DUMP GFMC TORRENT & GFMC EXAM BLUEPRINT

Dump GFMC Torrent & GFMC Exam Blueprint

Dump GFMC Torrent & GFMC Exam Blueprint

Blog Article

Tags: Dump GFMC Torrent, GFMC Exam Blueprint, GFMC Valid Test Dumps, GFMC Best Practice, Reliable GFMC Test Dumps

If you are preparing for the AGA GFMC exam dumps our GFMC Questions help you to get high scores in your AGA GFMC exam. Test your knowledge of the AGA GFMC Exam Dumps with PrepAwayTest AGA GFMC practice questions. The software is designed to help with AGA GFMC exam dumps preparation.

There are only key points in our GFMC training materials. From the experience of our former customers, you can finish practicing all the contents in our GFMC guide quiz within 20 to 30 hours, which is enough for you to pass the GFMC Exam as well as get the related certification. That is to say, you can pass the GFMC exam as well as getting the related certification only with the minimum of time and efforts under the guidance of our study prep.

>> Dump GFMC Torrent <<

GFMC Exam Blueprint | GFMC Valid Test Dumps

Once you have practiced on our Examination 3: Governmental Financial Management and Control (GFMC) test questions, the system will automatically memorize and analyze all your practice. You must finish the model test in limited time. There have a timer on the right of the interface. Once you begin to do the exercises of the GFMC test guide, the timer will start to work and count down. If you don’t finish doing the exercises, all your exercises of the GFMC Exam Questions will be delivered automatically. Then the system will generate a report according to your performance. You will clearly know where you are good at or not.

AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q19-Q24):

NEW QUESTION # 19
Pay.gov is an example of

  • A. a zero-balance account.
  • B. an electronic lockbox.
  • C. a data warehouse system.
  • D. a concentration system.

Answer: B

Explanation:
What Is Pay.gov?
* Pay.govis anelectronic lockbox systemmanaged by the U.S. Department of the Treasury. It allows federal agencies to collect payments electronically, improving efficiency and reducing the time and cost associated with manual payment processing.
* It supports online payments for taxes, fees, and other government-related obligations.
Why Is It an Electronic Lockbox?
* Pay.gov consolidates and processes payments on behalf of federal agencies, similar to how a lockbox service processes payments for private businesses.
Why Other Options Are Incorrect:
* A. Zero-balance account:This refers to a type of bank account that maintains a balance of zero by automatically transferring funds as needed, unrelated to Pay.gov's purpose.
* B. Concentration system:Refers to pooling funds from multiple accounts into one central account, not payment processing.
* D. Data warehouse system:A data warehouse stores and organizes large amounts of data for analysis, unrelated to payment collection.
References and Documents:
* U.S. Treasury Pay.gov Website:Describes Pay.gov as an electronic lockbox for federal payment processing.
* GAO Financial Management Systems Guide:Highlights the role of electronic lockboxes like Pay.gov in improving efficiency.


NEW QUESTION # 20
Government entity SEA reporting provides users of general purpose financial reports with an

  • A. assessment of the accountability of the public administrators.
  • B. evaluation of the effects of changes in public policy.
  • C. assessment of financial condition and results of operations.
  • D. evaluation of the efficiency and effectiveness of governmental programs.

Answer: D

Explanation:
* Service Efforts and Accomplishments (SEA) Reporting:
* SEA reporting is designed to providenon-financial performance informationabout the efficiency and effectiveness of government programs.
* It evaluates how well resources are being used to achieve desired outcomes, helping stakeholders assess program performance and accountability.
* Explanation of Answer Choices:
* A. Evaluation of the effects of changes in public policy: Incorrect. SEA reporting does not focus on policy changes but on program performance.
* B. Assessment of financial condition and results of operations: Incorrect. This is the role of financial statements, not SEA reports.
* C. Assessment of the accountability of the public administrators: Incorrect. While SEA reports indirectly support accountability, their main purpose is to assess program efficiency and effectiveness.
* D. Evaluation of the efficiency and effectiveness of governmental programs: Correct. This is the primary focus of SEA reporting.
:
GASB,Concepts Statement No. 2: Service Efforts and Accomplishments Reporting.
GFOA,Performance Reporting in Government.


NEW QUESTION # 21
Using Benford Digital Analysis, an auditor can identify potential fraud when

  • A. a large number of contracts are awarded to one vendor.
  • B. a higher-than-expected number of payment amounts to one vendor start with the number three.
  • C. an employee receives kickbacks from real estate developers.
  • D. a large contract is awarded to the director's close relative.

