CGFM MCQ 3

Question 1

In federal financial management, an 'apportionment' is issued by:

Accepted Answer

The Office of Management and Budget (OMB)

Answer

OMB issues apportionments to divide an agency's appropriation into segments (usually quarterly) to control the rate of spending.

Question 2

The Yellow Book (Government Auditing Standards) is published by:

Accepted Answer

The Government Accountability Office (GAO)

Answer

The GAO publishes Government Auditing Standards (the Yellow Book), which establishes standards for audits of government entities and entities receiving government funds.

Question 3

Which type of government audit focuses on whether a program is achieving its intended results?

Accepted Answer

Performance audit

Answer

Performance audits examine program effectiveness, efficiency, and economy — assessing whether programs achieve their intended results.

Question 4

Under GASB 68, a government employer that participates in a cost-sharing multiple-employer pension plan must report:

Accepted Answer

Its proportionate share of the collective net pension liability

Answer

GASB 68 requires each employer in a cost-sharing plan to report its proportionate share of the collective net pension liability.

Question 5

The Federal Managers' Financial Integrity Act (FMFIA) requires federal agency heads to:

Accepted Answer

Evaluate and report on the adequacy of internal controls and financial systems

Answer

FMFIA requires agency heads to annually evaluate and report to the President and Congress on the adequacy of internal controls and financial management systems.

CGFM - Certified Government Financial Manager Practice Test

CGFM - Certified Government Financial Manager Practice Test

CGFM MCQ 3