Test Prep Test Prep Certifications CGFM Questions & Answers

• Question 161:

  Issuance of practice and consensus bulletins prepared by the AICPA's Accounting and Standard Executive Committee is done at _________ level of GAAP.

  A. 1

  B. 2

  C. 3

  D. Zero

  Correct Answer: C

• Question 162:

  FASB (Financial Accounting Standards Board) is a ____________ organization and controlled and supported by a ______________, Financial Accounting Foundation.

  A. Governmental Organization, Non-Profit Organization.

  B. Private Organization, Non-Profit Organization.

  C. Non-Profit Organization, Governmental Organization.

  D. Semi- governmental Organization, Private Organization

  Correct Answer: B

• Question 163:

  FASAB has established_______ accounting Standards.

  A. 35

  B. 20

  C. 30

  D. 27

  Correct Answer: C

• Question 164:

  The National Committee on Municipal Accounting (NCMA), sponsored by the Municipal Finance Officers Association (later Government Finance Association [GFOA]), published in what is called, for obvious reasons, the "Blue Book." The third Blue book was titled as:

  A. Governmental Accounting, Auditing, and Financial Reporting

  B. Federal Accounting and Financial Reporting

  C. Blue book III

  D. None of these

  Correct Answer: A

• Question 165:

  Federal and local Governments raise funds from________________ respectively.

  A. Tax-exempt Bonds and Bank Loans

  B. Bank Loans and Bonds

  C. International Market Investments and MNCs Capital Funding

  D. Foreign Reserves, Local Reserves

  Correct Answer: A

• Question 166:

  The U.S. Standard General Ledger will be used to record financial events for federal agencies, and common data elements shall be used throughout a federal agency for collection, storage and retrieval of financial information records according to OMB circular number:

  A. A-87.

  B. A-122.

  C. A-127.

  D. A-133.

  Correct Answer: C

• Question 167:

  Governmental Organizations also provide funds to:

  A. Profit Organizations

  B. Non-Profit Organizations

  C. SMEs

  D. International Organizations or MNCs

  Correct Answer: B

• Question 168:

  Which one of the following statements is the part of practices that States regulate?

  A. Preparation of specifications

  B. Advertising the letting of contracts and Project Scheduling

  C. Minority Goals

  D. All of these

  Correct Answer: D

• Question 169:

  Using purchasing cards for contract purchases creates efficiencies for all of the following EXCEPT:

  A. detection of fraudulent purchases.

  B. savings in transaction costs.

  C. improved cash flow for the vendor.

  D. streamlining payment in the accounts payable system.

  Correct Answer: A

• Question 170:

  An audit tool used to examine financial data to detect fraud is: A. red flag detection.

  B. compiling data.

  C. data mining.

  D. regression analysis.

  Correct Answer: C