CGFO Grant Management & Federal Compliance 3

Question 1

What does the Federal Funding Accountability and Transparency Act (FFATA) primarily require regarding federal award information?

Accepted Answer

Public disclosure of federal award data on a publicly accessible website such as USASpending.gov

Answer

FFATA requires federal agencies to report information about federal awards to a publicly accessible website (USASpending.gov) to enhance transparency and accountability in federal spending.

Question 2

What is the primary purpose of a cost allocation plan in governmental grant management?

Accepted Answer

To distribute shared costs equitably among multiple programs or funding sources on a reasonable basis

Answer

A cost allocation plan identifies, accumulates, and distributes allowable costs that benefit multiple programs to those programs on an equitable and consistent basis.

Question 3

Under 2 CFR Part 200, which of the following budget changes typically requires prior written approval from the federal awarding agency?

Accepted Answer

Transferring funds between direct cost categories when the cumulative transfers exceed 10% of the total award budget

Answer

Prior written approval is required for budget modifications where cumulative transfers among direct cost categories exceed 10% of the total award budget, unless the terms of the award specify otherwise.

Question 4

What is the primary function of the Federal Audit Clearinghouse (FAC)?

Accepted Answer

To collect, maintain, and disseminate single audit reporting packages for use by federal oversight agencies

Answer

The FAC serves as the central repository where non-federal entities submit single audit reporting packages, making them available to federal oversight agencies and the public.

Question 5

Under 2 CFR Part 200, how are 'major programs' determined for a single audit?

Accepted Answer

Using a risk-based approach that considers expenditure levels and risk factors including prior audit findings

Answer

Major programs are identified through a risk-based approach that evaluates expenditure size and risk factors, including prior audit findings, to focus audit resources on higher-risk programs.

(CGFO) Certified Government Finance Officer Practice Test

(CGFO) Certified Government Finance Officer Practice Test

CGFO Grant Management & Federal Compliance 3