Free AGA GFMC Exam Questions

Become AGA Certified with updated GFMC exam questions and correct answers

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Total 118 Questions | Updated On: Oct 28, 2025

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Question 1

Which of the following is an example of an internal control weakness?

A : The contract department staff awards contracts and maintains a database for vendor information.

B : Management policy allows project managers to oversee controls of companies in which they have a material interest.

C : The budget department staff is responsible for preparing the budget and for reporting on budget cost variances.

D : The accounting department has one clerk prepare vendor payments and another clerk reconcile bank accounts.

Answer: B

Question 2

Which of the following statements from an audit finding is the condition?

A : We identified multiple credit card purchases without receipts to support them.

B : Government policy requires a cardholder to submit receipts for all purchases.

C : Finance Department personnel did not regularly review purchases to ensure compliance.

D : We recommend that the government implements a timely review of all credit card purchases.

Answer: A

Question 3

Which of the following would auditors issue an opinion on?

A : performance audits

B : compliance audits

C : financial statement audits

D : forensic audits

Answer: C

Question 4

How may a city parks and recreation director meaningfully assess the performance of the department's grounds maintenance division?

A : use a single measure of citizen satisfaction with parks and recreation

B : evaluate funds spent on grounds maintenance

C : analyze grounds maintenance staffing levels

D : compare cost per acre maintained to cost per acre maintained in another jurisdiction

Answer: D

Question 5

If a state treasurer wants to evaluate a variety of alternative long-term investments, which financial analysis should be used?

A : net present value analysis

B : regression analysis

C : horizontal analysis

D : ratio analysis

Answer: A

Page: 1 / 24

Total 118 Questions | Updated On: Oct 28, 2025

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