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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q21-Q26):

NEW QUESTION # 21
Which of the following is an example of an internal control weakness?

A. The contract department staff awards contracts and maintains a database for vendor information.
B. The accounting department has one clerk prepare vendor payments and another clerk reconcile bank accounts.
C. Management policy allows project managers to oversee controls of companies in which they have a material interest.
D. The budget department staff is responsible for preparing the budget and for reporting on budget cost variances.

Answer: C

Explanation:
* Definition of Internal Control Weakness:Internal control weaknesses occur when controls fail to prevent or detect errors, fraud, or conflicts of interest. Allowing project managers to oversee companies in which they have a material interest introduces aconflict of interest, undermining internal controls.
* Explanation of Answer Choices:
* A. The contract department staff awards contracts and maintains a database for vendor information: While not ideal, this does not automatically signal a critical control weakness.
* B. Management policy allows project managers to oversee controls of companies in which they have a material interest: Correct. This represents a serious conflict of interest and lack of independence.
* C. The budget department staff is responsible for preparing the budget and for reporting on budget cost variances: This may indicate concentration of duties but is less severe than a direct conflict of interest.
* D. The accounting department has one clerk prepare vendor payments and another clerk reconcile bank accounts: This demonstrates good segregation of duties, not a weakness.
:
COSO,Internal Control - Integrated Framework.
GAO,Standards for Internal Control in the Federal Government (Green Book).

NEW QUESTION # 22
If a CGFM wants to utilize data on population growth, housing and employment to estimate sales tax revenue, the CGFM should use

A. a regression analysis.
B. a payback analysis.
C. a cash flow analysis.
D. flow charting.

Answer: A

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 # 23
A federal government agency that expends beyond its appropriation is in violation of the

A. Sarbanes-Oxley Act.
B. Federal Financial Management Improvement Act.
C. Antideficiency Act.
D. Federal Managers' Financial Integrity Act.

Answer: C

Explanation:
* Antideficiency Act Overview:
* TheAntideficiency Act (31 U.S.C. §§ 1341, 1342, 1517)prohibits federal agencies from:
* Obligating or expending funds in excess of their appropriations.
* Entering into contracts without sufficient appropriated funds.
* Violating the Act is a serious matter, and agencies are required to report such violations to Congress and the President.
* Explanation of Answer Choices:
* A. Federal Managers' Financial Integrity Act: Incorrect. This Act requires agencies to assess internal controls, not monitor appropriations.
* B. Federal Financial Management Improvement Act: Incorrect. This Act focuses on improving financial systems, not budgetary compliance.
* C. Antideficiency Act: Correct. This Act directly prohibits expenditures beyond appropriations.
* D. Sarbanes-Oxley Act: Incorrect. This Act applies to corporate financial reporting, not federal appropriations.
:
Antideficiency Act (31 U.S.C. §§ 1341, 1342, 1517).
GAO,Principles of Federal Appropriations Law.

NEW QUESTION # 24
Planning to support ongoing financial operations in the event of a natural disaster is based on the assumption that

A. government agencies will need to operate as standalone organizations.
B. a fully redundant infrastructure will be available to staff at an alternate location.
C. there may be no warning of the potential emergency.
D. leadership and staff will reconvene at an alternate location.

Answer: C

Explanation:
* Assumptions in Disaster Planning:
* Financial continuity planning for natural disasters must account for scenarios where the event occurs suddenly and without warning.
* This assumption ensures that governments are prepared to quickly resume critical financial operations even under challenging and unpredictable circumstances.
* Explanation of Answer Choices:
* A. Leadership and staff will reconvene at an alternate location: While this is part of disaster planning, it is not the primary assumption.
* B. A fully redundant infrastructure will be available to staff at an alternate location: This may not always be realistic or feasible.
* C. There may be no warning of the potential emergency: Correct. Disaster planning assumes that emergencies can occur without prior notice.
* D. Government agencies will need to operate as standalone organizations: This is not a standard assumption in disaster planning.
:
FEMA,Continuity Guidance Circular.
GAO,Disaster Resilience and Continuity Planning.

NEW QUESTION # 25
The value, in current dollars, of a sum of money to be received in the future describes

A. payback value.
B. future value.
C. annuity value.
D. present value.

Answer: D

NEW QUESTION # 26
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