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AGA GFMC Exam Syllabus Topics:

Topic	Details
Topic 1	Auditing: This section of the exam measures the auditing knowledge of financial controllers and government auditors. It focuses on audit standards, types of audits, the audit process, and the responsibilities of both auditors and auditees. Key topics include audit preparation, follow-up, independence, materiality, and the scope of the Single Audit Act. Candidates are also expected to be familiar with fieldwork, reporting, and confidentiality concerns relevant to public sector audits.
Topic 2	Financial and Managerial Analysis Techniques: This section of the exam measures the skills of budget analysts and financial managers in using quantitative tools and data to assess financial decisions. It includes techniques like trend and ratio analysis, forecasting, regression, and data analytics. It also tests understanding of data sources, reliability, and how forensic auditing can be used for deeper insight into financial activities.
Topic 3	Performance Measurement Metrics Service Efforts and Accomplishments: This section of the exam measures the ability of program managers and strategic planners to align performance indicators with organizational outcomes. It covers the integration of financial and non-financial metrics with strategic goals, the importance of transparency and accountability, and how performance data informs budgetary decisions. Candidates must understand stakeholder engagement, baseline setting, legal compliance, and benchmark creation.
Topic 4	Financial Management Functions: This section of the exam measures the competencies of public sector finance officers and treasury analysts in managing financial operations in government environments. It covers essential areas such as cash flow practices, investment strategy, debt recovery, and procurement processes. Candidates are expected to understand property and inventory systems, evaluate IT-based financial systems, and apply emerging technologies. Shared services and project management principles are also included as foundational knowledge areas.
Topic 5	Internal Control: This section of the exam measures the capabilities of compliance officers and internal auditors in implementing and evaluating internal control systems. It includes knowledge of COSO frameworks, OMB standards, and audit procedures aimed at fraud prevention and legal compliance. Candidates must understand roles and responsibilities related to internal control, risk assessment, reporting mechanisms, and enterprise risk management frameworks.

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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q106-Q111):

NEW QUESTION # 106
The first step in investment management is to

A. establish criteria for divesting.
B. develop a consensus among managers of the investment objectives.
C. ensure all employees understand their investment options.
D. develop an investment policy manual.

Answer: B

Explanation:
Investment Management Basics:
The first step in investment management is establishing theobjectivesof the investment program. This requires consensus among key stakeholders, such as managers, on what the investment goals are (e.g., risk tolerance, return expectations, liquidity needs).
* Without clear objectives, subsequent steps like developing policies or selecting investments cannot be effectively carried out.
Why Consensus Is Important:
* Investment objectives must align with the organization's mission, risk tolerance, and financial goals.
* Consensus ensures that all managers are on the same page before developing specific strategies or policies.
Why Other Options Are Incorrect:
* A. Ensure employees understand their investment options:Employee understanding is not the first step; it comes later when the investment strategy is implemented.
* C. Develop an investment policy manual:This happens after the objectives have been established.
* D. Establish criteria for divesting:Divestment criteria are part of the investment policy and are determined later.
References and Documents:
* GAO Financial Management Guide:Highlights setting objectives as the first step in investment management.
* COSO Framework for Investment Risk Management:Stresses the importance of aligning objectives before policy development.

NEW QUESTION # 107
The legislation that expanded the requirements of audits to virtually all federal agencies is the

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

Answer: A

Explanation:
What Did the Accountability for Tax Dollars Act Do?
* This act expanded the audit requirements tovirtually all federal agencies, not just those covered under the CFO Act of 1990.
* It mandated that agencies prepare audited financial statements to improve transparency, accountability, and the management of federal funds.
Why Other Options Are Incorrect:
* A. CFO Act of 1990:This act required audited financial statements but only applied to the 24 largest federal agencies (those covered under the Chief Financial Officers Act).
* C. Federal Financial Management Improvement Act of 1996:Focused on financial system compliance with federal accounting standards, not expanding audit requirements.
* D. Government Management Reform Act of 1994:Extended the CFO Act requirements to consolidated government-wide financial statements, not all federal agencies.
References and Documents:
* Accountability for Tax Dollars Act of 2002:Specifies the expanded audit requirements for federal agencies.
* GAO Guide on Federal Financial Management Laws:Provides a comprehensive overview of key legislation.

NEW QUESTION # 108
An evaluation of anggntity's single year financial statements would use which of the following analyses?

