CPFO GOVERNMENTAL ACCOUNTING, AUDITING AND FINANCIAL REPORTING PRACTICE TEST QUESTIONS WITH CORRECT ANSWERS 2025

CPFO GOVERNMENTAL ACCOUNTING, AUDITING
AND FINANCIAL REPORTING PRACTICE TEST
QUESTIONS WITH CORRECT ANSWERS 2025
UltimateGresponsibilityGforGinternalGcontrolsGrestsGwith.

A.GManagement

B.GTheGgoverningGboard

C.GTheGexternalGauditor

D.GTheGauditGcommitteeG-GCORRECTGANSWERG-
B.GTheGgoverningGboard.GWhileGmanagementGisGprimarilyGresponsibleGforGinternalGcontrol,GtheGgoverningG
bodyGremainsGultimatelyGresponsibleGforGensuringGthatGmangementGmeetsGitsGresponsibilitiesGinGthisGreg
ard.GPG734-735



WhichGofGtheGfollowingGtypesGofGfraudGisGleastGlikelyGinGanGenvironmentGwhereGcashGreceiptingGandGrecor
dGkeepingGforGaccountsGreceivableGareGadequatelyGsegregated?

A.GLapping

B.GPilfering

C.GFalseGclaims

D.GCharge-offGfraudG-GCORRECTGANSWERG-A.GLapping.



WhatGisGtheGbestGwayGtoGselectGaGsampleGtoGtestGinternalGcontrols?

A.GBlockGsampling

B.GInternalGsampling

C.GRandomGsampling

D.GBlindGsamplingG-GCORRECTGANSWERG-C.GRandomGSampling



AllGofGtheGfollowingGareGexamplesGofGinherentGriskGexcept:

A.GSize

B.GComplexity

C.GCashGreceipts

, D.GPriorGproblemsG-GCORRECTGANSWERG-
A.GSize.GThereGareG5GsituationsGcommonlyGrecognizedGasGinherentGrisk.

1.GComplexity

2.GCashGreceipts

3.GDirectGpaymentsGtoGthird-partyGbeneficiaries

4.GHsitoryGofGpriorGproblems

5.GHistoryGofGpriorGunresponsivenessGtoGidenticalGcontrolGdeficiencies

PG740



WhichGisGnotGanGexampleGofGaGcontrolGprocedure?

A.GAuthorization

B.GSegregationGofGincompatibleGduties

C.GAnalyticalGreview

D.GMandatoryGholidaysG-GCORRECTGANSWERG-D.GMandatoryGholidays.GThereGareG7GcategoriesGofGcontrol-
relatedGpolicies.

1.GProceduresGtoGensureGthatGtransactionsGareGproperlyGauthorized

2.GControlGtoGsecureGassetsGandGaccountingGrecords

3.GSegregationGofGincompatibleGduties

4.GPeriodicGreconciliations

5.GPeriodicGverificatins

6.GAnalyticalGreviewGofGaccountingGdataGforGreasonableness

7.GProperlyGdesignedGrecords



WhichGofGtheGfollowingGisGtheGmostGimportantGelementGinGaGcomprehensiveGframeworkGofGinternalGcontr
ols?

A.GMonitoring

B.GRiskGassessment

C.GCommunication

D.GControlGenvironmentG-GCORRECTGANSWERG-
D.GControlGenvironment.GItGmustGprovideGaGfavorableGcontrolGenvironment.GPG736.