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Compliance reporting, under government auditing standards, identifies all of the following components EXCEPT

A.

areas of noncompliance.

B.

the auditor's responsibility for tests of compliance.

C.

review of major internal control cycles.

D.

the scope of the compliance testing.

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

A.

management

B.

auditor

C.

practitioner

D.

user

What is the most fupdamental cash control?

A.

segregation of duties

B.

use of automated systems

C.

analysis of cash reports

D.

frequent reconciliation of bank accounts

Efficient inventory management will result in

A.

a low inventory turnover ratio.

B.

high write-offs of obsolete inventory.

C.

fewer instances of work stoppage.

D.

high total asset turnover.

When considering materiality during the planning phase for the field work for a financial audit, the dollar threshold for materiality is determined by the

A.

auditor.

B.

auditee.

C.

auditor in consultation with the auditee.

D.

audit committee.

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

A.

a five-year performance plan.

B.

an annual performance report.

C.

a SEA report.

D.

the prior year's audited financial report.

All of the following ae among the stated purposes of GPRA EXCEPT to

A.

help managers improve service delivery.

B.

improve internal management practices.

C.

provide instructions on program reporting.

D.

improve program effectiveness.

The main objective of the Cash Management Improvement Act is to require

A.

states to pay invoices within 30 days of receipt of a proper invoice.

B.

states to minimize the time elapsing between funds drawn and their final disposition.

C.

federal agencies to take discounts when available and cost-effective.

D.

federal agencies to disburse payments via electronic funds transfer.

A purchasing officer is asked to select a vendor to provide office supplies. Which of the following vendors should be selected?

A.

the mayor's high school classmate’s company with the lowest qualified bid

B.

the second lowest priced qualified bidder

C.

the third lowest priced qualified bidder who is pending state disbarment

D.

the highest priced qualified bidder with the highest quality products

The Federal Credit Reform Act of 1990 prescribes a special budget treatment for direct loans and loan guarantees

that measures cash flows to and from the government using which financial analytical technique?

A.

future value

B.

net present value

C.

current value

D.

regression analysis