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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q23-Q28):

NEW QUESTION # 23
A federal government agency that expends beyond its appropriation is in violation of the

A. Sarbanes-Oxley Act.
B. Antideficiency Act.
C. Federal Financial Management Improvement Act.
D. Federal Managers' Financial Integrity Act.

Answer: B

Explanation:
* Antideficiency Act Overview:
* TheAntideficiency Act (31 U.S.C. §§ 1341, 1342, 1517)prohibits federal agencies from:
* Obligating or expending funds in excess of their appropriations.
* Entering into contracts without sufficient appropriated funds.
* Violating the Act is a serious matter, and agencies are required to report such violations to Congress and the President.
* Explanation of Answer Choices:
* A. Federal Managers' Financial Integrity Act: Incorrect. This Act requires agencies to assess internal controls, not monitor appropriations.
* B. Federal Financial Management Improvement Act: Incorrect. This Act focuses on improving financial systems, not budgetary compliance.
* C. Antideficiency Act: Correct. This Act directly prohibits expenditures beyond appropriations.
* D. Sarbanes-Oxley Act: Incorrect. This Act applies to corporate financial reporting, not federal appropriations.
References:
* Antideficiency Act (31 U.S.C. §§ 1341, 1342, 1517).
* GAO,Principles of Federal Appropriations Law.

NEW QUESTION # 24
The auditor(s) should:
I- Adequately plan the work and properly supervise assistants
II- Properly study internal accounting controls to determine their reliability These points are the part of

A. Field work Standards
B. General Standards
C. Reporting Standards
D. All of these

Answer: A

NEW QUESTION # 25
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. control risk
C. detection risk
D. audit risk

Answer: B

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 # 26
The Federal Credit Reform Act of 1990 requires that the cost of loan defaults and interest subsidies be estimated and recorded:

A. when a defaulted loan is made good by the agency.
B. on a cash basis when the loan is paid.
C. on a FIFO basis as loans are made.
D. on a present value basis when the loans are made or guarantees are issued.

Answer: D

NEW QUESTION # 27
The main objective of the Cash Management Improvement Act is to require

A. federal agencies to take discounts when available and cost-effective.
B. federal agencies to disburse payments via electronic funds transfer.
C. states to pay invoices within 30 days of receipt of a proper invoice.
D. states to minimize the time elapsing between funds drawn and their final disposition.

Answer: D

Explanation:
What Is the Cash Management Improvement Act (CMIA)?
* CMIA requires states and federal agencies to minimize the time between when federal funds are drawn (transferred to the state) and when those funds are spent (final disposition).
* The goal is to reduce idle funds, ensure efficient use of federal funds, and reduce interest liabilities for both parties.
Key Objective:
* By minimizing the time between fund transfers and usage, the act ensures that federal funds are used promptly for their intended purposes, preventing excess cash from sitting idle in state accounts.
Why Other Options Are Incorrect:
* A. States to pay invoices within 30 days:This is unrelated to CMIA; it is part of general payment practices.
* C. Federal agencies to take discounts:This relates to payment terms, not the timing of fund transfers.
* D. Federal agencies to disburse payments via EFT:While electronic funds transfers are a common practice, CMIA focuses on minimizing idle funds, not payment methods.
References and Documents:
* Cash Management Improvement Act (1990):Mandates reducing the time between fund transfer and usage.
* Treasury Financial Manual:Provides specific guidelines for implementing CMIA.

NEW QUESTION # 28
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