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: Jul 29, 2025

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Question 1

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 2

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 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

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

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

Page: 1 / 24

Total 118 Questions | Updated On: Jul 29, 2025

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