Online Access Free GFMC Practice Test

In the context of audit risk, which type of risk is primarily influenced by the effectiveness of an organization's internal controls?

• A.detection risk
• B.control risk
• C.audit risk
• D.inherent risk

A variable that would influence management's decision to hire contractors to perform management control evaluations is

• A.lack of management expertise.
• B.availability of qualified contractors.
• C.suspicion of internal fraud.
• D.knowledge of systemic deficiencies.

GPRA requires agencies to prepare and submit a strategic plan, an annual performance plan and

• A.an annual performance report.
• B.a five-year performance plan.
• C.the prior year's audited financial report.
• D.a SEA report.

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.0.61
• B.1.14
• C.0.98
• D.1.63

All of the following represent selection criteria used to make contract awards EXCEPT contractor

• A.union affiliations.
• B.financial position.
• C.staff expertise.
• D.past performance records.