Free AGA GFMC Exam Dumps Questions & Answers

Which action represents an internal control deficiency in an agency responsible for building and maintaining dams?

• A.  The agency inspects the completed work to assure compliance with the contract specifications.
• B.  The agency releases the contractor's bond only after assuring that all work is performed satisfactorily.
• C.  The agency checks the references of bidders.
• D.  The agency responds to the maintenance needs only as complaints are received or as employees report problems.

A primary deterrent to fraud is

• A.  delegation of responsibility without oversight.
• B.  the fear of detection.
• C.  performance of employee background checks.
• D.  job satisfaction and sense of "team."

The ratios used to determine an organization's ability to meet its creditor's demands are

• A.  debt burden ratios.
• B.  turnover ratios.
• C.  liquidity ratios.
• D.  budgetary cushion ratios.

Pay.gov is an example of

• A.  an electronic lockbox.
• B.  a data warehouse system.
• C.  a zero-balance account.
• D.  a concentration system.

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

• A.  the audit committee
• B.  management
• C.  the program office
• D.  the independent auditor