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[General] Go With AGA GFMC PDF Questions [2026] For Instant Success

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【General】 Go With AGA GFMC PDF Questions [2026] For Instant Success

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AGA GFMC Exam Syllabus Topics:
TopicDetails
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 (Q75-Q80):NEW QUESTION # 75
The best source for annual liability and cash flow data is a state's
  • A. PAR.
  • B. ACFR.
  • C. appropriations bill.
  • D. statement of activities.
Answer: B
Explanation:
* Annual Comprehensive Financial Report (ACFR):
* TheACFR(formerly CAFR) is the primary source for a state's annual financial information, including liability and cash flow data.
* It provides comprehensive financial statements, including the balance sheet, statement of activities, and cash flow statements.
* Explanation of Answer Choices:
* A. PAR: ThePerformance and Accountability Report (PAR)focuses on federal agencies and includes performance goals and achievements but lacks detailed liability and cash flow data for states.
* B. ACFR: Correct. The ACFR is the best source for detailed liability and cash flow data at the state level.
* C. Appropriations bill: Provides legislative authority for spending but does not include detailed financial data.
* D. Statement of activities: This is part of the ACFR but does not include all necessary cash flow or liability data.
:
Government Finance Officers Association (GFOA),Best Practices for ACFR Reporting.
GASB,Annual Comprehensive Financial Report Guidance.

NEW QUESTION # 76
If a CGFM wants to utilize data on population growth, housing and employment to estimate sales tax revenue, the CGFM should use
  • A. a cash flow analysis.
  • B. flow charting.
  • C. a regression analysis.
  • D. a payback analysis.
Answer: C
Explanation:
* Regression Analysis:
* Regression analysis is a statistical method used to examine relationships between variables and make predictions.
* To estimatesales tax revenue, a CGFM can use regression to analyze how population growth, housing, and employment trends correlate with tax revenue over time.
* Explanation of Answer Choices:
* A. Regression analysis: Correct. This method uses historical and predictive data to model the relationship between variables (e.g., population growth and sales tax revenue).
* B. Cash flow analysis: Focuses on analyzing cash inflows and outflows, not predicting revenue based on external factors.
* C. Payback analysis: Used to calculate the time needed to recover an investment, unrelated to tax revenue estimation.
* D. Flow charting: Used to visualize processes, not for predictive analytics.
:
Association of Government Accountants (AGA),Predictive Analytics in Public Sector Finance.
U).S. Census Bureau,Data Analytics for Revenue Forecasting.

NEW QUESTION # 77
Government performance measurement promotes
  • A. profitability.
  • B. responsibility.
  • C. accountability.
  • D. cash availability.
Answer: C
Explanation:
What Is Government Performance Measurement?
Government performance measurement is the process of setting goals, tracking progress, and evaluating outcomes for government programs and services. This system ensures that public funds are used effectively and that programs achieve intended results.
How Does It Promote Accountability?
* Accountability is the primary goal of performance measurement. It holds government officials and agencies responsible for managing public resources efficiently and achieving measurable outcomes.
* By measuring performance, governments can transparently demonstrate how resources are being used and whether programs are meeting their objectives.
Why Other Options Are Incorrect:
* A. Responsibility:While responsibility is important, it refers more to the assignment of duties, not the system of holding entities accountable.
* B. Profitability:Governments are not profit-driven organizations; their focus is on service delivery, not profits.
* D. Cash Availabilityerformance measurement focuses on outcomes, not managing cash flows.
References and Documents:
* Government Performance and Results Act (GPRA)romotes accountability through performance measurement and reporting.
* GAO Report on Performance Accountability:Emphasizes the role of performance measurement in achieving government accountability.

NEW QUESTION # 78
Management's need for real-time access to data is facilitated when
  • A. data is represented visually and includes information that indirectly relates to the subject matter.
  • B. data supporting dashboards are updated every quarter.
  • C. complex data sets are available on demand, presented with minimal distractions.
  • D. the prior year's financial statement data underlies the management reports used to decide on future expenditures.
Answer: C
Explanation:
Why Does Management Need Real-Time Data Access?
* Real-time access to data enables managers to make timely and informed decisions.
* Complex data setspresented clearly and concisely (with minimal distractions) allow decision-makers to focus on the critical insights necessary for strategic and operational planning.
Why Is Option D Correct?
* On-demand access ensures managers can retrieve updated data whenever needed. Presenting the data in a focused and distraction-free format facilitates quick comprehension and decision-making.
Why Other Options Are Incorrect:
* A. Visual representation with indirect information:Including unrelated data can overwhelm users and detract from effective decision-making.
* B. Dashboards updated quarterlyuarterly updates do not meet the need for real-time access.
* C. Prior year's financial dataecisions based solely on historical data are not responsive to real-time needs.
References and Documents:
* GAO Data Analytics and Visualization Framework:Stresses the importance of real-time, actionable, and distraction-free data for decision-making.
* AICPA Dashboard Guidelines:Recommends presenting complex data sets in a clear and accessible format for management use.

NEW QUESTION # 79
A variable that would influence management's decision to hire contractors to perform management control evaluations is
  • A. knowledge of systemic deficiencies.
  • B. availability of qualified contractors.
  • C. lack of management expertise.
  • D. suspicion of internal fraud.
Answer: C
Explanation:
Why Hire Contractors for Management Control Evaluations?
Management may decide to bring in external contractors when there are gaps in the organization's capacity to perform evaluations internally. One key factor is thelack of management expertise-if management lacks the necessary knowledge or experience to evaluate controls effectively, it may outsource this task to qualified contractors.
Why Other Options Are Incorrect:
* B. Availability of Qualified Contractors:While availability is a factor, it's not a variable that influences the decision to outsource. Instead, it's a logistical consideration once the decision has been made.
* C. Suspicion of Internal Fraud:Suspicion of fraud may lead to investigations, but hiring contractors to evaluate controls is driven by expertise gaps rather than fraud concerns.
* D. Knowledge of Systemic Deficiencies:If management already has knowledge of systemic deficiencies, they may focus on remediation rather than outsourcing evaluations.
References and Documents:
* GAO Standards for Internal Control in the Federal Government (Green Book):Emphasizes the need for knowledgeable personnel to evaluate controls.
* GAGAS (Yellow Book):Highlights the role of external expertise in cases where internal expertise is insufficient.

NEW QUESTION # 80
......
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