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Pass Guaranteed CGFM - Pass-Sure Exam Certified Government Financial Manager (CGFM) Tests

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q75-Q80):

NEW QUESTION # 75
Based upon the information below, for a governmental fund calculate the amount of revenues for the year using the modified accrual basis of accounting, assuming all deferred revenues are related to receivables.

A. $245,000
B. $253,000
C. $278,000
D. $247,000

Answer: D

NEW QUESTION # 76
Gas, taxes restricted for road maintenance and repair, property taxes restricted for downtown development, property taxes restricted for fire tax districts and state tobacco settlement funds restricted for smoking reduction and economic development are settled by Government with the help of:

A. Major Federal Government Funds
B. None of these
C. Special revenue funds
D. Financial sector Funds

Answer: C

Explanation:
Explanation

NEW QUESTION # 77
According to the GAO, internal control is a process used by management to

A. design an ERM system.
B. set the tone at the top.
C. develop a strategic plan.
D. help an entity achieve its objectives.

Answer: D

Explanation:
* Definition of Internal Control (According to GAO):
* Internal control is aprocess implemented by managementto provide reasonable assurance that the organization will achieve its objectives in:
* Operations(effectiveness and efficiency).
* Reporting(reliable and accurate financial and non-financial reporting).
* Compliance(adherence to laws and regulations).
* Explanation of Answer Choices:
* A. Help an entity achieve its objectives: Correct. This is the primary purpose of internal controls.
* B. Design an ERM system: Incorrect. Enterprise Risk Management (ERM) is broader than internal control and includes risk strategy and appetite.
* C. Set the tone at the top: Incorrect. While the tone at the top is part of the control environment, it is not the full scope of internal control.
* D. Develop a strategic plan: Incorrect. Internal control supports strategic plans but is not directly involved in developing them.
References:
* GAO,Standards for Internal Control in the Federal Government (Green Book).
* COSO,Internal Control - Integrated Framework.

NEW QUESTION # 78
_______________ had separate principles for ___________________ in the past.
I. Colleges and universities
II. Hospital and health -care entities
III. Voluntary health and welfare organization
IV. Nonprofit organization

A. State Government
B. Federal Government
C. Local Government
D. Non-profit Organization

Answer: D

NEW QUESTION # 79
In the context of audit risk, which type of risk is primarily influenced by the effectiveness of an organization's internal controls?

A. inherent risk
B. audit risk
C. detection risk
D. control risk

Answer: D

Explanation:
What Is Control Risk?
* Control riskrefers to the risk that an organization's internal controls will fail to prevent or detect material misstatements in a timely manner.
* The effectiveness of internal controls directly influences control risk. If controls are weak or poorly designed, the risk increases.
Why Is Option B Correct?
* The primary focus of control risk is the adequacy and effectiveness of an entity's internal controls.
Effective controls reduce the likelihood of material misstatements, while deficiencies increase control risk.
Why Other Options Are Incorrect:
* A. Inherent Risk:This is the risk of material misstatements due to the nature of the business or transactions, independent of controls.
* C. Detection Risk:This refers to the risk that auditors will fail to detect material misstatements. It is influenced by the nature and extent of audit procedures, not internal controls.
* D. Audit Risk:This is the overall risk that an auditor will issue an incorrect opinion. It combines inherent, control, and detection risks.
References and Documents:
* AICPA Standards on Audit Risk (AU-C 315):Explains control risk and its relationship to the effectiveness of internal controls.
* GAO Yellow Book:Emphasizes assessing control risk when evaluating internal controls in audits.

NEW QUESTION # 80
......

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EXAM CGFM TESTS | TRAINING CGFM TOOLS

Exam CGFM Tests | Training CGFM Tools