Question 1

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 2

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

Question 3

When reviewing a report on internal control from a shared service provider that noted a weakness, the agency should

Options :

A : consider the existence of compensating or mitigating controls.

B : ask the service provider to correct the weakness.

C : dismiss the weakness.

D : refer the weakness to the Contracting Officer.

Answer: A

Question 4

What is the formal tam for the listing and assessment of an agency's top risks?

Options :

A : risk profile

B : risk management plan

C : risk assessment

D : risk register

Answer: A

Question 5

A governmental attestation engagement may include a requirement to

Options :

A : monitor a subgrantee for compliance to the grant restrictions.

B : establish a policy concerning fraud prevention.

C : monitor purchasing card charges for compliance with travel policies.

D : review the revenue coverage requirements on outstanding bonds.

Answer: D

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