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AGA GFMC test cram - Examination 3: Governmental Financial Management and Control (GFMC)

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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

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

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

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 5

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.

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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q64-Q69):

NEW QUESTION # 64
The Prompt Payment Act requires federal agencies to pay

A. interest when an invoice is paid late.
B. interest on intragovernmental invoices.
C. invoices no later than 60 days after receipt of the invoice.
D. invoices immediately when received.

Answer: A

Explanation:
* Overview of the Prompt Payment Act (PPA):
* ThePrompt Payment Act (31 U.S.C. Chapter 39)requires federal agencies to pay vendors for goods and services in a timely manner.
* If payment is not made within the required time frame (usually 30 days after receiving a proper invoice), the agency must payinterest penaltiesto the vendor for the late payment.
* Explanation of Answer Choices:
* A. Invoices immediately when received: Incorrect. Federal agencies are not required to pay invoices immediately; they must process payments within the specified timeframe.
* B. Interest when an invoice is paid late: Correct. Agencies must pay interest penalties for late payments.
* C. Invoices no later than 60 days after receipt of the invoice: Incorrect. The standard timeframe is 30 days unless otherwise specified in the contract.
* D. Interest on intragovernmental invoices: Incorrect. The PPA does not apply to intragovernmental transactions.
:
Prompt Payment Act,31 U.S.C. Chapter 39.
U).S. Department of the Treasury,Prompt Payment Act Guidelines.

NEW QUESTION # 65
A material weakness in internal control over financial reporting is defined as a deficiency that

A. results in a misstatement to the basic financial statements.
B. did not allow management to perform their assigned responsibility to prevent, detect and correct misstatements in a timely manner.
C. results in a material misstatement in other accompanying financial information.
D. creates a reasonable possibility of a material misstatement to the financial statements that will not be detected in a timely manner.

Answer: D

Explanation:
Definition of a Material Weakness:
According to auditing standards, a material weakness in internal control over financial reporting is a deficiency or combination of deficiencies that creates a reasonable possibility of a material misstatement in the financial statements that will not be prevented or detected on a timely basis.
Key Characteristics of a Material Weakness:
* Reasonable Possibility:The likelihood of a misstatement is more than remote but less than certain.
* Material Misstatement:The error or omission could impact the decisions of users relying on the financial statements.
* Timely Detection:The deficiency allows errors to go undetected for an extended period, potentially affecting financial statement reliability.
Why Other Options Are Incorrect:
* A.A misstatement in the basic financial statements may result from a material weakness, but the definition focuses on the reasonable possibility, not the actual result.
* B.A material weakness impacts the financial statements, not "other accompanying financial information."
* C.While timely detection is part of the issue, the definition focuses on the reasonable possibility of a misstatement, not management's inability to perform specific duties.
References and Documents:
* GAAS (AICPA SAS No. 115):Provides the formal definition of material weaknesses and guidance for auditors in evaluating control deficiencies.
* COSO Framework:Emphasizes the need for effective internal controls to mitigate material misstatement risks.

NEW QUESTION # 66
Which action represents an internal control deficiency in an agency responsible for building and maintaining dams?

A. The agency responds to the maintenance needs only as complaints are received or as employees report problems.
B. The agency checks the references of bidders.
C. The agency inspects the completed work to assure compliance with the contract specifications.
D. The agency releases the contractor's bond only after assuring that all work is performed satisfactorily.

Answer: A

Explanation:
What Is an Internal Control Deficiency?
* Aninternal control deficiencyoccurs when an organization fails to implement controls to prevent or detect risks effectively.
* In this case, responding only to maintenance needs when complaints are received demonstrates a lack of proactive controls, increasing the risk of issues going unnoticed or escalating over time.
Why Is Option C Correct?
* Proactive maintenance schedules and inspections are essential for ensuring the safety and functionality of critical infrastructure like dams. Relying solely on complaints or employee reports is a reactive approach and represents a deficiency in internal controls.
Why Other Options Are Incorrect:
* A. Inspecting completed work:This is a proper control to ensure compliance with contract specifications.
* B. Releasing the bond after work completion:This ensures contractual obligations are met and is a good control practice.
* D. Checking bidder references:This is part of the procurement process and a valid internal control.
References and Documents:
* GAO Standards for Internal Control (Green Book):Emphasizes proactive controls and monitoring for critical operations.
* Federal Infrastructure Maintenance Best Practices:Highlights proactive inspections and maintenance as essential controls.

NEW QUESTION # 67
A capital asset transferred to another department within the same government should be

A. recorded with the second department to minimize costs.
B. recorded with the original department to maximize receipts.
C. retained in the government's fixed asset tracking system showing the book value of the asset transferred to the receiving department.
D. retained in the government's fixed asset tracking system with no change in book value to either department.

Answer: C

Explanation:
Capital Asset Transfers Within the Same Government:
* When a capital asset is transferred between departments within the same government, the asset'sbook value(its original cost minus accumulated depreciation) should remain in the fixed asset tracking system.
* The transfer does not change the overall value of the asset for the government as a whole, but it should reflect that the asset is now under the responsibility of the receiving department.
Why This Is Important:
* Accurate tracking ensures the fixed asset system reflects the current custodian of the asset and allows for proper asset management and accountability.
Why Other Options Are Incorrect:
* A. Recorded with the original department to maximize receipts:This is incorrect because it ignores the asset's transfer and would misrepresent which department is responsible for it.
* B. Recorded with the second department to minimize costs:Cost minimization is irrelevant here; the transfer should reflect the book value.
* C. Retained with no change in book value to either department:While the book value doesn't change overall, the system must reflect the transfer to the receiving department.
References and Documents:
* GAAP (Governmental Accounting Standards Board - GASB):Requires accurate fixed asset tracking to reflect departmental transfers.
* GASB Statement No. 34:Discusses fixed asset tracking and reporting requirements.

NEW QUESTION # 68
Performance measures that relate program inputs to program outcomes are called

A. efficiency measures.
B. cost-effectiveness measures.
C. process measures.
D. activity measures.

Answer: B

Explanation:
* Definition of Cost-Effectiveness Measures:
* Cost-effectiveness measures assess therelationship between inputs (resources used)and outcomes (results achieved)to determine whether a program delivers value for the resources invested.
* Explanation of Answer Choices:
* A. Efficiency measures: Incorrect. These relate inputs to outputs, focusing on how efficiently resources are used to produce services, but not directly tied to outcomes.
* B. Process measures: Incorrect. These measure activities or steps within a program but do not assess outcomes.
* C. Cost-effectiveness measures: Correct. These directly link inputs to outcomes, measuring the program's effectiveness in achieving its objectives relative to costs.
* D. Activity measures: Incorrect. These track the level of activity or effort but not outcomes or effectiveness.
:
GASB,Performance Measurement and Reporting for Government Programs.
GAO,Best Practices in Measuring Program Effectiveness.

NEW QUESTION # 69
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