Certified Government Financial Manager v1.0
Question 1
The objective of financial and non-financial performance measures is to:
- A. demonstrate probity and legality in the handling of public funds.
- B. demonstrate taxpayer preference in allocation of funds.
- C. assess policy and reasonableness of budget allocation.
- D. assess government performance and program accountability.
Answer : D
Question 2
What is the present value of $25,000 to be received 10 years from today if the opportunity rate is 4%, the current tax rate is 1% and the expected future value is
9%?
- A. $ 9,706
- B. $10,550
- C. $15,295
- D. $16,900
Answer : D
Question 3
An agency receives miscellaneous revenue and investment revenue. The January beginning balance is $12,000. Monthly revenue is projected to be $2,000 and monthly expenses are projected to be $1,800. The agency plans to purchase a $10,000 90-day bond at par value on January 15. The agency has a $20,000 90- day bond that matures on February 15. What is the projected cash balance at the end of March?
- A. $11,400
- B. $12,600
- C. $22,600
- D. $32,600
Answer : C
Question 4
An audit tool used to examine financial data to detect fraud is:
- A. red flag detection.
- B. compiling data.
- C. data mining.
- D. regression analysis.
Answer : C
Question 5
Using purchasing cards for contract purchases creates efficiencies for all of the following EXCEPT:
- A. detection of fraudulent purchases.
- B. savings in transaction costs.
- C. improved cash flow for the vendor.
- D. streamlining payment in the accounts payable system.
Answer : A
Question 6
The U.S. Standard General Ledger will be used to record financial events for federal agencies, and common data elements shall be used throughout a federal agency for collection, storage and retrieval of financial information records according to OMB circular number:
- A. A-87.
- B. A-122.
- C. A-127.
- D. A-133.
Answer : C
Question 7
Governmental Organizations also provide funds to:
- A. Profit Organizations
- B. Non-Profit Organizations
- C. SMEs
- D. International Organizations or MNCs
Answer : B
Question 8
Which one of the following statements is the part of practices that States regulate?
- A. Preparation of specifications
- B. Advertising the letting of contracts and Project Scheduling
- C. Minority Goals
- D. All of these
Answer : D
Question 9
Federal and local Governments raise funds from________________ respectively.
- A. Tax-exempt Bonds and Bank Loans
- B. Bank Loans and Bonds
- C. International Market Investments and MNCs Capital Funding
- D. Foreign Reserves, Local Reserves
Answer : A
Question 10
FASAB has established_______ accounting Standards.
- A. 35
- B. 20
- C. 30
- D. 27
Answer : C
Question 11
The National Committee on Municipal Accounting (NCMA), sponsored by the Municipal Finance Officers Association (later Government Finance Association
[GFOA]), published in what is called, for obvious reasons, the "Blue Book." The third Blue book was titled as:
- A. Governmental Accounting, Auditing, and Financial Reporting
- B. Federal Accounting and Financial Reporting
- C. Blue book III
- D. None of these
Answer : A
Question 12
FASB (Financial Accounting Standards Board) is a ____________ organization and controlled and supported by a ______________, Financial Accounting
Foundation.
- A. Governmental Organization, Non-Profit Organization.
- B. Private Organization, Non-Profit Organization.
- C. Non-Profit Organization, Governmental Organization.
- D. Semi- governmental Organization, Private Organization
Answer : B
Question 13
_______________ 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. Federal Government
- B. State Government
- C. Local Government
- D. Non-profit Organization
Answer : D
Question 14
Issuance of practice and consensus bulletins prepared by the AICPA"™s Accounting and Standard Executive Committee is done at _________ level of GAAP.
- A. 1
- B. 2
- C. 3
- D. Zero
Answer : C
Question 15
Federal Government requires accounting records on:
- A. GGAP-basis
- B. Non-GAAP basis
- C. It depends
- D. Both A&B
Answer : C