Question 1

A capital asset transferred to another department within the same government should be

Options :

A : recorded with the original department to maximize receipts.

B : recorded with the second department to minimize costs.

C :

retained in the government-s fixed asset tracking system with no change in book value to either department.

D :

retained in the government-s fixed asset tracking system showing the book value of the asset transferred to the receiving department.

Answer: D

Question 2

Which of the following acts requires federal agencies to pay interest to state government funds for entitlements that are not provided in a timely manner?

Options :

A : Debt Collection Improvement Act

B : CFO Act

C : Accountability for Tax Dollars Act

D : Cash Management Improvement Act

Answer: D

Question 3

Government entity SEA reporting provides users of general purpose financial reports with an

Options :

A : evaluation of the effects of changes in public policy.

B : assessment of financial condition and results of operations.

C : assessment of the accountability of the public administrators.

D : evaluation of the efficiency and effectiveness of governmental programs.

Answer: D

Question 4

Management shoulg consider the cost of internal controls in relationship to

Options :

A : the available budget.

B : inherent risks.

C : benefits provided.

D : risk of collusion.

Answer: C

Question 5

A governmental attestation engagement may include a requirement to

Options :

A : monitor a subgrantee for compliance to the grant restrictions.

B : establish a policy concerning fraud prevention.

C : monitor purchasing card charges for compliance with travel policies.

D : review the revenue coverage requirements on outstanding bonds.

Answer: D