CGFM TEST 3 (2025) ACTUAL EXAM
COMPREHENSIVE QUESTIONS AND VERIFIED
ACCURATE SOLUTION (DETAILED &
ELABORATED) |GET IT 100% ACCURATE!! 2025
TEST!!
Save
1) Current Operations
Three Broad Government
2) Capital Outlays
Spending Purposes
3) Debt Service
Determines what $$ Rec'd in Future is Worth Today
Present Value Analysis -
1) inflation component - year over year loss in value
Three Components
2) enterprise component - inherent risk
3) unique component -
Budget Accounting and Requires the head of each federal agency to establish
Procedures Act of 1950 and maintain I/C's.
requires the head of each agency to evaluate controls
Federal Managers
on an annual basis, reporting any weakness along with
Financial Integrity Act of
a corrective action plan
1982 (FMFIA)
* (resulted in the "green book") *
Single Audit Act of 1984 requires the audit of state and local governments and
(amended in 1996) npo's receiving federal funding
Placed restrictions on publicly traded companies
Sarbanes Oxley Act of
following Enron scandal. Requires mgmt to report on
2002
I/C's for financial reporting in its annual report.
(ICOFR) Internal Controls Over Financial Reporting
, required 10 federal agencies to produce audited
annual financial reports that included a report on
Chief Financial Officers
internal control.
Act of 1990 (CFO Act):
expanded in 1994 by GMRA
systems and techniques managers use to provide
reasonable assurance that agency objectives met in
an effective/efficient manner, in compliance with
laws/regulations, and to safeguard assets.
INTERNAL CONTROLS
Implemented to accomplish certain results, prevent
problems, or detect problems that have occurred.
Some controls can both detect and prevent problems
(but only if their existence is known).
Used in consideration of capital budgeting
TIME VALUE OF MONEY 1) Present Value Analysis
2) Future Value Analysis
3) Payback Analysis
Iterative process requiring changes throughout
development, each step represents a decision, also
Flowcharting
used to evaluate processes for effective internal
controls
project mgmt system that weighs both schedule and
Earned Value
cost performance to determine if a project is
Management (EVM)
delivering expected results on time and within budget
, Predicts the relationship between variables:
1) Direct Linear Regression
2) Indirect Linerar Regression
Regression Analysis
3) Non-linear Regression
4) No Relationship
** See Limits of Regression Analysis
Determines the degree of accuracy the analysis
(variables) can be used to predict results (1=perfect
Correlation Coefficient correlation
.85 considered reliable for forecasting)
analyzes multiple IV's and look for items with the
Multiple Regressions highest correlation coefficient as being the most like
predictors
Data ranges must be relevant (e.g., sample size might
be too small to project on a larger population)
Difficult to find data sets with high correlation
Limits of Regression
coefficients
Analysis
Bad data = bad results (garbage in, garbage out)
Correlation is not Causation, have to be able to
explain how one set of data would influence another
inspecting, cleaning, transforming, and modeling data
Data Analytics to find useful information, conclusions, and support
decision making
(Predictive) sorting through large data sets and using
filters and algorithms to pick out relationships
Data Mining
** See strengths and weaknesses
data collected through a variety of techniques to
Predictive Analytics analyze current and historical facts to make
predictions about future events
COMPREHENSIVE QUESTIONS AND VERIFIED
ACCURATE SOLUTION (DETAILED &
ELABORATED) |GET IT 100% ACCURATE!! 2025
TEST!!
Save
1) Current Operations
Three Broad Government
2) Capital Outlays
Spending Purposes
3) Debt Service
Determines what $$ Rec'd in Future is Worth Today
Present Value Analysis -
1) inflation component - year over year loss in value
Three Components
2) enterprise component - inherent risk
3) unique component -
Budget Accounting and Requires the head of each federal agency to establish
Procedures Act of 1950 and maintain I/C's.
requires the head of each agency to evaluate controls
Federal Managers
on an annual basis, reporting any weakness along with
Financial Integrity Act of
a corrective action plan
1982 (FMFIA)
* (resulted in the "green book") *
Single Audit Act of 1984 requires the audit of state and local governments and
(amended in 1996) npo's receiving federal funding
Placed restrictions on publicly traded companies
Sarbanes Oxley Act of
following Enron scandal. Requires mgmt to report on
2002
I/C's for financial reporting in its annual report.
(ICOFR) Internal Controls Over Financial Reporting
, required 10 federal agencies to produce audited
annual financial reports that included a report on
Chief Financial Officers
internal control.
Act of 1990 (CFO Act):
expanded in 1994 by GMRA
systems and techniques managers use to provide
reasonable assurance that agency objectives met in
an effective/efficient manner, in compliance with
laws/regulations, and to safeguard assets.
INTERNAL CONTROLS
Implemented to accomplish certain results, prevent
problems, or detect problems that have occurred.
Some controls can both detect and prevent problems
(but only if their existence is known).
Used in consideration of capital budgeting
TIME VALUE OF MONEY 1) Present Value Analysis
2) Future Value Analysis
3) Payback Analysis
Iterative process requiring changes throughout
development, each step represents a decision, also
Flowcharting
used to evaluate processes for effective internal
controls
project mgmt system that weighs both schedule and
Earned Value
cost performance to determine if a project is
Management (EVM)
delivering expected results on time and within budget
, Predicts the relationship between variables:
1) Direct Linear Regression
2) Indirect Linerar Regression
Regression Analysis
3) Non-linear Regression
4) No Relationship
** See Limits of Regression Analysis
Determines the degree of accuracy the analysis
(variables) can be used to predict results (1=perfect
Correlation Coefficient correlation
.85 considered reliable for forecasting)
analyzes multiple IV's and look for items with the
Multiple Regressions highest correlation coefficient as being the most like
predictors
Data ranges must be relevant (e.g., sample size might
be too small to project on a larger population)
Difficult to find data sets with high correlation
Limits of Regression
coefficients
Analysis
Bad data = bad results (garbage in, garbage out)
Correlation is not Causation, have to be able to
explain how one set of data would influence another
inspecting, cleaning, transforming, and modeling data
Data Analytics to find useful information, conclusions, and support
decision making
(Predictive) sorting through large data sets and using
filters and algorithms to pick out relationships
Data Mining
** See strengths and weaknesses
data collected through a variety of techniques to
Predictive Analytics analyze current and historical facts to make
predictions about future events
