Pass Guaranteed Quiz 2026 AGA GFMC: First-grade Examination 3: Governmental Financial Management and Control (GFMC) Exam Outline

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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q79-Q84):

NEW QUESTION # 79
A state transfers cagh to a broker and the broker transfers securities to the state, promising to repay the cash plus interest in exchange for the return of the same securities. This transaction is an example of

A. an arbitrage agreement.
B. a repurchase agreement.
C. a reverse repurchase agreement.
D. a mutual buy-sell agreement.

Answer: B

Explanation:
* Definition of a Repurchase Agreement (Repo):A repurchase agreement is a short-term financial transaction where one party sells securities to another with an agreement to repurchase them at a later date for a specified price, which includes interest. It functions as a secured loan.
* Transaction Description:
* The state transfers cash to a broker.
* The broker provides securities as collateral and agrees to repay the cash plus interest in exchange for the return of the same securities.This arrangement matches the definition of arepurchase agreement.
* Explanation of Answer Choices:
* A. Arbitrage agreement: Arbitrage involves exploiting price differences in markets, unrelated to this transaction.
* B. Repurchase agreement: Correct, as it fits the definition.
* C. Mutual buy-sell agreement: This involves agreements to buy and sell assets, unrelated to this financial transaction.
* D. Reverse repurchase agreement: Incorrect, as the state would be the borrower, not the lender, in a reverse repo.
:
U).S. Department of the Treasury,Guide to Federal Investments.
Financial Accounting Standards Board (FASB),Accounting for Repurchase Agreements.

NEW QUESTION # 80
Government entity SEA reporting provides users of general purpose financial reports with an

A. evaluation of the efficiency and effectiveness of governmental programs.
B. assessment of the accountability of the public administrators.
C. assessment of financial condition and results of operations.
D. evaluation of the effects of changes in public policy.

Answer: A

Explanation:
* Service Efforts and Accomplishments (SEA) Reporting:
* SEA reporting is designed to providenon-financial performance informationabout the efficiency and effectiveness of government programs.
* It evaluates how well resources are being used to achieve desired outcomes, helping stakeholders assess program performance and accountability.
* Explanation of Answer Choices:
* A. Evaluation of the effects of changes in public policy: Incorrect. SEA reporting does not focus on policy changes but on program performance.
* B. Assessment of financial condition and results of operations: Incorrect. This is the role of financial statements, not SEA reports.
* C. Assessment of the accountability of the public administrators: Incorrect. While SEA reports indirectly support accountability, their main purpose is to assess program efficiency and effectiveness.
* D. Evaluation of the efficiency and effectiveness of governmental programs: Correct. This is the primary focus of SEA reporting.
:
GASB,Concepts Statement No. 2: Service Efforts and Accomplishments Reporting.
GFOA,Performance Reporting in Government.

NEW QUESTION # 81
Who holds primary responsibility for establishing internal controls?

A. ccountants
B. audit committee
C. management
D. internal auditors

Answer: C

Explanation:
* Responsibility for Internal Controls:
* Managementholds the primary responsibility for establishing, implementing, and maintaining an organization's internal control system.
* This responsibility is outlined in frameworks such as COSO'sInternal Control - Integrated Frameworkand the GAO'sGreen Book.
* Roles of Other Parties:
* A. Accountants: While accountants may assist in designing or assessing controls, they are not primarily responsible.
* B. Internal auditors: Their role is to evaluate the effectiveness of controls, not establish them.
* D. Audit committee: Provides oversight but does not implement or design controls.
:
COSO,Internal Control - Integrated Framework.
GAO,Standards for Internal Control in the Federal Government (Green Book).

NEW QUESTION # 82
A program manager at a local agency needs to understand if program participation varies significantly from enrollment. The information changes daily. The best way to quickly analyze this would be to use

A. portable document format.
B. dashboard.
C. crosstab.
D. text file.

Answer: B

Explanation:
* Analyzing Participation and Enrollment Trends:
* Dashboards are tools that provide real-time visualizations of data, making them ideal for quickly analyzing trends such as program participation versus enrollment.
* They allow program managers to view up-to-date metrics and identify variances without manual data processing.
* Explanation of Answer Choices:
* A. Crosstab: While useful for comparing categorical data, crosstabs are static and less effective for real-time analysis.
* B. Portable document format (PDF): A PDF is a static file format, unsuitable for dynamic data analysis.
* C. Text file: Text files provide raw data but require additional processing, making them inefficient for quick analysis.
* D. Dashboard: Correct. Dashboards provide dynamic, real-time analytics, perfect for monitoring daily changes in participation and enrollment.
:
Association of Government Accountants (AGA),Data Visualization in Public Sector Management.
Government Performance Lab,Using Dashboards for Real-Time Program Management.

NEW QUESTION # 83
Management's ability to monitor for financial control weakness is most compromised if

A. performance data is inaccurate.
B. theft has occurred.
C. collusion is present.
D. financial data is inaccurate.

Answer: C

Explanation:
* Collusion as a Threat to Monitoring:
* Collusion occurs when two or more individuals work together to circumvent internal controls.
* Even with strong controls in place, collusion can undermine monitoring because it allows individuals to bypass controls without detection.
* Explanation of Answer Choices:
* A. Theft has occurred: Incorrect. While theft is a problem, it is often detected if controls and monitoring are functioning properly.
* B. Financial data is inaccurate: Incorrect. Inaccurate financial data can compromise decision- making, but strong monitoring can help detect and correct errors.
* C. Performance data is inaccurate: Incorrect. While inaccurate performance data is problematic, it does not directly compromise the monitoring of financial control weaknesses.
* D. Collusion is present: Correct. Collusion is the most significant threat because it undermines the effectiveness of internal controls and makes monitoring ineffective.
:
GAO,Standards for Internal Control in the Federal Government (Green Book).
Association of Certified Fraud Examiners (ACFE),Fraud Risk Management Framework.

NEW QUESTION # 84
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Pass Guaranteed Quiz 2026 AGA GFMC: First-grade Examination 3: Governmental Financial Management and Control (GFMC) Exam Outline

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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q79-Q84):

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