CGFM Online Practice Questions and Answers

According to the AGA Code of Ethics, a government agency contract manager using a vendor as a personal reference would constitute:

A. fraud.

B. professional incompetence.

C. a conflict of interest.

D. nepotism.

A government agency's mission statement should include:

A. services and accomplishments.

B. organizational structure and hierarchy.

C. major functions and goals.

D. performance measures and reports.

Federal Government requires accounting records on:

A. GGAP-basis

B. Non-GAAP basis

C. It depends

D. Both AandB

Similar accounting controls should be established over accounting for investment inventory management, cash disbursements, cash management and billing and receipt of taxes and utilities. Other effective internal control measures include which of the following?

A. Cancel voided forms

B. Trusting employees too much

C. Account for used or missing forms daily D. All of there

The ________ tax, though regressive is more popular among tax-players than the income tax because its full cost to the taxpayer is hidden among the large no of transactions.

A. Proportional tax

B. Corporate tax

C. Sales tax

D. State tax

Under the ___________ arrangement, governments completely outsource the reconciliation to the bank, which reports items issued and paid, issued but not paid, and not yet issued.

A. Partial reconciliation

B. Full reconciliation

C. Reverse positive pay

D. None of these

A 275-day T-bill was purchased at a 0.6% discount and was sold at an 8.50% discount after a 30-day holding period. What is the yield?

A. 10.32

B. 10.21

C. 10.00

D. None of these

Bond proceeds funds capital assets (Known as fixed assets) that typically have useful lives of at least five or six years. These assets include:

A. Utility lines

B. Utility plant construction

C. Recreational facilities

D. All of these

There are _________ types of social obligation bonds.

A. Four

B. Three

C. Six

D. None of these

_______________ Details the principal steps and the dates by which the bonds will be sold.

A. Bond sale calendar

B. Bond indenture

C. Bond certificate

D. None of these