Test Prep Test Prep Certifications CGFM Questions & Answers

• Question 131:

  The most politically sensitive budgetary decisions for government board members center on:

  A. Whether to adopt a strategic plan

  B. How much to hold in reserve for emergencies

  C. Tax and user free rates

  D. All of there

  Correct Answer: C

• Question 132:

  A city buys a T-bill with a face value of $10,000 for $9,800. The bill matures in 91 days. What is the yield?

  A. 8.007%

  B. 8.07%

  C. 8.70%

  D. 87.07%

  Correct Answer: B

• Question 133:

  A Stabile economy is defined as?

  I. An equilibrium in the international balance of payments

  II. Full employment

  III. Economist growth

  IV.

  Frequent changes in Price

  A.

  All of there

  B.

  Only I, II

  C.

  I, III, IV

  D.

  All EXCEPT IV

  Correct Answer: D

• Question 134:

  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

  Correct Answer: D

• Question 135:

  "Every employee should have a personnel file that includes authorization for hiring, salary history hours authorized to work, federal and state withholding forms, hospital and retirement information and support for any other payout deductions." There are the procedures of:

  A. Cash Disbursements in payroll department

  B. Separation of duties in a small of government

  C. Federal government payroll system

  D. Both A and B

  Correct Answer: D

• Question 136:

  Assume an inventory has an average monthly amount on hand of $200,000 and annual usage of $800,000. The amount of inventory turns is:

  A. 5 turns

  B. 4 turns

  C. 3 turns

  D. 8 turns

  Correct Answer: B

• Question 137:

  Percentage of personnel, percentage of expense and the federal method are the methods of cost allocation commonly used in:

  A. Governmental Organizations

  B. Non-profit Organizations

  C. Federal organizations

  D. Local Government accounting

  Correct Answer: B

• Question 138:

  _______________ have no donor-imposed restrictions as compared to permanently restricted assets (include endowments and assets such as land and artwork) that are restricted as long as the organization as the organization has custody of them.

  A. Net Assets

  B. Temporarily rusticated assets

  C. Unrestricted assets

  D. There are no assets

  Correct Answer: C

• Question 139:

  Funds accounts for all unrestricted contributions, gifts and other income that can be used for any purpose are known as?

  A. Current restricted funds

  B. General funds

  C. Current funds

  D. All of there

  Correct Answer: D

• Question 140:

  In addition to interim financial reports, governments may report on interim basis:

  A. The growth status of GDP

  B. The capital investment by foreign counties

  C. The status of construction projects and cash flows

  D. All of there

  Correct Answer: C