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Test AGA GFMC Duration | Latest GFMC Exam Dumps

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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q45-Q50):

NEW QUESTION # 45
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. comptroller general
D. inspector 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 # 46
What might be a cost-effective solution for a local public school to reduce increasing special education costs without violating federal maintenance of effort requirements?

A. Develop a shared services agreement with surrounding districts.
B. Shift a portion of the costs in the form of a fee to parents.
C. Decrease budget allocation for special education services.
D. Outsource special needs services to a private contractor.

Answer: A

Explanation:
Why Shared Services Agreements Are Cost-Effective:
* A shared services agreement allows multiple school districts to pool resources and share the costs of special education services, such as specialized staff, transportation, or facilities.
* This reduces duplication of services, increases efficiency, and helps lower costs without reducing the quality of education provided.
Why Federal Maintenance of Effort (MOE) Requirements Matter:
* Under federal law, schools must maintain a certain level of funding for special education services to receive federal grants. Cutting budgets or shifting costs directly to parents would likely violate MOE requirements.
Why Other Options Are Incorrect:
* A. Shift a portion of the costs in the form of a fee to parents:This violates federal regulations, as public schools cannot charge parents for special education services.
* B. Decrease budget allocation for special education services:This would also violate MOE requirements and reduce services for students with special needs.
* D. Outsource special needs services to a private contractor:While outsourcing can be an option, it may not always reduce costs and could introduce additional risks (e.g., quality concerns or compliance issues).
References and Documents:
* Individuals with Disabilities Education Act (IDEA):Mandates federal MOE requirements for special education funding.
* GAO Report on Shared Services in Education:Highlights cost-saving benefits of shared services agreements.

NEW QUESTION # 47
An agency uses pavement rating scores as a key indicator for a street maintenance program. If the legislature provided the agency with an additional $5 millionjthe new resources should be allocated based upon

A. lane miles rated as acceptable by the citizens.
B. the number of intersections.
C. lane miles with unmet needs.
D. historical budgeted amounts.

Answer: C

Explanation:
* Understanding Resource Allocation in Street Maintenance:When additional resources are provided for street maintenance, their allocation should address the most pressing infrastructure needs to maximize impact and public benefit.
* Key Indicator (Pavement Rating Scores):Pavement rating scores are used to evaluate the condition of roads. Areas with the lowest scores (representing unmet needs) require prioritized funding to bring the infrastructure to acceptable levels.
* Explanation of Answer Choices:
* A. Number of intersections: The number of intersections is not directly related to road conditions or pavement scores.
* B. Historical budgeted amounts: Allocating based on past budgets does not address current infrastructure conditions or unmet needs.
* C. Lane miles rated as acceptable by citizens: Roads already rated as "acceptable" do not require immediate attention.
* D. Lane miles with unmet needs: Correct, as this aligns with addressing the most critical deficiencies based on the pavement scores.
:
Government Finance Officers Association (GFOA),Best Practices in Capital Asset Management.
Federal Highway Administration (FHWA),Performance-Based Planning and Programming Guidebook.

NEW QUESTION # 48
Efficient inventory management will result in

A. a low inventory turnover ratio.
B. fewer instances of work stoppage.
C. high write-offs of obsolete inventory.
D. high total asset turnover.

Answer: B

Explanation:
What Is Efficient Inventory Management?
* Efficient inventory management ensures that an organization has the right amount of inventory at the right time to meet operational needs without overstocking or understocking.
* Proper inventory management minimizes disruptions to operations, including work stoppages due to lack of necessary materials or supplies.
Why Is Fewer Instances of Work Stoppage the Correct Answer?
* Efficient inventory management ensures that required inventory is available when needed, reducing the risk of work delays or stoppages caused by inventory shortages.
Why Other Options Are Incorrect:
* A. A low inventory turnover ratio:A low turnover ratio often indicates overstocking or slow-moving inventory, which is not a sign of efficiency.
* B. High write-offs of obsolete inventory:Efficient management reduces obsolete inventory, leading to fewer write-offs, not more.
* D. High total asset turnover:While efficient inventory management may contribute to overall asset efficiency, it does not directly result in a high total asset turnover ratio.
References and Documents:
* GAO Guide on Inventory Management:Emphasizes the role of inventory management in avoiding operational disruptions.
* Best Practices for Inventory Management (AGA):Highlights reduced work stoppages as a key benefit of effective inventory control.

NEW QUESTION # 49
What is the first step on performing a risk assessment under the COSO Internal Control Framework?

A. setting risk tolerance levels
B. review of prior audit findings
C. identification of risks
D. defining internal control objectives

Answer: D

Explanation:
* Risk Assessment Under COSO Framework:
* The first step in a COSO-based risk assessment is defining internal control objectives. This establishes what the organization aims to achieve, providing a framework for identifying risks and ensuring controls align with objectives.
* Risk assessment focuses on evaluating the likelihood and impact of risks that could hinder these objectives.
* Explanation of Answer Choices:
* A. Identification of risks: Identifying risks follows the definition of internal control objectives.
* B. Defining internal control objectives: Correct. Objectives must be defined first to provide a basis for identifying and assessing risks.
* C. Review of prior audit findings: Important, but it's not the starting point for a risk assessment under COSO.
* D. Setting risk tolerance levels: This occurs later, after risks have been identified and evaluated.
:
COSO,Internal Control - Integrated Framework.
GAO,Standards for Internal Control in the Federal Government (Green Book).

NEW QUESTION # 50
......

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