CGFM UPDATED FINAL EXAM 2025 Test 3 WITH 100% VERIFIED SOLUTIONS 2023-
2025
A-76
Directive issued by OMB that establishes federal policy for the competition of commercial
activities
Abuse
behavior that is deficient or improper when compared with behavior that a prudent person
would consider reasonable and necessary business practice given the facts and circumstances
Account cleanup
process of researching, analyzing and evaluating old accounts in an accounting system to
determine if they should be terminated or continued, and terminating those that meet the
termination criteria
Accountability
A process involving the rendering of an account by public officials to the citizenry and other
stakeholders, regarding such matters as compliance to the laws, financial probity, efficient
performance, and effective service delivery. For it to function there need to be benchmarks
against which performance can be measured
Administrative Offset
the process of collecting delinquent debt by offsetting payments due to the debtor under other
applicable government programs like loans, grants or contracts
Analytical tests
analyzing information about the auditee and are performed at the start of each audit
Audit risk
combination of inherent risk, control risk and detection risk
Automated Clearinghouse System
authorizes the government to automatically deposit to or withdraw from a personal or
corporate bank account
Benford Digital Analytics
more transactions begin with the number one than larger numbers
, Blanket Purchase Agreements
simplified method for filling anticipated repetitive needs by entering into purchase orders or
contracts with qualified sources, and then providing for orders to be placed against the
purchase orders or contracts
Bulk Funding
Funding provided to the contracting office for a specific purpose rather than individual funding
documents
Business Process Redesign
process of identifying the most efficient set and pattern of activities to accomplish a work
process
Business Process Re-engineering
analysis and design of workflows and processes within an organization that enable it to
fundamentally rethink how it does its work in order to dramatically improve service and reduce
costs
Cause
this is the reason for the condition
CFO Act
established CFO in 24 departments and major agencies, and charged that person to develop and
maintain an integrated agency accounting and FM system, including financial reporting and
internal controls. Required for federal agencies to produce annual financial reports
Change management
management task of preparing the work force for changes in work processes and procedures
citizen survey
used in performance measurement and reporting that is used to assess outcomes (results
achieved) of governmental functions and programs. Results of are often expressed as
"percentage of citizens rating X service as good or very good etc..". It can also be used to
determine the services the citizens want and/or how they should be measured
Commercial off-the-shelf software (COTS)
software product provided by the private sector for an information system that requires little or
no additional programming
2025
A-76
Directive issued by OMB that establishes federal policy for the competition of commercial
activities
Abuse
behavior that is deficient or improper when compared with behavior that a prudent person
would consider reasonable and necessary business practice given the facts and circumstances
Account cleanup
process of researching, analyzing and evaluating old accounts in an accounting system to
determine if they should be terminated or continued, and terminating those that meet the
termination criteria
Accountability
A process involving the rendering of an account by public officials to the citizenry and other
stakeholders, regarding such matters as compliance to the laws, financial probity, efficient
performance, and effective service delivery. For it to function there need to be benchmarks
against which performance can be measured
Administrative Offset
the process of collecting delinquent debt by offsetting payments due to the debtor under other
applicable government programs like loans, grants or contracts
Analytical tests
analyzing information about the auditee and are performed at the start of each audit
Audit risk
combination of inherent risk, control risk and detection risk
Automated Clearinghouse System
authorizes the government to automatically deposit to or withdraw from a personal or
corporate bank account
Benford Digital Analytics
more transactions begin with the number one than larger numbers
, Blanket Purchase Agreements
simplified method for filling anticipated repetitive needs by entering into purchase orders or
contracts with qualified sources, and then providing for orders to be placed against the
purchase orders or contracts
Bulk Funding
Funding provided to the contracting office for a specific purpose rather than individual funding
documents
Business Process Redesign
process of identifying the most efficient set and pattern of activities to accomplish a work
process
Business Process Re-engineering
analysis and design of workflows and processes within an organization that enable it to
fundamentally rethink how it does its work in order to dramatically improve service and reduce
costs
Cause
this is the reason for the condition
CFO Act
established CFO in 24 departments and major agencies, and charged that person to develop and
maintain an integrated agency accounting and FM system, including financial reporting and
internal controls. Required for federal agencies to produce annual financial reports
Change management
management task of preparing the work force for changes in work processes and procedures
citizen survey
used in performance measurement and reporting that is used to assess outcomes (results
achieved) of governmental functions and programs. Results of are often expressed as
"percentage of citizens rating X service as good or very good etc..". It can also be used to
determine the services the citizens want and/or how they should be measured
Commercial off-the-shelf software (COTS)
software product provided by the private sector for an information system that requires little or
no additional programming
