CGFM Test 3 Questions with Complete Solutions (Latest 2025) Directive issued by OMB that establishes federal policy for the competition of commercial activities - Correct Answers
✅A-76
behavior that is deficient or improper when compared with behavior that a prudent person would consider reasonable and necessary business practice given the facts and circumstances - Correct Answers ✅Abuse process of researching, analyzing and evaluating old accounts in an accounting system to determine if they should be terminated or continued, and terminating those that meet the termination criteria - Correct Answers ✅Account cleanup A process involving the rendering of an account by public officials to the citizenry and other stakeholders, regarding such matters as compliance to the laws, financial probity, efficient performance, and effective service delivery. For it to function there need to be benchmarks against which performance can be measured - Correct Answers ✅Accountability the process of collecting delinquent debt by offsetting payments due to the debtor under other applicable government programs like loans, grants or contracts - Correct Answers ✅Administrative Offset 1 / 3
CGFM Test 3 Questions with Complete Solutions (Latest 2025) analyzing information about the auditee and are performed at the start of each audit - Correct Answers ✅Analytical tests combination of inherent risk, control risk and detection risk - Correct Answers ✅Audit risk authorizes the government to automatically deposit to or withdraw from a personal or corporate bank account - Correct Answers ✅Automated Clearinghouse System more transactions begin with the number one than larger numbers - Correct Answers ✅Benford Digital Analytics simplified method for filling anticipated repetitive needs by entering into purchase orders or contracts with qualified sources, and then providing for orders to be placed against the purchase orders or contracts - Correct Answers ✅Blanket Purchase Agreements Funding provided to the contracting office for a specific purpose rather than individual funding documents - Correct Answers ✅Bulk Funding process of identifying the most efficient set and pattern of activities to accomplish a work process - Correct Answers ✅Business Process Redesign 2 / 3
CGFM Test 3 Questions with Complete Solutions (Latest 2025) analysis and design of workflows and processes within an organization that enable it to fundamentally rethink how it does its work in order to dramatically improve service and reduce costs - Correct Answers ✅Business Process Re- engineering this is the reason for the condition - Correct Answers ✅Cause established CFO in 24 departments and major agencies, and charged that person to develop and maintain an integrated agency accounting and FM system, including financial reporting and internal controls. Required for federal agencies to produce annual financial reports - Correct Answers ✅CFO Act management task of preparing the work force for changes in work processes and procedures - Correct Answers ✅Change management used in performance measurement and reporting that is used to assess outcomes (results achieved) of governmental functions and programs. Results of are often expressed as "percentage of citizens rating X service as good or very good etc..". It can also be used to determine the services the citizens want and/or how they should be measured - Correct Answers ✅citizen survey
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