Online Access Free GFMC Exam Questions

GPRA requires agencies to prepare and submit a strategic plan, an annual performance plan and

• A.an annual performance report.
• B.a five-year performance plan.
• C.a SEA report.
• D.the prior year's audited financial report.

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?

• A.current value
• B.net present value
• C.future value
• D.regression analysis

Use of a lockbox eliminates

• A.the writing of checks against insufficient funds.
• B.mail and check-clearing time.
• C.delays in the availability of funds after transaction initiation.
• D.internal office processing delays occurring prior to making deposits.

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

• A.suspicion of internal fraud.
• B.availability of qualified contractors.
• C.knowledge of systemic deficiencies.
• D.lack of management expertise.

Auditors may limit their public reporting in attestation engagements when the

• A.audit report would compromise ongoing legal proceedings.
• B.auditor detects non-compliance with provisions of law.
• C.auditors detect material fraud.
• D.entity management fails to satisfy legal requirements.