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BUNDLE - CIPFA EXAMS

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CIPFA FA Study Exam Questions & Answers 2025/2026

CIPFA Business Reporting Exam Questions & Answers 2025/2026 IASB - ANSWERSInternational Accounting Standards Board What do IASB do - ANSWERSDevelop and approves globally accepted IFRS and promote the use of them What is the IFRS Foundation - ANSWERSInternational Financial Reporting Standard Foundation is the parent entity of the IASB What is the IFRS Foundation Trustees and what do they do? - ANSWERSInterantion Foundation of Reporting Standards Trustees appoint the IASB members, ex...

CIPFA Audit & Assurance Exam Questions & Answers 2025/2026 What is reasonable assurance? - ANSWERSa high, but not absolute, level of assurance - expressed positively Audit must obtain reasonable assurance about whether financial statements are free form material misstatement through fraud or error What is limited assurance? - ANSWERSLower but still meaningful level of assurance when risk of material misstatement has been lowered to an acceptable level - expressed negative What is t...

CIPFA Test Questions & Answers 2025/2026 Define: Management Accounting - ANSWERSThe provision of information to help management with planning, control, problem solving and decision making. Set out the differences between Management and Financial Accounting regarding the below: -Requirement -Accuracy -Coverage -Format -Period -Frequency -Users - ANSWERSFinancial accounts are a statutory requirement. Only approximate accuracy is required for MA. Management accounts typically cover...

CIPFA FA Exam Questions & Answers 2025/2026 Financial accounting involves which four main activities - ANSWERS1) Recording business transactions as they occur 2) Classifying the transactions into meaningful groups 3) Summarising the groups of transactions into useful reports 4) Communicating the information to interested parties Define: Profit - ANSWERSRevenue exceeds expenditure Outline the Business Entity Concept - ANSWERSThe Business Entity Concept requires that a business and i...

CFCM Practice Test 1 Questions & Answers 2025/2026 How often are statutory acquisition-related dollar thresholds in the FAR adjusted for inflation? - ANSWERSEvery 5 years A form of written approval signed by an authorized official that is required by statute or regulation as a prerequisite to taking certain contract actionsi s defined as a - ANSWERSdetermination and findings Contracting officers below the level of ___ shall be selected and appointed - ANSWERSa head of a contracting ac...

CFCM Test Review Questions & Answers 2025/2026 The FAR requires agencies to report bids or proposal that - ANSWERSShow evidence of an industry pricelist The practice of submitting an unrealistically low bid with the expectation of recouping the loss on change orders or subsequent business - ANSWERSbuying-in Government contractors must have a written code of ethics. Which of the following is NOT required in the contractor's compliance training and internal control program - ANSWERSF...

Matt's CFCM Exam Part 15 Questions & Answers 2025/2026 This technique ensures the best deal for the government is obtained through the use of any one or combination of source selection approaches. a. tradeoff process b. best value continuum c. one-on-one meetings d. early exchanges of information - ANSWERSb. best value continuum FAR 15.1 What source selection process is appropriate when it may be in the best interest of the government to consider award to other than the lowes...

CFCM Practice Test 2 Questions & Answers 2025/2026 Contracting Officers below the level of _________ shall be selected and appointed. - ANSWERSHead of Contracting Activity The simplified acquisition threshold for any contract in support of contingency operations to be awarded and performed, or purchase to be made, outside of the U.S. is ____________ . - ANSWERS$1.5M The contracting officer may use competitive proposals in lieu of sealed bids if ______________ . - ANSWERSIt is necessar...

CFCM Exam 5 Questions & Answers 2025/2026 What are exception to certified cost or pricing data requirements? - ANSWERSCommercial items, Prices set by law or regulation, Adequate price competition The threshold for obtaining certified cost or pricing data is: - ANSWERS$750,000 A post-award debriefing of offerors shall include which of the following: - ANSWERSevaluation of the significant weaknesses or deficiencies in the offeror's proposal, overall evaluated cost or price (including...

CFCM Study Test Questions & Answers 2025/2026

CFCM Test Questions & Answers 2025/2026 SF 1449 (std form for acq. of commercial items) - ANSWERSA CO should use SF 1449 for acquisitions under Simplified Acq. Threshold (SAT) but it SHALL use this form for acqs. over SAT. FAR 12.5 provisions of law not applicable to acq. of Commercial Items (examples below): - ANSWERSExamples are: covenant against contingent fees (FAR 3.404), minimal response time for offers (FAR 5.203), drug-free workplace restriction (FAR 23.5). See other details in F...

CFCM Final Exam Questions & Answers 2025/2026 What is a Certificate of Competency? - ANSWERSA certificate issued by the SBA stating that the holder is responsible, for the purpose of receiving and performing a specific Government contract Except as specifically permitted by executive agencies, the fast payment procedure may not be used for individual purchasing instruments exceeding what amount? - ANSWERS$35,000 What can a contractor access online at ? - ANSWERSThe governmentwide poin...

CFCM EXAM 3 QUESTIONS & ANSWERS 2025/2026 ACQUISITION - ANSWERSMeans the acquiring by contract with appropriated funds of supplies or services(including construction) by and for the Federal Govt. through purchase or lease, whether the supplies or services are already in existence or must be created, developed, demonstrated, and evaluated. FAR PART 2 - ANSWERSDefinitions of words and terms when does aqcuisition begin? - ANSWERSat the point when agency needs are established and includes...

Cfcm exam final questions & answers 2025/2026 The contracting officer to the extent Practicable provide maximum participation to small biz,sdvosb, vosb, hub zone , women owned. Contracting officers must take the following steps. - ANSWERS1. Plan an acquisition for more then one small business concern e issuing solicitation, make an effort to find more sb concerns, should include sba procurement rep. cize solicitations through gpe. the event of equal low bid award first to sb concerns that ...

CFCM Exam 2 Questions & Answers 2025/2026 "Commercial Item" under FAR Part 12 (for MCQs)? - ANSWERS1. Any item, other than real property, that is of a type customarily used by the general public or by non-governmental entities for purposes other than governmental purposes, and— (i) Has been sold, leased, or licensed to the general public; or (ii) Has been offered for sale, lease, or license to the general public; 2. Any item that evolved from an item described in paragraph (1) ...

CFCM Practice Test Questions & Answers 2025/2026 With respect to proposal evaluations, solicitations for simplified acquisitions are: - ANSWERSnot required to state the relative importance of each evaluation factor and subfactor. Performance-based acquisition offers __________, which can be used to adjust payment to reflect the degree of performance success and to motivate superior performance. - ANSWERSIncentives _______________ contracts are characterized by the employer-employee re...

CFCM Exam Review Questions & Answers 2025/2026 A cost is reasonable if, in its nature and amount, it does not exceed - ANSWERSthat which would be incurred by a prudent person in the conduct of competitive business. Advance Agreements should not be negotiated - ANSWERSafter the incurrence of the costs involved. Under the Assignment of Claims Act, a contractor may assign moneys due or to become due under a contract if it meets all but which of the following? - ANSWERSThe contract specif...