Open the auxiliary access

Firefly Open Source Community

   Login   |   Register   |
New_Topic
Firefly Open Source Community › Core Board › Core-3588J› Preparation GFMC Store | Test GFMC Dumps Demo
New Topic
Print Previous Topic Next Topic

[General] Preparation GFMC Store | Test GFMC Dumps Demo

brookeg956

134

Credits

0

Prestige

0

Contribution

registered members

Rank: 2

Credits
134

【General】 Preparation GFMC Store | Test GFMC Dumps Demo

Posted at 7 hour before      View：2 | Replies：0        Print      Only Author   [Copy Link] 1#
Are you upset for your GFMC exam test? When you find GFMC valid test cram, your stress may be relieved and you may have methods to do the next preparation for GFMC actual exam. The AGA GFMC correct questions & answers are the latest and constantly updated in accordance with the changing of the Real GFMC Exam, which will ensure you solve all the problem in the actual test. You will pass your GFMC test at first attempt with ease.
AGA GFMC Exam Syllabus Topics:
TopicDetails
Topic 1
  • 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 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
  • 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 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
  • 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.

Test GFMC Dumps Demo - GFMC Exam Lab QuestionsAt present, artificial intelligence is developing so fast. So machines inevitably grow smarter and more agile. In the result, many simple jobs are substituted by machines. In order to keep your job, choose our GFMC exam questions and let yourself become an irreplaceable figure. In fact, our GFMC Study Materials can give you professional guidance no matter on your daily job or on your career. And with the GFMC certification, you will find you can be better with our help.
AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q84-Q89):NEW QUESTION # 84
Performance measurement assists management in
  • A. determining allocation of capital appropriations.
  • B. monitoring performance of certified professionals in regulatory fields.
  • C. identifying weaknesses in disaster response preparedness.
  • D. tracking actual results against targets.
Answer: D

NEW QUESTION # 85
Given the information below, which control would be the lowest priority?
Asset $Amount at Risk Cost of Control
  • A. AssetA $ 150,000 $15,000
  • B. Asset D $500,000 $20,000
  • C. Asset C $2,000,000 $50,000
  • D. Asset B $6,000 $ 2,500
Answer: D
Explanation:
How to Prioritize Controls Based on Cost and Risk:
* The priority of a control is based on its cost-effectiveness. Controls that protect assets with higher risk exposure relative to the cost of the control should be prioritized. The formula to calculate cost- effectiveness is: Cost-Effectiveness=Cost of ControlAsset Amount at Risk        ext{Cost-Effectiveness} =
rac{        ext{Cost of Control}}{        ext{Asset Amount at Risk}}Cost-
Effectiveness=Asset Amount at RiskCost of Control
* Lower ratios indicate more cost-effective controls.
Calculations:
* Asset A15,000 / $150,000 = 0.10 (10%)
* Asset B2,500 / $6,000 = 0.42 (42%)
* Asset C50,000 / $2,000,000 = 0.025 (2.5%)
* Asset D20,000 / $500,000 = 0.04 (4%)
Lowest Priority:
* Asset Bhas the highest ratio (42%), meaning it is the least cost-effective and should be the lowest priority for controls.
References and Documents:
* COSO Internal Control Frameworkiscusses cost-benefit analysis for prioritizing controls.
* GAO Risk Management Guide:Emphasizes evaluating control cost-effectiveness relative to asset risk.

