AGA GFMC Actual Free Exam Questions & Community Discussion

Using Benford Digital Analysis, an auditor can identify potential fraud when

Which of the following is an example of an internal control weakness?

Which action represents an internal control deficiency in an agency responsible for building and maintaining dams?

What type of analygis should a finance director use to determine if there will be enough funds available to cover bills due within the next 30 days?

Which element of an inventory management system includes determining how much stock to have on hand?

A city decides to invest in a new piece of equipment and wants to know how long it will take to recover the amount invested by using the payback analysis technique. The city uses the following assumptions in its analysis:
* The cost of the equipment is $500,000.
* The equipment will generate $200,000 in revenue per year.
* The variable costs of operating the equipment will be $100,000 per year.
* The depreciation on the equipment will be $20,000 per year.
How long will it take the city to recover the amount invested in the new equipment?