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The GFMC exam, officially known as the Governmental Financial Management and Control exam, is a part of the Certified Government Financial Manager (CGFM) certification offered by the Association of Government Accountants (AGA). It focuses on the financial management and control practices specific to the government sector. Passing the GFMC exam is one of the requirements for obtaining the CGFM certification, which recognizes expertise in government financial management.

Here's a breakdown of key details:
Purpose: The GFMC exam assesses a candidate's knowledge and understanding of government financial management principles and practices.
Certification: The GFMC exam is one of three exams required for the CGFM certification.

Content: The exam covers topics like:
Governmental accounting and financial reporting.
Federal, state, and local government financial management.
Internal controls and auditing in the government sector.
Government budgeting and financial planning.
Public-sector economics and financial management.

Exam Format: Information on the specific format (e.g., number of questions, time limit) can be found on the AGA/CGFM website.
Preparation: Resources for preparing for the GFMC exam include:

Official AGA study materials: AGA website offers study guides and other resources.
Practice questions and dumps: Websites like www.premiumdumps.com offer practice questions and exam dumps to help with preparation.
Online courses and study groups: Some online platforms offer courses and study groups specifically designed for the GFMC exam.

Free resources: P2PExams provides free PDF files with practice questions.
Importance: The CGFM certification, including passing the GFMC exam, can enhance career opportunities in government financial management by demonstrating specialized knowledge and skills.

Sample Question and Answers

QUESTION 1
Based on the data below, what can be concluded about outsourcing print job?

A. It is better to keep the printing in-house.
B. Outsourcing printing is feasible.
C. Outsourcing printing is necessary.
D. ABC Printing should be awarded the outsourcing contract.

Answer: B

Explanation:
Understanding the Scenario:
The table compares the costs of four printing jobs performed by an "Internal Print Shop" versus three
external vendors (Ace Printing, ABC Printing, and Printing, Inc.). Each vendor's pricing varies by print
job type. The task is to evaluate whether outsourcing (hiring external vendors) is a reasonable
alternative to keeping the work in-house.
Key Considerations in Outsourcing:
According to governmental accounting principles and budgeting practices outlined by the
Association of Government Accountants (AGA), the decision to outsource should consider:
Cost-effectiveness: Does outsourcing reduce costs without compromising quality or service delivery?
Operational efficiency: Can outsourcing free up internal resources for other priorities?
Comparative pricing: How do external vendor rates compare to internal costs for identical services?
Analysis of the Print Jobs:
Lets break down the cost comparison for each print job:
Zone Map:
Internal cost = $4.23.
Cheapest vendor = Printing, Inc., at $4.00.
Outsourcing is cheaper for this job.
Agenda Packet:
Internal cost = $23.18.
Cheapest vendor = Printing, Inc., at $22.00.
Outsourcing is cheaper for this job.
Budget Cover:
Internal cost = $840.00.
Cheapest vendor = ABC Printing, at $624.30.
Outsourcing is significantly cheaper for this job.
Employee Benefit Brochure:
Internal cost = $6.14.
Cheapest vendor = ABC Printing, at $4.90.
Outsourcing is cheaper for this job.
Conclusion Based on Analysis:
Across all four print jobs, the lowest-cost external vendor always beats the Internal Print Shop's costs.
From a budgetary perspective, outsourcing is feasible as it offers cost savings across all jobs.
Why Not A, C, or D?:
Option A (Keep printing in-house): Incorrect, as in-house costs are consistently higher than the cheapest external vendor.
Option C (Outsourcing is necessary): Incorrect, as feasibility doesnt mean necessity; internal printing is still an option if other factors (like quality or control) outweigh costs.
Option D (Award contract to ABC Printing): Incorrect, since the best vendor depends on the job (e.g.,
Printing, Inc. is cheaper for Zone Map and Agenda Packet).
Reference:
Association of Government Accountants (AGA), Government Financial Manager Certification Study
Guide: Budgeting, Cost Accounting, and Auditing Principles.
Government Finance Officers Association (GFOA), Best Practices in Outsourcing and Procurement.
Federal Accounting Standards Advisory Board (FASAB), Cost Accounting Standards for Governmental Operations.