NEW QUESTION # 86
What might be a cost-effective solution for a local public school to reduce increasing special education costs without violating federal maintenance of effort requirements?
  • A. Shift a portion of the costs in the form of a fee to parents.
  • B. Decrease budget allocation for special education services.
  • C. Develop a shared services agreement with surrounding districts.
  • D. Outsource special needs services to a private contractor.
Answer: C
Explanation:
Why Shared Services Agreements Are Cost-Effective:
* A shared services agreement allows multiple school districts to pool resources and share the costs of special education services, such as specialized staff, transportation, or facilities.
* This reduces duplication of services, increases efficiency, and helps lower costs without reducing the quality of education provided.
Why Federal Maintenance of Effort (MOE) Requirements Matter:
* Under federal law, schools must maintain a certain level of funding for special education services to receive federal grants. Cutting budgets or shifting costs directly to parents would likely violate MOE requirements.
Why Other Options Are Incorrect:
* A. Shift a portion of the costs in the form of a fee to parents:This violates federal regulations, as public schools cannot charge parents for special education services.
* B. Decrease budget allocation for special education services:This would also violate MOE requirements and reduce services for students with special needs.
* D. Outsource special needs services to a private contractor:While outsourcing can be an option, it may not always reduce costs and could introduce additional risks (e.g., quality concerns or compliance issues).
References and Documents:
* Individuals with Disabilities Education Act (IDEA):Mandates federal MOE requirements for special education funding.
* GAO Report on Shared Services in Education:Highlights cost-saving benefits of shared services agreements.

NEW QUESTION # 87
The basic steps in fraud audits include all of the following EXCEPT
  • A. considering political ramifications.
  • B. consulting legal counsel.
  • C. reporting the results.
  • D. follow-up on control weaknesses.
Answer: A
Explanation:
* Fraud Audit Objective:Fraud audits aim to detect and investigate fraudulent activities, strengthen internal controls, and report findings to stakeholders.
* Basic Steps in Fraud Audits:
* Consulting Legal Counsel: Ensures compliance with legal requirements and protects the organization.
* Reporting the Results: Essential to inform stakeholders of findings and corrective actions.
* Follow-up on Control Weaknesses: Addresses identified vulnerabilities to prevent future fraud.
* Explanation of Incorrect answer:
* D. Considering political ramifications: Irrelevant to fraud audits, as these audits focus on financial and legal matters rather than political considerations.
Association of Certified Fraud Examiners (ACFE),Fraud Examination Manual.
Government Accountability Office (GAO),Fraud Risk Management Framework.

NEW QUESTION # 88
Entity management's appointment of a senior official to ensure the resolution of audit recommendations is a demonstration of management's
  • A. delegation of authority.
  • B. disagreement with the audit findings.
  • C. agreement with the audit findings.
  • D. support for the audit process.
Answer: D
Explanation:
* Management's Role in Resolving Audit Recommendations:
* By appointing a senior official to oversee the resolution of audit recommendations, management demonstrates itscommitment and supportfor the audit process.
* This action indicates a proactive approach to addressing findings and improving operations.
* Explanation of Answer Choices:
* A. Agreement with the audit findings: While this may indicate agreement, appointing a senior official is more about ensuring action is taken rather than expressing agreement.
* B. Disagreement with the audit findings: Incorrect. Appointing a senior official is a constructive step, not an indication of disagreement.
* C. Delegation of authority: Incorrect. Delegation is involved, but the key point is the demonstration of management's support for addressing audit findings.
* D. Support for the audit process: Correct. This action underscores management's commitment to resolving audit findings and improving accountability.
:
GAO,Standards for Internal Control in the Federal Government (Green Book).
OMB Circular A-50,Audit Follow-Up.

NEW QUESTION # 89
......
Nowadays in this information-based world the definition of the talents mean that the personnel boost both the knowledge in GFMC area and the practical abilities now. So if you want to be the talent the society actually needs you must apply your knowledge into the practical working and passing the test GFMC Certification can make you become the talent the society needs. If you buy our GFMC study materials you will pass the exam successfully and realize your goal to be the talent.
Test GFMC Dumps Demo: https://www.actualtestsit.com/AGA/GFMC-exam-prep-dumps.html
https://www.practicevce.com
Reply

Use props Report

Return to List
High mode
B Color Image Link Quote Code Smilies
You need to log in before you can reply Login | Register

This forum Credits Rules

  •  

Service Hotline : (+86)18688117175
Contact us
E-mail : global@t-firefly.com
Copyright © 2014-2022, FIREFLY TECHNOLOGY CO.,LTD. All Rightts Reserved. 粤ICP备14022046号-2
Quick Reply Back to top Back to list