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GFMC Actual Exam Dumps | GFMC Valid Exam Forum

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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q16-Q21):

NEW QUESTION # 16
A program manager at a local agency needs to understand if program participation varies significantly from enrollment. The information changes daily. The best way to quickly analyze this would be to use

A. crosstab.
B. dashboard.
C. text file.
D. portable document format.

Answer: B

Explanation:
* Analyzing Participation and Enrollment Trends:
* Dashboards are tools that provide real-time visualizations of data, making them ideal for quickly analyzing trends such as program participation versus enrollment.
* They allow program managers to view up-to-date metrics and identify variances without manual data processing.
* Explanation of Answer Choices:
* A. Crosstab: While useful for comparing categorical data, crosstabs are static and less effective for real-time analysis.
* B. Portable document format (PDF): A PDF is a static file format, unsuitable for dynamic data analysis.
* C. Text file: Text files provide raw data but require additional processing, making them inefficient for quick analysis.
* D. Dashboard: Correct. Dashboards provide dynamic, real-time analytics, perfect for monitoring daily changes in participation and enrollment.
:
Association of Government Accountants (AGA),Data Visualization in Public Sector Management.
Government Performance Lab,Using Dashboards for Real-Time Program Management.

NEW QUESTION # 17
The first step in the internal control evaluation process is

A. documenting how transactions of events are processed.
B. identifying the effectiveness of management activities.
C. identifying potential risks.
D. assessing the adequacy of controls.

Answer: C

Explanation:
What Is Internal Control Evaluation?
Internal control evaluation is the process of assessing an organization's internal controls to ensure they are adequate and effective in mitigating risks, ensuring compliance, and achieving objectives.
Why Is Identifying Potential Risks the First Step?
* The entire purpose of internal controls is to mitigate risks. Therefore, before evaluating the controls, you need to identify the risks they are meant to address.
* Once risks are identified, the organization can evaluate whether the existing controls are adequate and effective in mitigating those risks.
* This approach aligns with risk-based frameworks like theCOSO Internal Control Framework, which emphasizes risk identification as the foundation for effective controls.
Why Other Options Are Incorrect:
* A. Identifying the effectiveness of management activities:This is part of control evaluation but occurs after risks and controls are identified.
* B. Assessing the adequacy of controls:Controls cannot be assessed until the risks they address are identified.
* C. Documenting how transactions or events are processed:While this step is important, it comes later in the process, after risks and controls are identified.
References and Documents:
* COSO Internal Control Framework:Identifies risk assessment as the foundation for designing and evaluating controls.
* GAO Standards for Internal Control (Green Book):Highlights risk identification as the first step in the control process.

NEW QUESTION # 18
A purchasing officer is asked to select a vendor to provide office supplies. Which of the following vendors should be selected?

A. the highest priced qualified bidder with the highest quality products
B. the mayor's high school classmate's company with the lowest qualified bid
C. the third lowest priced qualified bidder who is pending state disbarment
D. the second lowest priced qualified bidder

Answer: B

Explanation:
Why Select the Lowest Qualified Bidder?
* Procurement rules in government require selecting thelowest qualified bidderto ensure fairness, cost- efficiency, and compliance with procurement regulations.
* If the mayor's high school classmate's company meets the qualification criteria and provides the lowest bid, there is no conflict of interest unless favoritism or improper influence is proven.
Why Other Options Are Incorrect:
* B. Second lowest priced qualified bidder:Selecting the second lowest bidder without justification violates the principle of fairness and cost-efficiency.
* C. Third lowest bidder pending state disbarment:This vendor is not a qualified bidder due to pending disbarment.
* D. Highest priced qualified bidder with the highest quality products:If quality specifications are already met by lower bidders, selecting the highest-priced bidder is unjustifiable.
References and Documents:
* Federal Acquisition Regulation (FAR):Requires selecting the lowest qualified bidder.
* GAO Guide on Procurement Standards:Emphasizes fairness and cost-effectiveness in vendor selection.

NEW QUESTION # 19
Performance measures that report the results of providing goods or services are known as

A. workload measures.
B. output measures.
C. activity measures.
D. outcome measures.

Answer: B

Explanation:
* Definition of Output Measures:
* Output measures trackthe results of providing goods or services, such as the number of items produced or services delivered.
* These measures focus onquantityrather than quality or outcomes.
* Explanation of Answer Choices:
* A. Activity measures: Incorrect. Activity measures refer to inputs or processes, not results.
* B. Outcome measures: Incorrect. Outcome measures assess the impact or effectiveness of a program, not the quantity of goods/services provided.
* C. Output measures: Correct. Output measures focus on results (e.g., number of services delivered).
* D. Workload measures: Incorrect. Workload measures assess the volume of work performed but do not necessarily report on the results.
:
GASB,Performance Measurement Concepts.
GAO,Performance Auditing Standards and Guidance.

NEW QUESTION # 20
A primary deterrent to fraud is

A. delegation of responsibility without oversight.
B. performance of employee background checks.
C. the fear of detection.
D. job satisfaction and sense of "team."

Answer: C

Explanation:
* Deterrence of Fraud:
* A primary deterrent to fraud is thefear of being caught. When individuals believe there is a high likelihood of detection, they are less likely to commit fraudulent acts.
* Strong internal controls, monitoring, and audits increase this fear and serve as effective deterrents.
* Explanation of Answer Choices:
* A. Delegation of responsibility without oversight: Incorrect. Lack of oversight increases the risk of fraud rather than deterring it.
* B. The fear of detection: Correct. The fear of being caught is one of the most effective fraud deterrents.
* C. Job satisfaction and sense of "team": While these contribute to a positive work environment, they do not directly deter fraud.
* D. Performance of employee background checks: Background checks are a preventive measure but are less effective as a fraud deterrent compared to detection risk.
:
Association of Certified Fraud Examiners (ACFE),Fraud Prevention Guidance.
GAO,Fraud Risk Management Framework.

NEW QUESTION # 21
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