[Q31-Q48] Ultimate Guide to Prepare GFMC with Accurate PDF Questions [Nov 25, 2025] – IT Certification Exam Questions & Answers

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Ultimate Guide to Prepare GFMC with Accurate PDF Questions [Nov 25, 2025]

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NEW QUESTION 31
The value, in current dollars, of a sum of money to be received in the future describes

payback value.

present value.

annuity value.

future value.

NEW QUESTION 32
In relation to financial reporting, who evaluates internal controls to support an opinion on a fair presentation of the financial statements?

management

the independent auditor

the program office

the audit committee

NEW QUESTION 33
The first step in assessing an agency’s internal control program’s compliance with applicable laws and regulations is to

review legal actions against the agency for noncompliance with laws and regulations.

contact the legislature to secure its views on any areas of regulatory noncompliance.

develop an inventory of the applicable laws and regulations.

request a compliance review from the agency’s chief legal officer.

NEW QUESTION 34
In defining the audit objectives of a performance audit, auditors should evaluate whether the audited entity has

updated its vision and strategic mission statements.

corrective actions to address prior findings and recommendations.

updated its financial reports’ MD&A.

internal controls in place.

NEW QUESTION 35
A local government is reviewing the performance of a contractor that is collecting trash for the county.
Performance can be measured based upon the cost

per mile travelled.

per ton of trash collected.

comparison with closest comparable jurisdiction.

per employee.

NEW QUESTION 36
Who is responsible for resolving single audit findings?

the awarding agency

the recipient agency

the audit committee

the external auditors

NEW QUESTION 37
Management segregates duties among staff in order to reduce the risk of fraud

pressure.

opportunity.

rationalization.

detection.

NEW QUESTION 38
Which of the following is an example of an internal control weakness?

The contract department staff awards contracts and maintains a database for vendor information.

Management policy allows project managers to oversee controls of companies in which they have a material interest.

The budget department staff is responsible for preparing the budget and for reporting on budget cost variances.

The accounting department has one clerk prepare vendor payments and another clerk reconcile bank accounts.

NEW QUESTION 39
A capital asset transferred to another department within the same government should be

recorded with the original department to maximize receipts.

recorded with the second department to minimize costs.

retained in the government’s fixed asset tracking system with no change in book value to either department.

retained in the government’s fixed asset tracking system showing the book value of the asset transferred to the receiving department.

NEW QUESTION 40
An agency benefit program allows employees who commute by public transit up to 10 free taxi trips home per calendar year. Employees can use the program for personal or family health emergencies. The most appropriate method to check for abuse of this program is

using program data to look for instances of individuals using the service more than 10 times per year.

using geographic information system data to determine if the destination addresses were hospitals or clinics.

using personal data to determine if the destination address matches the employees home address.

requesting records from a random sample of employees to verify they used transit on the day they used the taxi services.

NEW QUESTION 41
A performance measurement that is measured the same way over several periods is

timely.

relevant.

reliable.

consistent.

NEW QUESTION 42
The first step when gathering data for making strategic sourcing decisions is

contacting vendors to submit bids under the request for bid process.

researching spend data by category for each business unit.

contacting business units to find out if there are existing purchasing contracts in place.

developing supplier performance measures to add into the purchase agreements.

NEW QUESTION 43
Which element of an inventory management system includes determining how much stock to have on hand?

inventory control

safeguard control

management control

supply control

NEW QUESTION 44
Internal control over financial reporting means that management can reasonably make which of the following assertions?

Sufficient spending authority and financial resources exist to support reported expenditures.

A physical inventory has been conducted of all assets meeting the jurisdiction’s capitalization threshold.

All assets and liabilities have been properly valued and, where applicable, all costs have been properly allocated.

Management has met its legislatively directed program goals.

NEW QUESTION 45
A primary deterrent to fraud is

delegation of responsibility without oversight.

the fear of detection.

job satisfaction and sense of “team.”

performance of employee background checks.

NEW QUESTION 46
According to the GAO, internal control is a process used by management to

help an entity achieve its objectives.

design an ERM system.

set the tone at the top.

develop a strategic plan.

NEW QUESTION 47
Federal entities primarily assess internal controls to

confirm that all management objectives will be met.

identify program areas where efficiencies may be gained.

ensure there is no fraud, waste or abuse within the entity.

determine what legislation is not applicable to the entity.

NEW QUESTION 48
Forensic accounting includes performance of all of the following tasks EXCEPT

auditing accounting records to prove or disprove fraud.

preventing fraud.

interviewing all related parties to fraud.

serving as an expert witness.

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