QUESTION 2
The ratios used to determine an organization's ability to meet its creditor's demands are

A. budgetary cushion ratios.
B. liquidity ratios.
C. debt burden ratios.
D. turnover ratios.

Answer: B

Explanation:
ï‚ꞏ What Are Liquidity Ratios?
Liquidity ratios are financial metrics used to measure an organizations ability to meet its short-term
financial obligations as they come due. These ratios assess whether the organization has sufficient
liquid assets (like cash, receivables, or short-term investments) to cover its current liabilities (debts
or obligations due within a year).
ï‚ꞏ Why Are They Relevant to Creditors?
Creditors care deeply about an entity's ability to repay its debts in a timely manner. Liquidity ratios
provide a snapshot of the organization's financial health and give insight into its capacity to meet
short-term demands. They are essential tools in evaluating whether a government entity (federal,
state, or local) or any other organization can pay its creditors without needing to secure additional
financing or liquidate long-term assets.
ï‚ꞏ Common Liquidity Ratios:
The most commonly used liquidity ratios are:
Current Ratio: This measures the organizations ability to pay off its current liabilities with current assets.
Formula: Current Assets ãꞏ Current Liabilities
Quick Ratio (Acid-Test Ratio): A stricter version of the current ratio, it excludes less liquid assets (like
inventory) to assess the organizations immediate ability to pay short-term debts.
Formula: (Current Assets - Inventory) ãꞏ Current Liabilities
Cash Ratio: Focuses only on the most liquid assets, such as cash and cash equivalents.
Formula: Cash + Cash Equivalents ãꞏ Current Liabilities
ï‚ꞏ How Do Liquidity Ratios Apply to Governmental Accounting?
In governmental accounting, liquidity ratios are crucial for determining whether a governmental
entity has the financial flexibility to manage short-term obligations like accounts payable, payroll,
and other operating costs. For example:
State and local governments use liquidity ratios to show stakeholders their ability to sustain
operations without financial strain.
Government-wide financial statements (under GASB standards) often emphasize liquidity to
demonstrate fiscal health to bondholders and credit rating agencies.
ï‚ꞏ Why Not Other Ratios?
A . Budgetary Cushion Ratios: These focus on the organizations ability to withstand revenue
shortfalls and maintain budgetary reserves, not specifically on meeting creditor demands.
C . Debt Burden Ratios: These measure the overall burden of debt on the organization but dont
directly address short-term liquidity or solvency.
D . Turnover Ratios: These evaluate operational efficiency (e.g., how quickly assets like inventory are
converted into revenue), which doesnt directly relate to creditor demands.
ï‚ꞏ Reference and Documents:
Government Financial Manager (GFM) Competency Framework by the Association of Government
Accountants (AGA): Section on oeFinancial Analysis emphasizes the importance of liquidity ratios in
assessing short-term solvency for government entities.
GASB Concepts Statement No. 1: Discusses the need for governmental financial reporting to provide
information on financial condition, including short-term liquidity.
AGA Performance Management Framework Guide (2023): Highlights liquidity ratios as critical tools
for demonstrating fiscal responsibility and transparency in public sector financial management.

QUESTION 3
Performance measurement assists management in

A. identifying weaknesses in disaster response preparedness.
B. tracking actual results against targets.
C. determining allocation of capital appropriations.
D. monitoring performance of certified professionals in regulatory fields.

Answer: B
Explanation:

QUESTION 4
The value, in current dollars, of a sum of money to be received in the future describes

A payback value.
B. present value.
C. annuity value.
D. future value.

Answer: B

Explanation:

QUESTION 5
A city decides to invest in a new piece of equipment and wants to know how long it will take to
recover the amount invested by using the payback analysis technique.
The city uses the following assumptions in its analysis:
The cost of the equipment is $500,000.
The equipment will generate $200,000 in revenue per year.
The variable costs of operating the equipment will be $100,000 per year.
The depreciation on the equipment will be $20,000 per year.
How long will it take the city to recover the amount invested in the new equipment?

A. 2 years and 6 months
B. 2 years and 9 months
C. Syears
D. 6 years and 3 months

Answer: C
Explanation:

QUESTION 6
In an internal control evaluation, what are the roles of management and the auditor regarding the risk of fraud, waste and abuse?

A. Management identifies risks, auditors assess control effectiveness.
B. Auditors identify risks, management implements control measures.
C. Both management and auditors determine risk tolerance levels.
D. Management mitigates risks, auditors monitor compliance with controls.

Answer: A

Explanation:
ï‚ꞏ Role of Management in Internal Control Evaluation:
Responsibility for Risk Identification: Management has the primary responsibility for designing,
implementing, and maintaining an effective system of internal controls. As part of this process,
management identifies the risks related to fraud, waste, and abuse that could impact financial
reporting or operational efficiency.
Mitigating Risks: Once risks are identified, management is responsible for mitigating them by
developing appropriate policies, procedures, and controls.
ï‚ꞏ Role of the Auditor in Internal Control Evaluation:
Assessing Control Effectiveness: Auditors are not responsible for designing or implementing controls;
rather, their role is to evaluate whether the controls put in place by management are effective. They
do this through testing, observation, and other audit procedures.

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