CGFM Governmental Financial Management and Control GFMC Dumps (V8.02): Comprehensive and Accurate Preparation Materials for Exam Preparation

1. Which of the following includes the aggregate level and types of risks that the organization is willing to assume in order to achieve its Strategic objectives?

2. 1.Based on the data below, what can be concluded about outsourcing print job?

3. The goal of shared gervices is to

4. An evaluation of anggntity’s single year financial statements would use which of the following analyses?

5. In an attestation engagement, which party would make an assertion about a subject matter?

6. The first step in the internal control evaluation process is

7. In relation to financial reporting, who evaluates internal controls to support an opinion on a fair presentation of the financial statements?

8. Under government fuditing standards, auditors performing financial statement audits must

9. For financial audits, generally accepted auditing standards require that auditors accomplish all of the following tasks EXCEPT

10. The ratios used to determine an organization's ability to meet its creditor's demands are

11. Management shoulg consider the cost of internal controls in relationship to

12. A governmental attestation engagement may include a requirement to

13. What type of analygis should a finance director use to determine if there will be enough funds available to cover bills due within the next 30 days?

14. What is the formal tam for the listing and assessment of an agency's top risks?

15. The basic steps in fraud audits include all of the following EXCEPT

16. A city decides to invest in a new piece of equipment and wants to know how long it will take to recover the amount invested by using the payback analysis technique.

The city uses the following assumptions in its analysis:

- The cost of the equipment is $500,000.

- The equipment will generate $200,000 in revenue per year.

- The variable costs of operating the equipment will be $100,000 per year.

- The depreciation on the equipment will be $20,000 per year.

How long will it take the city to recover the amount invested in the new equipment?

17. The Federal Credit Reform Act of 1990 prescribes a special budget treatment for direct loans and loan guarantees that measures cash flows to and from the government using which financial analytical technique?

18. A local government is reviewing the performance of a contractor that is collecting trash for the county. Performance can be measured based upon the cost

19. When reviewing a report on internal control from a shared service provider that noted a weakness, the agency should

20. What is the most fupdamental cash control?

21. In a performance aygit, due professional care is used to

22. All of the following ae among the stated purposes of GPRA EXCEPT to

23. A state transfers cagh to a broker and the broker transfers securities to the state, promising to repay the cash plus interest in exchange for the return of the same securities. This transaction is an example of:

24. The value, in current dollars, of a sum of money to be received in the future describes

25. In addition to the Yellow Book, which group's external audit standards can the GAO reference?

26. A sound investment category for pension funds that can be easily valued is

27. The first step when gathering data for making strategic sourcing decisions is

28. Simplified acquisition processes assist an agency by

29. A key element in coputer-assisted audit techniques is

30. The Federal Credit Reform Act requires complex calculations, which are likely to include errors. This is an example of

31. A material weakness in internal control over financial reporting is defined as a deficiency that

32. A variable that would influence management's decision to hire contractors to perform management control evaluations is

33. Which of the following is an example of an internal control weakness?

34. Who is responsible for resolving single audit findings?

35. In an internal control evaluation, what are the roles of management and the auditor regarding the risk of fraud, waste and abuse?

36. An agency uses pavement rating scores as a key indicator for a street maintenance program. If the legislature provided the agency with an additional $5 million the new resources should be allocated based upon

37. The scope of a single audit engagement includes all of the following EXCEPT

38. Performance measurement assists management in

39. How may a city parks and recreation director meaningfully assess the performance of the department's grounds maintenance division?

40. One of the five components of COSO ERM is