CGFM EXAM 3 FINAL PAPER QUESTIONS
AND SOLUTIONS
◉ FIFO
Answer: A company purchased inventory on the following dates,
at the following prices:
Feb. 5, 2018 - 50 units @ $25 each
March 23, 2018 - 75 units @ $20 each
April 12, 2018 - 60 units @ $25 each.
At the end of April, the company has sold 75 units of inventory,
and the value of the remaining inventory is $2,500. What
valuation method is the company using?
◉ Prompt Payment Act of 1982
Answer: A company was awarded a federal contract to perform
research; payment for the first invoice is due on or before Dec 1.
The company can rely on the funds in their bank account on that
date or receive on the late payment because of the
◉ Detection
Answer: The Dept. of Ed. operates a program in which grants are
provided to local school districts for special ed programs. Grants
are provided in the form of reimbursements sent each month
based on actual expenditures. Grant amounts vary from month to
month based on the time of year and the types of activities
performed during the month. Because the program is long-
, standing, with more than 15 years of historical payment data,
tools are used to isolate payment patterns and anomalies in order
to reduce improper payments. Which category used to reduce
improper payments, does this fall?
◉ Implementation
Answer: Which of the following elements, within the systems
development lifecycle process, includes data conversion, data
cleanup and training?
◉ Platform as a service
Answer: Software development, storage and hosting accessed as a
service over the internet represents which cloud computing
activity?
◉ Limits on foreign exchange rates
Answer:
◉ The number of years managing public funds
Answer:
◉ Project manager must understand the re-engineering tools to
be able to develop alternatives for redesigning agency processes.
Answer: As part of the re-engineering process when replacing a
financial management system, the
AND SOLUTIONS
◉ FIFO
Answer: A company purchased inventory on the following dates,
at the following prices:
Feb. 5, 2018 - 50 units @ $25 each
March 23, 2018 - 75 units @ $20 each
April 12, 2018 - 60 units @ $25 each.
At the end of April, the company has sold 75 units of inventory,
and the value of the remaining inventory is $2,500. What
valuation method is the company using?
◉ Prompt Payment Act of 1982
Answer: A company was awarded a federal contract to perform
research; payment for the first invoice is due on or before Dec 1.
The company can rely on the funds in their bank account on that
date or receive on the late payment because of the
◉ Detection
Answer: The Dept. of Ed. operates a program in which grants are
provided to local school districts for special ed programs. Grants
are provided in the form of reimbursements sent each month
based on actual expenditures. Grant amounts vary from month to
month based on the time of year and the types of activities
performed during the month. Because the program is long-
, standing, with more than 15 years of historical payment data,
tools are used to isolate payment patterns and anomalies in order
to reduce improper payments. Which category used to reduce
improper payments, does this fall?
◉ Implementation
Answer: Which of the following elements, within the systems
development lifecycle process, includes data conversion, data
cleanup and training?
◉ Platform as a service
Answer: Software development, storage and hosting accessed as a
service over the internet represents which cloud computing
activity?
◉ Limits on foreign exchange rates
Answer:
◉ The number of years managing public funds
Answer:
◉ Project manager must understand the re-engineering tools to
be able to develop alternatives for redesigning agency processes.
Answer: As part of the re-engineering process when replacing a
financial management system, the
