AGA CGFM Home Study Thorough Review and Complete
Answers Ace your first Attempt Updated 2024/2025
Federal Real Property Profile (FRPP) - correct answer maintained by GSA;
comprehensive data base of all real property controlled by all executive branch
agencies.
Property Management - 4 activities - correct answer 1) Recordkeeping, asset
management system
2) Maximize utility
3) Safeguarding, esp. High value, small items
4) Maintenance - to maximize assets life, gov't tendency to defer
Heritage Property a.k.a.
Works of Art and Historical Treasure - correct answer Assets that do not support
the gov't in providing goods/services, but have historic, cultural, artistic, or other
significance. Eg. Monuments, public lands.
No $$ amount used for reporting, however their existence is disclosed in a
footnote to the financial statements
OMB - 4 criteria for property disposal consideration: - correct answer 1)is it
needed to carry out a critical mission
2) the extent to which it is utilized
3) condition
4) cost to operate property
* also, can it be used for an alternate purpose?
,Disposal methods - correct answer * scrap - easiest
* trade
* give to another gov't agency
* sell
Gov't must always be good stewards of public resources.
Inventory Risks - correct answer 1) not having enough
2) having too much - timing up funds and eating space
3) loss due to pilferage, spoilage, deterioration, or obsolescence
Inventory Management System - Supply Control - correct answer 1) When to
order - "reorder point"
** consider usage, days for order processing and delivery, and reasonable level
of stock for contingency **
2) How much to order - dependent on admin cost of procurement and the cost of
carrying the materials in inventory.
Economic Order Quantity (EOQ) - correct answer EOQ = square root of 2DS/CI
D= annual demand
S = order cost
C = unit cost
I = carrying cost
Inventory Control - Major Activities - correct answer * receiving and inspecting
* placing in inventory
,* tracking movement and disposition:
** sold, placed in production, used in operations, placed into repair, loaned **
*valuing inventory: FIFO, LIFO, Avg Cost
Inventory - Major Internal Controls - correct answer * policies and procedures
* separation of duties
* ensuring inspections accuracy
* storage (to avoid damage)
* safeguarding - asset tagging
* physical verification - annual counts
Inventory write-offs approved by management before processed
Inventory Management/Performance Reporting
Supply, Manufacturing, Retail, Budgeting Activities
Periodic user survey to gauge effectiveness - correct answer **Supply
Activities:
1) out of stock instances
2) dollar amount of unfilled orders
3) inactive, excess, or absolute stock
4) inventory difference ratio
5) inventory turn over ratio
**Manufacturing Activities:
1) days of supply on hand
2) breakage and spoilage
, ** Retail Activities:
1) pilferage
** Budget Activities:
1) Budget Vs. Actual
Financial Management System - Definition - correct answer people, processes
and technology to capture, classify, summarize, and report data in a meaningful
manner to support business decisions.
Core Components of a Financial Management System - correct answer 1)
maintain chart of accounts
2) account for basic financial transactions
3) monitoring budget execution
4) managing financial assets, esp. Cash
5) A/P
6) maintaining financial controls
7) reporting financial position and results.
Data Visualization - Definition - correct answer creation and study of visual
representation of data with goal of communicating complex insights in a
meaningful way.
Data Acquisition - Definition - correct answer sampling of real world facts/figures
to generate data that can be manipulated by a computer
Data Analysis - Definition - correct answer process of studying and summarizing
data with the intent of extracting useful information to develop conclusions
Answers Ace your first Attempt Updated 2024/2025
Federal Real Property Profile (FRPP) - correct answer maintained by GSA;
comprehensive data base of all real property controlled by all executive branch
agencies.
Property Management - 4 activities - correct answer 1) Recordkeeping, asset
management system
2) Maximize utility
3) Safeguarding, esp. High value, small items
4) Maintenance - to maximize assets life, gov't tendency to defer
Heritage Property a.k.a.
Works of Art and Historical Treasure - correct answer Assets that do not support
the gov't in providing goods/services, but have historic, cultural, artistic, or other
significance. Eg. Monuments, public lands.
No $$ amount used for reporting, however their existence is disclosed in a
footnote to the financial statements
OMB - 4 criteria for property disposal consideration: - correct answer 1)is it
needed to carry out a critical mission
2) the extent to which it is utilized
3) condition
4) cost to operate property
* also, can it be used for an alternate purpose?
,Disposal methods - correct answer * scrap - easiest
* trade
* give to another gov't agency
* sell
Gov't must always be good stewards of public resources.
Inventory Risks - correct answer 1) not having enough
2) having too much - timing up funds and eating space
3) loss due to pilferage, spoilage, deterioration, or obsolescence
Inventory Management System - Supply Control - correct answer 1) When to
order - "reorder point"
** consider usage, days for order processing and delivery, and reasonable level
of stock for contingency **
2) How much to order - dependent on admin cost of procurement and the cost of
carrying the materials in inventory.
Economic Order Quantity (EOQ) - correct answer EOQ = square root of 2DS/CI
D= annual demand
S = order cost
C = unit cost
I = carrying cost
Inventory Control - Major Activities - correct answer * receiving and inspecting
* placing in inventory
,* tracking movement and disposition:
** sold, placed in production, used in operations, placed into repair, loaned **
*valuing inventory: FIFO, LIFO, Avg Cost
Inventory - Major Internal Controls - correct answer * policies and procedures
* separation of duties
* ensuring inspections accuracy
* storage (to avoid damage)
* safeguarding - asset tagging
* physical verification - annual counts
Inventory write-offs approved by management before processed
Inventory Management/Performance Reporting
Supply, Manufacturing, Retail, Budgeting Activities
Periodic user survey to gauge effectiveness - correct answer **Supply
Activities:
1) out of stock instances
2) dollar amount of unfilled orders
3) inactive, excess, or absolute stock
4) inventory difference ratio
5) inventory turn over ratio
**Manufacturing Activities:
1) days of supply on hand
2) breakage and spoilage
, ** Retail Activities:
1) pilferage
** Budget Activities:
1) Budget Vs. Actual
Financial Management System - Definition - correct answer people, processes
and technology to capture, classify, summarize, and report data in a meaningful
manner to support business decisions.
Core Components of a Financial Management System - correct answer 1)
maintain chart of accounts
2) account for basic financial transactions
3) monitoring budget execution
4) managing financial assets, esp. Cash
5) A/P
6) maintaining financial controls
7) reporting financial position and results.
Data Visualization - Definition - correct answer creation and study of visual
representation of data with goal of communicating complex insights in a
meaningful way.
Data Acquisition - Definition - correct answer sampling of real world facts/figures
to generate data that can be manipulated by a computer
Data Analysis - Definition - correct answer process of studying and summarizing
data with the intent of extracting useful information to develop conclusions
