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GFMC Exam Dumps : Examination 3: Governmental Financial Management and Control (GFMC)

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Examination 3: Governmental Financial Management and Control (GFMC) Questions and Answers

Question 1

The Federal Credit Reform Act of 1990 prescribes a special budget treatment for direct loans and loan guarantees

that measures cash flows to and from the government using which financial analytical technique?

Options:

A.

future value

B.

net present value

C.

current value

D.

regression analysis

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Question 2

In a performance aygit, due professional care is used to

Options:

A.

obtain sufficient and competent evidence.

B.

determine scope.

C.

set materiality of financial statements.

D.

present the findings in accordance with GAAP.

Question 3

The Single Audit Act requires

Options:

A.

financial statement audits of non-federal entities that receive or administer grant awards of federal

funds.

B.

agencies to use an audit process to maximize the value of and manage acquisition risks.

C.

federal departments to have single audits of financial management systems.

D.

agencies to establish and assess internal controls related to audits.