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: Jun 15, 2026

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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

One of the minimum components of a government financial system is

A : automated transaction processing.

B : debt-reduction analysis.

C : performance management reporting.

D : general ledger account definition.

Answer: D

Question 3

The goal of shared gervices is to

A : reduce current staffing levels.

B : transfer responsibilities to another entity.

C : efficiently aggregate resources.

D : provide private business opportunities.

Answer: C

Question 4

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 5

Performance measures that report the results of providing goods or services are known as

A : activity measures.

B : outcome measures.

C : output measures.

D : workload measures.

Answer: C

Page: 1 / 24

Total 118 Questions | Updated On: Jun 15, 2026

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