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

Answer: C

Explanation:
What Is Vertical Analysis?
* Vertical Analysisevaluates a single year's financial statements by expressing each line item as a percentage of a base amount. For example, in an income statement, each expense may be presented as a percentage of total revenue.
* This approach helps users understand the relative size of each financial statement item within the context of the total.
Why Is Vertical Analysis Used for a Single Year?
* Vertical analysis focuses solely on relationships within a single set of financial statements, making it the appropriate choice for single-year evaluations.
Why Other Options Are Incorrect:
* A. Comparative:Involves comparing financial data across entities or periods, not within a single year.
* B. Horizontal:Focuses on changes in financial data over time (year-to-year comparisons).
* C. Trend:Examines patterns over multiple periods to identify long-term trends, not a single year.
References and Documents:
* GAO Financial Audit Manual:Recommends vertical analysis for single-year financial statement evaluations.
* AICPA Financial Statement Analysis Guide:Provides detailed examples of vertical analysis techniques.

NEW QUESTION # 109
What is the first step on performing a risk assessment under the COSO Internal Control Framework?

A. defining internal control objectives
B. identification of risks
C. review of prior audit findings
D. setting risk tolerance levels

Answer: A

Explanation:
* Risk Assessment Under COSO Framework:
* The first step in a COSO-based risk assessment is defining internal control objectives. This establishes what the organization aims to achieve, providing a framework for identifying risks and ensuring controls align with objectives.
* Risk assessment focuses on evaluating the likelihood and impact of risks that could hinder these objectives.
* Explanation of Answer Choices:
* A. Identification of risks: Identifying risks follows the definition of internal control objectives.
* B. Defining internal control objectives: Correct. Objectives must be defined first to provide a basis for identifying and assessing risks.
* C. Review of prior audit findings: Important, but it's not the starting point for a risk assessment under COSO.
* D. Setting risk tolerance levels: This occurs later, after risks have been identified and evaluated.
:
COSO,Internal Control - Integrated Framework.
GAO,Standards for Internal Control in the Federal Government (Green Book).

NEW QUESTION # 110
A city parks department is selecting a contractor to renovate a community playground. Which of the following contractors should be selected?

A. The contractor with the highest bid, who includes luxury, non-requested upgrades to the design.
B. The contractor whose bid was submitted past the deadline but offers a discount for early payment.
C. The contractor with the lowest bid who has a history of delayed projects.
D. The contractor with the second-lowest bid, who has no prior violations and meets all bid specifications.

Answer: D

Explanation:
* Understanding the Procurement Process for Contractors:
* When selecting contractors for government projects, the goal is to ensure the selection of a responsible and responsive bidderwho meets all requirements outlined in the Request for Proposal (RFP) or bidding documents.
* Key considerations include the contractor's ability to meet deadlines, quality of work, and compliance with laws and regulations.
* Analyzing the Answer Options:
* A. The contractor with the lowest bid who has a history of delayed projects:While cost savings are important, a contractor with a history of delays poses a significant risk to project timelines and community satisfaction. This bidder is not considered "responsible" based on their track record.
* B. The contractor with the second-lowest bid, who has no prior violations and meets all bid specifications:Although this is not the lowest bid, it is the best choice because the contractor meets all requirements and has a clean history. Selecting a reliable bidder ensures the project is completed on time and within acceptable quality standards. This is the most responsible and justified decision.
* C. The contractor with the highest bid, who includes luxury, non-requested upgrades to the design:Selecting a contractor who proposes unnecessary and expensive upgrades is not cost- effective. Government procurement prioritizes fulfilling project specifications within the approved budget, making this choice impractical.
* D. The contractor whose bid was submitted past the deadline but offers a discount for early payment:Late bids violate procurement rules, which emphasize fairness and transparency.
Accepting this bid could lead to legal challenges or allegations of favoritism. Discounts do not justify breaching procurement guidelines.
* Why Option B is Correct:
* The second-lowest bid is the most responsible choice because the contractor:
* Meets all bid requirements.
* Has a strong history of compliance with regulations.
* Avoids risks associated with unreliable or excessively expensive options.
* This selection aligns with government procurement standards that prioritize balancing cost, quality, and reliability.
* References and Documentation from the Government Financial Manager (GFM) by AGA:
* Procurement Best Practices: The AGA emphasizes the importance of selecting bidders who demonstrate responsibility, reliability, and compliance with the bidding process.
* Ethical Procurement Standards: TheYellow Book (Government Auditing Standards) highlights the importance of fairness, transparency, and accountability in contractor selection.
* Source: AGA Certified Government Financial Manager (CGFM) study guides, Section IV:
Internal Controls, Procurement, and Ethics.

NEW QUESTION # 111
......

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Latest Test GFMC Discount Exam Pass For Sure | GFMC Upgrade Dumps

AGA GFMC Exam Syllabus Topics:

Trustworthy Latest Test GFMC Discount | Easy To Study and Pass Exam at first attempt & Well-Prepared AGA Examination 3: Governmental Financial Management and Control (GFMC)

AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q106-Q111):

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