Question 1

Government entity SEA reporting provides users of general purpose financial reports with an

Options :

A : evaluation of the effects of changes in public policy.

B : assessment of financial condition and results of operations.

C : assessment of the accountability of the public administrators.

D : evaluation of the efficiency and effectiveness of governmental programs.

Answer: D

Question 2

The first step in assessing an agency's internal control program's compliance with applicable laws and regulations is to

Options :

A : review legal actions against the agency for noncompliance with laws and regulations.

B : contact the legislature to secure its views on any areas of regulatory noncompliance.

C : develop an inventory of the applicable laws and regulations.

D : request a compliance review from the agency-s chief legal officer.

Answer: C

Question 3

Which of the following acts requires federal agencies to pay interest to state government funds for entitlements that are not provided in a timely manner?

Options :

A : Debt Collection Improvement Act

B : CFO Act

C : Accountability for Tax Dollars Act

D : Cash Management Improvement Act

Answer: D

Question 4

A capital asset transferred to another department within the same government should be

Options :

A : recorded with the original department to maximize receipts.

B : recorded with the second department to minimize costs.

C :

retained in the government-s fixed asset tracking system with no change in book value to either department.

D :

retained in the government-s fixed asset tracking system showing the book value of the asset transferred to the receiving department.

Answer: D

Question 5

What is the most fupdamental cash control?

Options :

A : segregation of duties

B : use of automated systems

C : analysis of cash reports

D : frequent reconciliation of bank accounts

Answer: D

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