AGA CGFM Indispensable Study Assessment Guide Exam
Questions with all Questions Accurately Answered Updated
2024/2025
Data analytics - correct answer A process of inspecting, cleaning, transforming,
and modeling data with the goal of highlighting useful information, suggesting
conclusions, and supporting decision-making
Data assurers - correct answer internal and external auditors, and other, who
must certify or attest to the integrity of the data
Data conversion - correct answer process of reformatting data from an old
system to meet the needs of the new system
Data definers - correct answer financial, functional and technical systems
experts who define the data to be collected, and maintained, by the financial
system according to the organzation's mission and strategic plan
Data mining - correct answer process of sorting through very large, disparate
amounts of data; combining them into a consistent format; using filters and
algorithms to pick out relationships among people, organizations, and events;
and then using the knowledge discovery for predictive rather than purely
descriptive purposes
Data providers - correct answer systems personnel who operate the systems,
as well as those operators of other systems that feed data or inputs to the
financial system
Data stewardship - correct answer process of managing the info necessary to
support programs and financial managers
,Defense Contract Audit Agency (DCAA) - correct answer performs pre-award
and post-award audits of large contracts entered into by the fed govt. To assure
the govt. Is receiving the appropriate services at the agreed upon rate
Direct correlation - correct answer a situation where the dependent variable
moves more or less in the same direction as the independent variable
Direct loan - correct answer extensions of credit wherin the govt. Agency
disburses funds directly to the borrower and is repaid directly by the borrower.
Detection risk - correct answer chance that the auditor will not detect a
deficiency
Disaggregation - correct answer technique used to make performance data
more useful to users in assessing performance. This breaks down reported
measurements geographically, demographically, by type of service, by time of
year or day, to reveal variations in performance that would not be apparent from
reports of the data in total
Discount rate - correct answer rate of interest used to calculate the present
value or future value
Earned Value Management (EVM) - correct answer project management
system that considers both schedule performance and cost performance in order
to answer the question "What are we getting for the money we spent"
Economy - correct answer measure of the extent to which resources are
acquired in the appropriate quantity and quality, and at the least cost
commensurate with that quantity and quality
Effect - correct answer one of the elements of a finding. This is what occurs as a
result of the difference between the condition and criteria
, Effectiveness - correct answer measure of the extent to which an entity
achieves its goals and objectives
Efficiency/efficiency indicator - correct answer a measure of the extent to which
an entity minimizes the amount of resources it consumes in providing services an
in achieving results
Prompt Payment Act of 1982 - correct answer federal agencies must pay
invoices in a timely manner, typically 30 days after receiving the "proper" invoice
Cash Management Improvement Act - correct answer Minimize the time
between the transfer of funds to a state and the payout for program purposes;
Ensure fed funds are available when requested; Assess an interest liability to the
fed govt. Or states to compensate for lost value of funds
31 CFR Part 208 Management of Federal Agency Disbursements - correct
answer requires federal agencies to disburse payments via electronic funds
transfer, with few exceptions
Float - correct answer Period between the time the check is issued and the time
it is presented for payment at the payer's bank . Interest can be earned during
the float period and on all monies deposited at the bank. Float matters less with
electronic payments since it automatically gets deducted from the payer's bank
account
Arbitrage - correct answer difference between an interest rate paid for funds
and the interest rate earned on the investment of those funds
Tax Reform Act of 1986 - correct answer clarified regulations for dealing with
arbitrage with state and local governments
Questions with all Questions Accurately Answered Updated
2024/2025
Data analytics - correct answer A process of inspecting, cleaning, transforming,
and modeling data with the goal of highlighting useful information, suggesting
conclusions, and supporting decision-making
Data assurers - correct answer internal and external auditors, and other, who
must certify or attest to the integrity of the data
Data conversion - correct answer process of reformatting data from an old
system to meet the needs of the new system
Data definers - correct answer financial, functional and technical systems
experts who define the data to be collected, and maintained, by the financial
system according to the organzation's mission and strategic plan
Data mining - correct answer process of sorting through very large, disparate
amounts of data; combining them into a consistent format; using filters and
algorithms to pick out relationships among people, organizations, and events;
and then using the knowledge discovery for predictive rather than purely
descriptive purposes
Data providers - correct answer systems personnel who operate the systems,
as well as those operators of other systems that feed data or inputs to the
financial system
Data stewardship - correct answer process of managing the info necessary to
support programs and financial managers
,Defense Contract Audit Agency (DCAA) - correct answer performs pre-award
and post-award audits of large contracts entered into by the fed govt. To assure
the govt. Is receiving the appropriate services at the agreed upon rate
Direct correlation - correct answer a situation where the dependent variable
moves more or less in the same direction as the independent variable
Direct loan - correct answer extensions of credit wherin the govt. Agency
disburses funds directly to the borrower and is repaid directly by the borrower.
Detection risk - correct answer chance that the auditor will not detect a
deficiency
Disaggregation - correct answer technique used to make performance data
more useful to users in assessing performance. This breaks down reported
measurements geographically, demographically, by type of service, by time of
year or day, to reveal variations in performance that would not be apparent from
reports of the data in total
Discount rate - correct answer rate of interest used to calculate the present
value or future value
Earned Value Management (EVM) - correct answer project management
system that considers both schedule performance and cost performance in order
to answer the question "What are we getting for the money we spent"
Economy - correct answer measure of the extent to which resources are
acquired in the appropriate quantity and quality, and at the least cost
commensurate with that quantity and quality
Effect - correct answer one of the elements of a finding. This is what occurs as a
result of the difference between the condition and criteria
, Effectiveness - correct answer measure of the extent to which an entity
achieves its goals and objectives
Efficiency/efficiency indicator - correct answer a measure of the extent to which
an entity minimizes the amount of resources it consumes in providing services an
in achieving results
Prompt Payment Act of 1982 - correct answer federal agencies must pay
invoices in a timely manner, typically 30 days after receiving the "proper" invoice
Cash Management Improvement Act - correct answer Minimize the time
between the transfer of funds to a state and the payout for program purposes;
Ensure fed funds are available when requested; Assess an interest liability to the
fed govt. Or states to compensate for lost value of funds
31 CFR Part 208 Management of Federal Agency Disbursements - correct
answer requires federal agencies to disburse payments via electronic funds
transfer, with few exceptions
Float - correct answer Period between the time the check is issued and the time
it is presented for payment at the payer's bank . Interest can be earned during
the float period and on all monies deposited at the bank. Float matters less with
electronic payments since it automatically gets deducted from the payer's bank
account
Arbitrage - correct answer difference between an interest rate paid for funds
and the interest rate earned on the investment of those funds
Tax Reform Act of 1986 - correct answer clarified regulations for dealing with
arbitrage with state and local governments
