2025 Latest GFMC DUMPS Q&As with Explanations Verified & Correct Answers [Q44-Q64]

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2025 Latest GFMC DUMPS Q&As with Explanations Verified & Correct Answers

GFMC dumps Exam Material with 117 Questions

Q44. All of the following represent selection criteria used to make contract awards EXCEPT contractor

staff expertise.

past performance records.

union affiliations.

financial position.

Q45. A purchasing officer is asked to select a vendor to provide office supplies. Which of the following vendors should be selected?

the mayor’s high school classmate’s company with the lowest qualified bid

the second lowest priced qualified bidder

the third lowest priced qualified bidder who is pending state disbarment

the highest priced qualified bidder with the highest quality products

Q46. 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?

future value

net present value

current value

regression analysis

Q47. Using Benford Digital Analysis, an auditor can identify potential fraud when

a higher-than-expected number of payment amounts to one vendor start with the number three.

a large number of contracts are awarded to one vendor.

a large contract is awarded to the director’s close relative.

an employee receives kickbacks from real estate developers.

Q48. A performance measurement that is measured the same way over several periods is

timely.

relevant.

reliable.

consistent.

Q49. How may a city parks and recreation director meaningfully assess the performance of the department’s grounds maintenance division?

use a single measure of citizen satisfaction with parks and recreation

evaluate funds spent on grounds maintenance

analyze grounds maintenance staffing levels

compare cost per acre maintained to cost per acre maintained in another jurisdiction

Q50. What is the most fupdamental cash control?

segregation of duties

use of automated systems

analysis of cash reports

frequent reconciliation of bank accounts

Q51. Who is responsible for resolving single audit findings?

the awarding agency

the recipient agency

the audit committee

the external auditors

Q52. Auditors may limit their public reporting in attestation engagements when the

auditors detect material fraud.

audit report would compromise ongoing legal proceedings.

auditor detects non-compliance with provisions of law.

entity management fails to satisfy legal requirements.

Q53. Under the control environment component of internal control, management should

demonstrate a commitment to integrity and ethical values.

implement control activities through policies.

communicate quality information to achieve the entity’s objectives.

establish and operate activities to monitor the internal control system.

Q54. The goal of shared gervices is to

reduce current staffing levels.

transfer responsibilities to another entity.

efficiently aggregate resources.

provide private business opportunities.

Q55. In a performance aygit, due professional care is used to

obtain sufficient and competent evidence.

determine scope.

set materiality of financial statements.

present the findings in accordance with GAAP.

Q56. Management’s ability to monitor for financial control weakness is most compromised if

theft has occurred.

financial data is inaccurate.

performance data is inaccurate.

collusion is present.

Q57. 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

Q58. The Single Audit Act requires

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

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

federal departments to have single audits of financial management systems.

agencies to establish and assess internal controls related to audits.

Q59. A sound investment category for pension funds that can be easily valued is

open-ended mutual funds.

reverse repurchase agreements.

derivative instruments.

internal investment pools.

Q60. Management segregates duties among staff in order to reduce the risk of fraud

pressure.

opportunity.

rationalization.

detection.

Q61. Which of the following would auditors issue an opinion on?

performance audits

compliance audits

financial statement audits

forensic audits

Q62. 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.

Q63. The National Performance Management Advisory Commission established a comprehensive framework that incorporates performance measurement into the

internal control plan.

financial statements.

audit procedures.

budget process.

Q64. 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?

Shift a portion of the costs in the form of a fee to parents.

Decrease budget allocation for special education services.

Develop a shared services agreement with surrounding districts.

Outsource special needs services to a private contractor.