Question 1

_________ is a contract that provides for payment of allowable incurred costs to the extent prescribed in the contract. Where as ___________ a cost-reimbursement contract in which the contractor receives no fee and is reimbursed only for an agreed-upon portion of its allowable costs:

Options :

A : Cost sharing, cost-plus-incentive-fee

B : Cost-plus-fixed-fee is, cost-plus-incentive-fee

C : Cost-reimbursement, cost sharing

D : Cost-plus-incentive-fee, cost sharing

Answer: C

Question 2

One mechanism to help ensure the proper application of audit standards is through ____________. The purpose of _______________ is to provide feedback to management on the effectiveness of the quality control policies and procedures of an organization:

Options :

A : An external quality review process

B : An internal quality review process

C : Organizational review process

D : Audit review process

Answer: B

Question 3

COSO was a private-sector initiative started in the 1980s to address the problem of fraudulent financial reporting. Problems continued to persist in the 1980s and the private sector was wary of additional government intervention, so all of the following five organizations banded together to form COSO please choose the correct option:

Options :

A : American Institute of Certified Public Accountants

B : Financial Executives Institute and American Accounting Association

C : Institute of Management Accountants and the Institute of Internal Auditors

D : All of the above

Answer: D

Question 4

There are some compensating benefits that the public sector can offer its workforce to offset the generally higher salaries available in the private sector. These can include all of the following EXCEPT:

Options :

A : Benefits — generous amount of paid days off per year as holidays, plus accrued vacation and reasonable health insurance.

B : Training and development — generally at par with the private sector.

C : Incentives — cash awards given to employees with significant cost effective suggestions.

D : None of the above

E : All of the above

Answer: A

Question 5

Security administration is responsible for security over the computer facility, including all aspects of physical and data security. Following is a list of Control techniques for security administration please chooses the correct option:

Options :

A : Ensuring that the computer security administration function is independent of computer operations

B : Ensure that there are adequate backup power sources, alarms, and prevention equipment

C : A & D

D : Ensuring that users and employees are counseled on security considerations.

Answer: C

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