CGFM TEST 3 Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) Three Broad Government Spending Purposes - Correct Answers ✅1) Current Operations 2) Capital Outlays 3) Debt Service Present Value Analysis - Three Components - Correct Answers ✅Determines what $$ Rec'd in Future is Worth Today 1) inflation component - year over year loss in value 2) enterprise component - inherent risk 3) unique component - Budget Accounting and Procedures Act of 1950 - Correct Answers ✅Requires the head of each federal agency to establish and maintain I/C's.Federal Managers Financial Integrity Act of 1982 (FMFIA) - Correct Answers ✅requires the head of each agency to evaluate controls on an annual basis, reporting any weakness along with a corrective action plan ** (resulted in the "green book") ** 1 / 4
CGFM TEST 3 Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) Single Audit Act of 1984 (amended in 1996) - Correct Answers ✅requires the audit of state and local governments and npo's receiving federal funding Sarbanes Oxley Act of 2002 - Correct Answers ✅Placed restrictions on publicly traded companies following Enron scandal. Requires mgmt to report on I/C's for financial reporting in its annual report.(ICOFR) - Correct Answers ✅Internal Controls Over Financial Reporting
Chief Financial Officers Act of 1990 (CFO Act): - Correct
Answers ✅required 10 federal agencies to produce audited annual financial reports that included a report on internal control.expanded in 1994 by GMRA INTERNAL CONTROLS - Correct Answers ✅systems and techniques managers use to provide reasonable assurance that agency objectives met in an effective/efficient manner, in compliance with laws/regulations, and to safeguard assets. 2 / 4
CGFM TEST 3 Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) Implemented to accomplish certain results, prevent problems, or detect problems that have occurred.Some controls can both detect and prevent problems (but only if their existence is known).TIME VALUE OF MONEY - Correct Answers ✅Used in consideration of capital budgeting 1) Present Value Analysis 2) Future Value Analysis 3) Payback Analysis Flowcharting - Correct Answers ✅Iterative process requiring changes throughout development, each step represents a decision, also used to evaluate processes for effective internal controls Earned Value Management (EVM) - Correct Answers ✅project mgmt system that weighs both schedule and cost performance to determine if a project is delivering expected results on time and within budget Regression Analysis - Correct Answers ✅Predicts the
relationship between variables: 3 / 4
CGFM TEST 3 Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) 1) Direct Linear Regression 2) Indirect Linerar Regression 3) Non-linear Regression 4) No Relationship ** See Limits of Regression Analysis Correlation Coefficient - Correct Answers ✅Determines the degree of accuracy the analysis (variables) can be used to predict results (1=perfect correlation .85 considered reliable for forecasting) Multiple Regressions - Correct Answers ✅analyzes multiple IV's and look for items with the highest correlation coefficient as being the most like predictors Limits of Regression Analysis - Correct Answers ✅Data ranges must be relevant (e.g., sample size might be too small to project on a larger population) Difficult to find data sets with high correlation coefficients Bad data = bad results (garbage in, garbage out)
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