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[Hardware] Comprehensive Review for the GFMC Exams Questions

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【Hardware】 Comprehensive Review for the GFMC Exams Questions

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AGA GFMC Exam Syllabus Topics:
TopicDetails
Topic 1
  • 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 2
  • 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 3
  • 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 4
  • 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 5
  • 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.

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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q81-Q86):NEW QUESTION # 81
Who holds primary responsibility for establishing internal controls?
  • A. ccountants
  • B. management
  • C. audit committee
  • D. internal auditors
Answer: B
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 # 82
The goal of shared gervices is to
  • A. provide private business opportunities.
  • B. transfer responsibilities to another entity.
  • C. reduce current staffing levels.
  • D. efficiently aggregate resources.
Answer: D
Explanation:
* Understanding Shared Services:Shared services involve consolidating and centralizing resources, personnel, or processes to achieve efficiency and cost savings. This is common in government organizations looking to optimize operations.
* Explanation of Answer Choices:
* A. Reduce current staffing levels: While staff reductions may occur as a result, this is not the primary goal.
* B. Transfer responsibilities to another entity: This describes outsourcing, not shared services.
* C. Efficiently aggregate resources: Correct, as shared services aim to centralize resources for improved efficiency.
* D. Provide private business opportunities: This is unrelated to shared services, which focus on internal government operations.
:
Association of Government Accountants (AGA),Shared Services in Government.

NEW QUESTION # 83
One of the minimum components of a government financial system is
  • A. general ledger account definition.
  • B. debt-reduction analysis.
  • C. performance management reporting.
  • D. automated transaction processing.
Answer: A
Explanation:
* Minimum Components of a Government Financial System:
* A general ledger is the foundation of any financial system, providing a complete record of all financial transactions.
* The definition ofgeneral ledger accountsensures proper classification, tracking, and reporting of financial activities.
* Explanation of Answer Choices:
* A. Automated transaction processing: Incorrect. While automation is beneficial, it is not a
"minimum" requirement. Manual systems can still exist.
* B. Debt-reduction analysis: Incorrect. This is a financial management activity, not a core component of the financial system.
* C. Performance management reporting: Incorrect. Performance reporting is separate from the foundational financial system.
* D. General ledger account definition: Correct. This is a fundamental element of any government financial system.
:
GAO,Standards for Internal Control in the Federal Government (Green Book).
GASB,Codification of Governmental Accounting and Financial Reporting Standards.

NEW QUESTION # 84
Under the control environment component of internal control, management should
  • A. demonstrate a commitment to integrity and ethical values.
  • B. communicate quality information to achieve the entity's objectives.
  • C. establish and operate activities to monitor the internal control system.
  • D. implement control activities through policies.
Answer: A
Explanation:
* Control Environment Component:
* The control environment is the foundation of an internal control system, setting the tone at the top.
* Demonstrating integrity and ethical values is the first principle of the control environment, as outlined in theCOSO Internal Control Framework.
* Explanation of Answer Choices:
* A. Demonstrate a commitment to integrity and ethical values: Correct. This is a foundational principle of the control environment.
* B. Implement control activities through policies: This relates to the "Control Activities" component, not the control environment.
* C. Communicate quality information to achieve the entity's objectives: This relates to the
"Information and Communication" component.
* D. Establish and operate activities to monitor the internal control system: This relates to the
"Monitoring Activities" component.
:
COSO,Internal Control - Integrated Framework.
GAO,Standards for Internal Control in the Federal Government (Green Book).

NEW QUESTION # 85
A key objective of a performance audit is
  • A. issuing a report of findings based upon an agreed-upon procedure.
  • B. providing an opinion on a subject matter that is the responsibility of another party.
  • C. providing an opinion on the entity's financial statement.
  • D. assessing program effectiveness, economy and efficiency.
Answer: D
Explanation:
* Performance Audit Objectives:
* Performance audits evaluate theeffectiveness,efficiency, andeconomyof government programs, operations, or activities.
* These audits focus on improving operations, achieving program goals, and ensuring responsible use of public resources.
* Explanation of Answer Choices:
* A. Providing an opinion on the entity's financial statement: This is the objective of a financial statement audit, not a performance audit.
* B. Assessing program effectiveness, economy, and efficiency: Correct. This is the primary objective of performance audits.
* C. Providing an opinion on a subject matter that is the responsibility of another party: This aligns with attestation engagements, not performance audits.
* D. Issuing a report of findings based upon an agreed-upon procedure: This describes agreed- upon procedures engagements, not performance audits.
:
GAO,Government Auditing Standards (Yellow Book).
Association of Government Accountants (AGA),Performance Auditing Guidance.

NEW QUESTION # 86
......
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