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AGA CGFM - CGFM Certified Government Financial Manager

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Total 115 questions

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?

A.

risk register

B.

risk and control evaluation matrix

C.

risk profile

D.

risk and control assessment tool

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

A.

The agency inspects the completed work to assure compliance with the contract specifications.

B.

The agency releases the contractor's bond only after assuring that all work is performed satisfactorily.

C.

The agency responds to the maintenance needs only as complaints are received or as employees

report problems.

D.

The agency checks the references of bidders.

In a performance aygit, due professional care is used to

A.

obtain sufficient and competent evidence.

B.

determine scope.

C.

set materiality of financial statements.

D.

present the findings in accordance with GAAP.

Pay.gov is an example of

A.

a zero-balance account.

B.

a concentration system.

C.

an electronic lockbox.

D.

a data warehouse system.

Under the control environment component of internal control, management should

A.

demonstrate a commitment to integrity and ethical values.

B.

implement control activities through policies.

C.

communicate quality information to achieve the entity's objectives.

D.

establish and operate activities to monitor the internal control system.

Simplified acquisition processes assist an agency by

A.

maintaining the competitive bid requirement and allowing credit card purchases.

B.

providing access to bulk purchase discounts and reducing administrative costs.

C.

increasing the number of requisitions processed.

D.

reducing acquisition staff and managerial oversight.

If a state treasurer wants to evaluate a variety of alternative long-term investments, which financial analysis should

be used?

A.

net present value analysis

B.

regression analysis

C.

horizontal analysis

D.

ratio analysis

Which of the following disbursement techniques can be used to ensure timely payments?

A.

warrants

B.

checks

C.

drafts

D.

bank cards

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.

Management segregates duties among staff in order to reduce the risk of fraud

A.

pressure.

B.

opportunity.

C.

rationalization.

D.

detection.