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Free IIA-CGAP-INTL Sample Questions:

Q: 1
The audit process helps ensure transparency, probity, prudence, and, of course, accountability in public financial management. Following are examples of transparency, where public knowledge and scrutiny may change management decisions EXCEPT:
A. Public employee salaries
B. Other perks
C. Private employee salaries
D. Travel expenses
Answer: C

Q: 2
The mission of the _________is to establish and improve standards of state and local governmental accounting and financial reporting that will result in useful information for users of financial reports, and guide and educate the public, including issuers, auditors, and users of those financial reports. ___________establishes new requirements for the annual financial reporting for state and local government.
A. Generally Accepted Accounting Principles (GAAP), GASB’s Statement No. 34
B. GASB’s Statement No. 34, Generally Accepted Accounting Principles (GAAP),
D. Governmental Accounting Standards Board (GASB), GASB’s Statement No. 34
Answer: D

Q: 3
If the state and local governments are not ready to meet the guidelines of GASB 34, the consequences may be serious and costly. The implications of noncompliance include all of the following EXCEPT:
A. Qualified or adverse opinion on financial statements from external auditors.
B. improves financial credibility.
C. Possible regulatory violations and Diminished public trust.
D. Decrease in bond rating and corresponding increase in cost of financing debt.
Answer: B

Q: 4
Governments must have a means to finance public services, with the primary means being taxation. All of the Following are the primary methods of revenue generation in public administration EXCEPT:
A. Taxation, This includes federal and state income taxes, along with sales and property taxes.
B. User charges — as individuals become increasingly less receptive to taxes, user fees or charges have been used to finance some services.
C. employee charges
D. Transfer payments — State and local governments receive transfer payments from the federal government.
Answer: C

Q: 5
Financial management in the public sector differs significantly from its private-sector counterpart.
All of the Following are the basic fundamentals of public financial management EXCEPT:
A. Spending
B. Saving
C. Budgeting
D. Taxing
Answer: C

Q: 6
Taxation is the most common form of revenue generation for governments; however, there are other sources. All of the following are some of the common forms of revenue generation EXCEPT:
A. Property tax — this is the mainstay of most local governments and is a tax on land and improvements such as buildings.
B. Income taxes that are paid as a percentage of your income.
C. Flat tax — The same tax rate is charged to all taxpayers.
D. all the liabilities
Answer: D

Q: 7
The policies that promote and support revenue generation often have an impact on auxiliary areas such as the economy. The economic policy of a central government generally consists of three dimensions which are given below please choose the correct option:
A. budgeting policy
B. Monetary policy
C. Fiscal policy
D. Policies with economic implications
Answer: B,C,D

Q: 8
A budget is a financial plan that serves as a guide to control and oversee future activities. The budgeting cycle incorporates al of the following components EXCEPT:
A. Executive preparation and Execution
B. Legislative consideration
C. leading and controlling
D. Audit and evaluation
Answer: C

Q: 9
All budgets, whether national, regional, or local, should be tied to specific objectives. All government revenue raising and spending should fall into one of the following objectives given below please choose the correct option:
A. Allocation — ensuring that an appropriate level of funding flows into sectors of the economy where it is required.
B. Legislative consideration
C. Audit and evaluation
D. Growth — Using the power of government spending to facilitate economic growth and wealth creation.
Answer: A,D

Q: 10
The budget authority is generally a “ceiling” provided by law for obligations and expenditures.
Some common forms of budget authority include all of the following EXCEPT:
A. Appropriation — this is the most common form of budget authority, which permits agencies to incur obligations and expend funds.
B. legal restrictions on an organization
C. Public debt authority — Funds derived from the sale public debt securities of the federal government.
D. Contract authority — statutory authority under which obligations may be entered into prior to receiving an appropriation.
Answer: B

Q: 11
All of the Following are the additional terms that, although not mutually exclusive, help define budget authority EXCEPT:
A. temporary authority
B. Definite appropriation authority
C. Indefinite appropriation authority
D. Current authority
Answer: A

Q: 12
_________attempts to use strategic planning to set the mission, goals, and objectives of programs; measure programs’ outcomes; and set benchmarks to be met by programs.
A. Performance-based budgeting
B. personal budgets
C. business budgets
D. house hold budgets
Answer: A

Q: 13
Authorization — A statute or legislation that establishes or continues a national program or agency. Where as Advance appropriation — Budget authority provided in an appropriation act that is first available in a fiscal year beyond the fiscal year for which the appropriation is enacted.
A. Advance appropriation, Authorization
B. Authorization, Advance appropriation
C. Budget authority, Appropriation act
D. Appropriation act, Budget authority
Answer: B

Q: 14
________is one in which each specific budgetary account is allocated to a narrow purpose (such as travel, supplies, personnel).where as ________are the entity’s efforts to tie the results of the activities or programs to the cost of operating the programs.
A. The line-item budget, Performance budgets
B. Performance budgets, the line-item budget
C. Zero-based Budget, Integrated Budget
D. Program Budget, Executive Budget
Answer: A

Q: 15
The primary purpose of _______ was to promote planning activities. Where as _________ was developed to alleviate this problem by reevaluating the complete budget and starting from zero on each new budget year.
A. Zero-based budgeting, program budgeting
B. program budgeting, Zero-based budgeting
C. Zero-based Budget, Integrated Budget
D. Program Budget, Executive Budget
Answer: B

Q: 16
An integrated budget provides the mechanism to review spending activities and make judgments on the appropriateness of those expenditures. Where as Capital budgeting is often based on the issuance of capital debt.
A. Zero-based budgeting, program budgeting
B. program budgeting, Zero-based budgeting
C. Zero-based Budget, Integrated Budget
D. integrated budget, Capital budgeting
Answer: D

Q: 17
Capital budgeting is often based on the issuance of capital debt. Capital debt (based on GASB 11) includes all of the following debt that are issued EXCEPT:
A. Finance the acquisition or construction of fixed assets reported on the balance sheet.
B. No Refund existing capital debt.
C. Finance capital grants to other governments.
D. Finance certain nonrecurring projects or activities that have a long-term economic benefit.
Answer: B

Q: 18
Although a government can have as many funds as it wishes, all of the funds must be classified into one of the following fund types EXCEPT.
A. Proprietary Funds
B. property funds
C. general funds
D. Governmental Funds
Answer: B,C

Q: 19
General Funds are The chief operating fund for a government is called the general fund.where as Special Revenue Funds are The funds that are used when the revenue sources are earmarked for a specific purpose (special tax or grant requirement);
A. Special Revenue Funds, General Funds
B. program budgeting, Zero-based budgeting
C. General Funds, Special Revenue Funds
D. integrated budget, Capital budgeting
Answer: C

Q: 20
Debt Service Fund is Money set aside to meet current and future debt service requirements are placed in debt service funds. Where as Capital Projects Fund can be defined as the funds that Governments often prefer to account for significant capital expenditures separately from their regular operations.
A. Special Revenue Funds, General Funds
B. program budgeting, Zero-based budgeting
C. General Funds, Special Revenue Funds
D. Debt Service Fund, Capital Projects Fund
Answer: D

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