accepting risk.
Answer: C
Explanation:
What Is COSO ERM?
TheCOSO Enterprise Risk Management (ERM) Frameworkis a widely accepted framework that helps organizations identify, assess, and manage risks while creating value. The five components of COSO ERM are:
* Governance and Culture
* Strategy and Objective-Setting
* Performance
* Review and Revision
* Information, Communication, and Reporting
Why Is Performance a Key Component?
* ThePerformancecomponent focuses on identifying, assessing, and prioritizing risks to achieving an organization's objectives. It includes implementing risk responses (e.g., avoiding, reducing, sharing, or accepting risks) and monitoring their effectiveness.
Why Other Options Are Incorrect:
* B. Changing Environment:This is not a COSO ERM component but a general factor influencing risk management.
* C. Complex Calculations:This is not relevant to COSO ERM.
* D. Accepting Risk:While accepting risk is part of risk responses, it is not one of the five COSO ERM components.
References and Documents:
* COSO ERM Framework (2017)etails the five components of ERM and their application in managing risks.
NEW QUESTION # 45
Using Benford Digital Analysis, an auditor can identify potential fraud when
- A. a large number of contracts are awarded to one vendor.
- B. a higher-than-expected number of payment amounts to one vendor start with the number three.
- C. a large contract is awarded to the director's close relative.
- D. an employee receives kickbacks from real estate developers.
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 # 46
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