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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q112-Q117):

NEW QUESTION # 112
Management segregates duties among staff in order to reduce the risk of fraud

A. pressure.
B. opportunity.
C. detection.
D. rationalization.

Answer: B

Explanation:
Segregation of Duties and the Fraud Triangle:
* TheFraud Triangleidentifies three conditions that contribute to fraud:pressure,opportunity, and rationalization.
* Segregating duties (e.g., separating authorization, recordkeeping, and asset custody) is specifically designed to reduceopportunity, which is the chance for an employee to commit fraud without detection.
Why Opportunity Is Key:
* If one person has too much control over a process, they may exploit it for personal gain. Segregating duties creates checks and balances, making it harder for fraudulent activities to go unnoticed.
Why Other Options Are Incorrect:
* A. Pressure:Pressure refers to personal or financial stresses that drive someone to commit fraud, but segregation of duties does not address this directly.
* C. Rationalization:Rationalization involves justifying fraudulent behavior, which segregation does not prevent.
* D. Detection:While segregation can aid in fraud detection, its primary role is to reduce opportunities for fraud.
References and Documents:
* GAO Standards for Internal Control (Green Book):Emphasizes segregation of duties as a control to mitigate opportunities for fraud.
* COSO Internal Control Framework:Identifies segregation of duties as a key tool to reduce fraud risk.

NEW QUESTION # 113
According to OMB Circular A-50, who holds personal responsibility for ensuring that disagreements with audit findings and recommendations are resolved?

A. OMB deputy director for management
B. audit follow-up official
C. inspector general
D. comptroller general

Answer: B

Explanation:
What Does OMB Circular A-50 Require?
* OMB Circular A-50establishes policies for resolving and following up on audit findings and recommendations. It assignspersonal responsibilityto anaudit follow-up officialwithin the agency for ensuring that disagreements with audit findings are resolved and that corrective actions are implemented.
Why Is the Audit Follow-Up Official Responsible?
* The follow-up official ensures the agency responds appropriately to audit findings, tracks corrective actions, and resolves disagreements in a timely manner. This ensures accountability and compliance with audit recommendations.
Why Other Options Are Incorrect:
* A. Comptroller General:The Comptroller General leads the GAO and oversees audits but is not responsible for resolving disagreements within agencies.
* B. OMB Deputy Director for Management:Provides guidance on audit policies but does not hold personal responsibility for resolving disagreements.
* C. Inspector General:Performs audits and investigations but does not resolve disagreements over audit findings.
References and Documents:
* OMB Circular A-50:Specifies that the audit follow-up official holds responsibility for resolving disagreements.
* GAO Yellow Book:Discusses the roles and responsibilities of various officials in audit processes.

NEW QUESTION # 114
Which element of an inventory management system includes determining how much stock to have on hand?

A. inventory control
B. management control
C. safeguard control
D. supply control

Answer: A

Explanation:
What Is Inventory Control?
* Inventory controlrefers to the processes and systems used to manage stock levels, including determining how much inventory to keep on hand, reordering stock, and maintaining optimal levels to meet operational needs while minimizing costs.
* Determining stock levels is a central function of inventory control, ensuring the organization has the right amount of inventory to meet demand without overstocking or understocking.
Why Other Options Are Incorrect:
* B. Safeguard control:This refers to protecting inventory from theft, damage, or loss, not determining stock levels.
* C. Management control:This is a broader term encompassing oversight and governance, not specific to inventory.
* D. Supply control:This typically refers to managing supply chains and suppliers, not the internal control of inventory levels.
References and Documents:
* GAO Inventory Management Guide:Defines inventory control as the process of determining and maintaining appropriate stock levels.
* Best Practices in Government Inventory Management (AGA):Emphasizes the role of inventory control in balancing supply and demand.

NEW QUESTION # 115
Performance measurement assists management in

A. identifying weaknesses in disaster response preparedness.
B. tracking actual results against targets.
C. monitoring performance of certified professionals in regulatory fields.
D. determining allocation of capital appropriations.

Answer: B

NEW QUESTION # 116
The Prompt Payment Act requires federal agencies to pay

A. interest when an invoice is paid late.
B. interest on intragovernmental invoices.
C. invoices no later than 60 days after receipt of the invoice.
D. invoices immediately when received.

Answer: A

Explanation:
* Overview of the Prompt Payment Act (PPA):
* ThePrompt Payment Act (31 U.S.C. Chapter 39)requires federal agencies to pay vendors for goods and services in a timely manner.
* If payment is not made within the required time frame (usually 30 days after receiving a proper invoice), the agency must payinterest penaltiesto the vendor for the late payment.
* Explanation of Answer Choices:
* A. Invoices immediately when received: Incorrect. Federal agencies are not required to pay invoices immediately; they must process payments within the specified timeframe.
* B. Interest when an invoice is paid late: Correct. Agencies must pay interest penalties for late payments.
* C. Invoices no later than 60 days after receipt of the invoice: Incorrect. The standard timeframe is 30 days unless otherwise specified in the contract.
* D. Interest on intragovernmental invoices: Incorrect. The PPA does not apply to intragovernmental transactions.
:
Prompt Payment Act,31 U.S.C. Chapter 39.
U).S. Department of the Treasury,Prompt Payment Act Guidelines.

NEW QUESTION # 117
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