Online Access Free GFMC Exam Questions

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

• A.trend
• B.vertical
• C.horizontal
• D.comparative

The legislation that expanded the requirements of audits to virtually all federal agencies is the

• A.Federal Financial Management Improvement Act of 1996.
• B.Government Management Reform Act of 1994.
• C.Accountability for Tax Dollars Act of 2002.
• D.CFO Act of 1990.

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

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

To support optimal cash management vendor payment procedures, invoices with discount terms should be paid

• A.prior to the due date to improve credit rating.
• B.on the due date, unless a charge is assessed for late payment.
• C.on the discount date.
• D.after the due date to increase cash flow.

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

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