Answer: B

Explanation:
* Benford's Law and Fraud Detection:
* Benford's Lawis a statistical principle that predicts the frequency of leading digits in naturally occurring datasets.
* Deviations from the expected distribution (e.g., a higher-than-expected frequency of a specific leading digit) can indicate manipulation or fraud.
* For example, if too many payments start with the number "3," it suggests potential tampering.
* Explanation of Answer Choices:
* A. A higher-than-expected number of payment amounts to one vendor start with the number three: Correct. This aligns with how Benford's Law is used to detect anomalies in numerical data.
* B. A large number of contracts are awarded to one vendor: While concerning, this is not related to Benford's Law.
* C. A large contract is awarded to the director's close relative: This indicates a conflict of interest but is unrelated to Benford's Law.
* D. An employee receives kickbacks from real estate developers: This is fraud but cannot be identified using Benford's Law.
:
Association of Certified Fraud Examiners (ACFE),Fraud Detection Using Benford's Law.
GAO,Fraud Risk Management Framework.


NEW QUESTION # 22
In addition to the Yellow Book, which group's external audit standards can the GAO reference?

  • A. International Organization of Supreme Audit Institutions
  • B. AICPA
  • C. Public Company Accounting Oversight Board
  • D. International Auditing and Assurance Standards Board.

Answer: A

Explanation:
* GAO and External Audit Standards:The Government Accountability Office (GAO) uses the Yellow Book as its primary standard. However, it may also reference external standards from recognized international and professional auditing organizations. INTOSAI is specifically mentioned in the Yellow Book as a source of additional standards for governmental audits.
* Explanation of Answer Choices:
* A. Public Company Accounting Oversight Board (PCAOB): This regulates audits of publicly traded companies, not government entities.
* B. International Auditing and Assurance Standards Board (IAASB): This focuses on global private-sector audits, not specifically government-related.
* C. International Organization of Supreme Audit Institutions (INTOSAI): Correct. INTOSAI sets audit standards for public-sector auditors worldwide and is relevant for the GAO.
* D. AICPA: While the AICPA sets standards for U.S. auditors, INTOSAI is more relevant for international public-sector audits.
:
GAO,Government Auditing Standards (Yellow Book).
INTOSAI,Framework of Professional Standards for Supreme Audit Institutions.


NEW QUESTION # 23
Management's ability to monitor for financial control weakness is most compromised if

  • A. theft has occurred.
  • B. financial data is inaccurate.
  • C. performance data is inaccurate.
  • D. collusion is present.

Answer: D

Explanation:
* Collusion as a Threat to Monitoring:
* Collusion occurs when two or more individuals work together to circumvent internal controls.
* Even with strong controls in place, collusion can undermine monitoring because it allows individuals to bypass controls without detection.
* Explanation of Answer Choices:
* A. Theft has occurred: Incorrect. While theft is a problem, it is often detected if controls and monitoring are functioning properly.
* B. Financial data is inaccurate: Incorrect. Inaccurate financial data can compromise decision- making, but strong monitoring can help detect and correct errors.
* C. Performance data is inaccurate: Incorrect. While inaccurate performance data is problematic, it does not directly compromise the monitoring of financial control weaknesses.
* D. Collusion is present: Correct. Collusion is the most significant threat because it undermines the effectiveness of internal controls and makes monitoring ineffective.
:
GAO,Standards for Internal Control in the Federal Government (Green Book).
Association of Certified Fraud Examiners (ACFE),Fraud Risk Management Framework.


NEW QUESTION # 24
......

The platform offers three distinct formats, including a desktop-based AGA GFMC practice test software, a web-based practice test, and a convenient PDF format. This allows candidates to choose the format that best suits their learning style and preference, ensuring a seamless and effective exam preparation experience. By offering tailored solutions to meet individual needs, PrepAwayTest has established itself as a trusted provider of top-quality Examination 3: Governmental Financial Management and Control (GFMC) (GFMC) exam preparation material.

GFMC Exam Blueprint: https://www.prepawaytest.com/AGA/GFMC-practice-exam-dumps.html

AGA Dump GFMC Torrent In order to serve you better, we have do what we can do for you, AGA Dump GFMC Torrent Do you have no confidence to take the exam, Prepared by the best industry experts, exam collection GFMC dumps can help you get the maximum exam score, AGA Dump GFMC Torrent Download PDF & Practice Tests, AGA Dump GFMC Torrent If you have choice phobia disorder, do not hesitate now.

Write multithreaded code in Go and learn the things you GFMC need to focus on, For the purposes of this book, however, we focus on the e-retail component of the business.

In order to serve you better, we have do what we can do for you, Do you have no confidence to take the exam, Prepared by the best industry experts, exam collection GFMC dumps can help you get the maximum exam score.

100% Pass Reliable AGA - Dump GFMC Torrent

Download PDF & Practice Tests, Dump GFMC Torrent If you have choice phobia disorder, do not hesitate now.

Report this page