AGA GFMC Actual Free Exam Questions & Community Discussion

Exam Code/Number: GFMC
Exam Name/Title: Examination 3: Governmental Financial Management and Control (GFMC)
Certification Provider: AGA
Corresponding Certification: Government Financial Manager

Exam Questions: 117
Updated On: Jul 13, 2026

Question #25

Which of the following would auditors issue an opinion on?

A. performance audits

B. compliance audits

C. forensic audits

D. financial statement audits

Discussion 0

Correct Answer: D Vote an answer

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Question #26

An evaluation of anggntity's single year financial statements would use which of the following analyses?

A. trend

B. horizontal

C. vertical

D. comparative

Discussion 0

Correct Answer: C Vote an answer

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Question #27

Performance measures that relate program inputs to program outcomes are called

A. efficiency measures.

B. cost-effectiveness measures.

C. activity measures.

D. process measures.

Discussion 0

Correct Answer: B Vote an answer

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Question #28

Entity management's appointment of a senior official to ensure the resolution of audit recommendations is a demonstration of management's

A. delegation of authority.

B. disagreement with the audit findings.

C. support for the audit process.

D. agreement with the audit findings.

Discussion 0

Correct Answer: C Vote an answer

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Question #29

What is the basis for determining materiality for financial audits?

A. The entity's main provider of resources typically sets materiality levels for financial reporting.

B. The auditee determines what is material based on their understanding of how the financial statements may be used by third parties.

C. The auditor sets a standard percentage for all entities by transaction class.

D. The auditor establishes materiality based on whether a misstatement would influence the judgement made by a reasonable user of the financial statements.

Discussion 0

Correct Answer: D Vote an answer

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Question #30

Who is responsible for resolving single audit findings?

A. the external auditors

B. the recipient agency

C. the audit committee

D. the awarding agency

Discussion 0

Correct Answer: B Vote an answer

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