AGA CGFM - Public Accountability Exam preparation training
Questions and Answers 2024/2025
GAO - correct answer establishes Govt auditing standards
To whom are executive branch officials accountable? - correct answer citizens,
public interest groups, legislative and judicial branches, creditors and the media.
Govt Sustainability - correct answer ability to fulfill financial obligations as they
come due and to fulfill future service obligations
Debt-to-GDP ratio - correct answer reflects that programs to provide healthcare
and financial assistance to the aged and the needy are not sustainable under
current policies
Fed govt sustainability is addressed? - correct answer FASAB's Statement of
Federal Financial Accounting Standards 36, "Reporting Comprehensive Long-
Term Fiscal Projections for the U.S. Government"
Benchmarking - correct answer Comparing indicators, such as ratios, across
entities or across different fiscal years
Sustainability implications of the nation's debt-to-GDP ratio - correct answer It
identifies healthcare costs and an aging population as primary factors behind a
rising debt-to··GDP ratio, and concludes that current policy is not sustainable
Accountability in planning stage - correct answer managers are responsible for
responding to changing priorities and meeting goals that emerge from the
planning process
, Accountability in programming stage - correct answer Resources are linked to
specific goals. Managers are responsible for ensuring that resources are directed
to the appropriate objectives
Accountability in budgeting stage - correct answer Managers are responsible for
upholding budgetary integrity and not spending beyond appropriated authority in
terms of purpose, time amount.
Accountability in operations stage - correct answer Managers must implement
internal controls to safeguard assets and ensure objectives are met.
Performance data is collected.
Accountability in accounting stage - correct answer Managers must create and
adhere to accounting structures that help to ensure resources are tracked and
expended properly
Accountability in reporting stage - correct answer Managers compile and issue
reports that help demonstrate accountability and achievement of goals.
Accountability in auditing stage - correct answer Managers arrange for external
as well as internal assessment of results of activities; managers are accountable
for fixing problems identified during audit.
Reasons Governments are not Run Like Businesses - correct answer 1) Goals
and objectives differ considerably from those in the private sector.
2) Exists to provide services, not gain profits.
3) Goals and objectives are sometimes established with input from the public.
4) Resources are derived primarily from taxes; there are no shareholders.
5) No single measure of success; can't use increasing market share, earnings
per share, or the fact that it is still in business like private sector corporations.
6) Legally bound by budget.
7) Must provide reports that demonstrate compliance.
Questions and Answers 2024/2025
GAO - correct answer establishes Govt auditing standards
To whom are executive branch officials accountable? - correct answer citizens,
public interest groups, legislative and judicial branches, creditors and the media.
Govt Sustainability - correct answer ability to fulfill financial obligations as they
come due and to fulfill future service obligations
Debt-to-GDP ratio - correct answer reflects that programs to provide healthcare
and financial assistance to the aged and the needy are not sustainable under
current policies
Fed govt sustainability is addressed? - correct answer FASAB's Statement of
Federal Financial Accounting Standards 36, "Reporting Comprehensive Long-
Term Fiscal Projections for the U.S. Government"
Benchmarking - correct answer Comparing indicators, such as ratios, across
entities or across different fiscal years
Sustainability implications of the nation's debt-to-GDP ratio - correct answer It
identifies healthcare costs and an aging population as primary factors behind a
rising debt-to··GDP ratio, and concludes that current policy is not sustainable
Accountability in planning stage - correct answer managers are responsible for
responding to changing priorities and meeting goals that emerge from the
planning process
, Accountability in programming stage - correct answer Resources are linked to
specific goals. Managers are responsible for ensuring that resources are directed
to the appropriate objectives
Accountability in budgeting stage - correct answer Managers are responsible for
upholding budgetary integrity and not spending beyond appropriated authority in
terms of purpose, time amount.
Accountability in operations stage - correct answer Managers must implement
internal controls to safeguard assets and ensure objectives are met.
Performance data is collected.
Accountability in accounting stage - correct answer Managers must create and
adhere to accounting structures that help to ensure resources are tracked and
expended properly
Accountability in reporting stage - correct answer Managers compile and issue
reports that help demonstrate accountability and achievement of goals.
Accountability in auditing stage - correct answer Managers arrange for external
as well as internal assessment of results of activities; managers are accountable
for fixing problems identified during audit.
Reasons Governments are not Run Like Businesses - correct answer 1) Goals
and objectives differ considerably from those in the private sector.
2) Exists to provide services, not gain profits.
3) Goals and objectives are sometimes established with input from the public.
4) Resources are derived primarily from taxes; there are no shareholders.
5) No single measure of success; can't use increasing market share, earnings
per share, or the fact that it is still in business like private sector corporations.
6) Legally bound by budget.
7) Must provide reports that demonstrate compliance.
