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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q74-Q79):

NEW QUESTION # 74
Use of a lockbox eliminates

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

Answer: D

Explanation:
What Is a Lockbox?
* Alockboxis a service provided by banks to streamline the collection of payments. Customers send payments directly to a bank-managed P.O. box, where the bank processes and deposits them on behalf of the organization.
Why Does a Lockbox Eliminate Internal Office Processing Delays?
* Payments are sent directly to the bank, bypassing the organization's internal mail and deposit processes.
This eliminates delays caused by handling checks internally and ensures quicker access to funds.
Why Other Options Are Incorrect:
* B. Mail and check-clearing time:Lockboxes reduce internal processing delays but do not affect the mail delivery time or bank check-clearing processes.
* C. Delays in the availability of funds after transaction initiation:Fund availability depends on banking processes, not the lockbox.
* D. Writing of checks against insufficient funds:Lockboxes do not prevent the issuance of bad checks.
References and Documents:
* Treasury Financial Manual:Describes lockboxes as tools to reduce internal delays in payment processing.
* GAO Financial Management Best Practices:Highlights the benefits of lockboxes in expediting deposits.

NEW QUESTION # 75
A key element in coputer-assisted audit techniques is

• A. writing the system audit program.
• B. verifying internal controls.
• C. obtaining appropriate data.
• D. purchasing data mining software.

Answer: C

Explanation:
* Definition of Computer-Assisted Audit Techniques (CAATs):
* CAATs use software tools to perform audit tasks such as data analysis, testing transactions, and evaluating internal controls.
* Obtaining accurate and relevant data is a key first step, as it forms the basis of any analysis performed using CAATs.
* Explanation of Answer Choices:
* A. Writing the system audit program: This is part of audit planning but not a specific feature of CAATs.
* B. Verifying internal controls: While CAATs can be used to test controls, obtaining data is fundamental to this process.
* C. Obtaining appropriate data: Correct. CAATs rely on accurate, relevant, and complete data for meaningful analysis.
* D. Purchasing data mining software: While software is a tool for CAATs, the focus is on using data, not on acquiring the software itself.
:
Information Systems Audit and Control Association (ISACA),Guide to Computer-Assisted Audit Techniques.
Association of Government Accountants (AGA),Data Analytics and Auditing Best Practices.

NEW QUESTION # 76
How may a city parks and recreation director meaningfully assess the performance of the department's grounds maintenance division?

• A. analyze grounds maintenance staffing levels
• B. evaluate funds spent on grounds maintenance
• C. use a single measure of citizen satisfaction with parks and recreation
• D. compare cost per acre maintained to cost per acre maintained in another jurisdiction

Answer: D

Explanation:
Why Is This the Best Measure for Performance?
* Comparing thecost per acre maintainedto that of another jurisdiction provides a meaningful benchmark for performance evaluation. It allows the director to assess how efficiently the department is operating relative to similar organizations.
* This comparison ensures that the department is managing resources effectively and identifies potential areas for improvement.
Why Other Options Are Incorrect:
* A. Use a single measure of citizen satisfaction:While citizen satisfaction is important, it is subjective and does not provide insight into operational efficiency.
* B. Evaluate funds spent on grounds maintenance:Total spending does not measure efficiency or productivity; it merely reflects the amount allocated.
* C. Analyze staffing levels:Staffing levels do not directly measure performance; they are only one factor in determining efficiency.
References and Documents:
* Governmental Performance Reporting (AGA):Recommends using comparative benchmarks for evaluating efficiency in service delivery.
* Performance Management Framework by GAO:Highlights cost-effectiveness metrics such as cost per acre maintained.

NEW QUESTION # 77
What is the most fupdamental cash control?

• A. analysis of cash reports
• B. use of automated systems
• C. frequent reconciliation of bank accounts
• D. segregation of duties

Answer: C

Explanation:
* Cash Control Fundamentals:
* The primary goal of cash controls is to safeguard assets and prevent fraud, errors, or misappropriation.
* Frequent bank reconciliations ensure that recorded cash balances match actual bank balances, detecting discrepancies quickly.
* Explanation of Answer Choices:
* A. Segregation of duties: While critical for cash management, it is not the most fundamental cash control.
* B. Use of automated systems: Helpful for efficiency but not a fundamental control.
* C. Analysis of cash reports: Important, but reconciling bank accounts is more critical for detecting errors or fraud.
* D. Frequent reconciliation of bank accounts: Correct. This is the most fundamental and widely recognized control for safeguarding cash.
:
Association of Government Accountants (AGA),Cash Management Best Practices.
Government Finance Officers Association (GFOA),Bank Reconciliation Best Practices.

NEW QUESTION # 78
According to OMB Circular A-50, who holds personal responsibility for ensuring that disagreements with audit findings and recommendations are resolved?

• A. audit follow-up official
• B. OMB deputy director for management
• C. inspector general
• D. comptroller general

Answer: A

Explanation:
What Does OMB Circular A-50 Require?
* OMB Circular A-50establishes policies for resolving and following up on audit findings and recommendations. It assignspersonal responsibilityto anaudit follow-up officialwithin the agency for ensuring that disagreements with audit findings are resolved and that corrective actions are implemented.
Why Is the Audit Follow-Up Official Responsible?
* The follow-up official ensures the agency responds appropriately to audit findings, tracks corrective actions, and resolves disagreements in a timely manner. This ensures accountability and compliance with audit recommendations.
Why Other Options Are Incorrect:
* A. Comptroller General:The Comptroller General leads the GAO and oversees audits but is not responsible for resolving disagreements within agencies.
* B. OMB Deputy Director for Management:Provides guidance on audit policies but does not hold personal responsibility for resolving disagreements.
* C. Inspector General:Performs audits and investigations but does not resolve disagreements over audit findings.
References and Documents:
* OMB Circular A-50:Specifies that the audit follow-up official holds responsibility for resolving disagreements.
* GAO Yellow Book:Discusses the roles and responsibilities of various officials in audit processes.

NEW QUESTION # 79
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