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: Mar 08, 2026

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Question 1

Management shoulg consider the cost of internal controls in relationship to

A : the available budget.

B : inherent risks.

C : benefits provided.

D : risk of collusion.

Answer: C

Question 2

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 3

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 : crosstab.

B : portable document format.

C : text file.

D : dashboard.

Answer: D

Question 4

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 5

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

Page: 1 / 24

Total 118 Questions | Updated On: Mar 08, 2026

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