Online Access Free CGFM Practice Test

A sound investment category for pension funds that can be easily valued is

• A.internal investment pools.
• B.reverse repurchase agreements.
• C.derivative instruments.
• D.open-ended mutual funds.

In relation to financial reporting, who evaluates internal controls to support an opinion on a fair presentation of the financial statements?

• A.the program office
• B.the independent auditor
• C.the audit committee
• D.management

In an attestation engagement, which party would make an assertion about a subject matter?

• A.user
• B.auditor
• C.management
• D.practitioner

Under government fuditing standards, auditors performing financial statement audits must

• A.identify violations of laws which could be punishable by monetary penalties.
• B.design tests to assess compliance with laws, regulations, contracts and grant agreements.
• C.identify expenditures that exceed the related obligations.
• D.design tests to detect fraud, waste and abuse.

The Parking Fund for a government entity has the following information in its Statement of Net Position.
Calculate the current ratio.
Total current assets$1,320
Total non-current assets$8,100
Total assets$9,420
Total current liabilities$ 810
Total non-current liabilities$ 360
Total liabilities$1,170
Total net position$8,250

• A.1.63
• B.0.98
• C.1.14
• D.0.61