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NEW QUESTION # 60
Proprietary and fiduciary funds use the economic resources measurement focus and the accrual basis of accounting. Proprietary funds focus on changes in economic resources, similar to private sector businesses, asking:
Answer: A
NEW QUESTION # 61
The first step when gathering data for making strategic sourcing decisions is
Answer: A
Explanation:
What Is Strategic Sourcing?Strategic sourcing is a systematic process aimed at optimizing an organization's purchasing activities to maximize value and minimize costs. It involves analyzing spending, selecting suppliers, and negotiating contracts strategically rather than reactively.
Why Start with Spend Data?
* Analyzing Spend Data:The first step is to understand the organization's current spending patterns by analyzing spend data by category and by business unit. This helps identify high-cost areas, redundancies, and opportunities for cost savings.
* Importance of Data-Driven Decisions:Without knowing where and how money is being spent, it's impossible to make informed strategic sourcing decisions.
Why Other Options Are Incorrect:
* A. Contacting Vendors:Vendors are contacted later in the process after the spend analysis is complete and sourcing strategies are determined.
* C. Contacting Business Units:While checking for existing contracts is part of the process, it happens after analyzing spend data.
* D. Developing Supplier Performance Measures:This step occurs much later, typically after supplier selection and contract execution.
References and Documents:
* GAO Guide to Strategic Sourcing (2013):Recommends starting with a detailed spend analysis as the foundation for effective sourcing decisions.
NEW QUESTION # 62
The basic steps in fraud audits include all of the following EXCEPT
Answer: A
Explanation:
* Fraud Audit Objective:Fraud audits aim to detect and investigate fraudulent activities, strengthen internal controls, and report findings to stakeholders.
* Basic Steps in Fraud Audits:
* Consulting Legal Counsel: Ensures compliance with legal requirements and protects the organization.
* Reporting the Results: Essential to inform stakeholders of findings and corrective actions.
* Follow-up on Control Weaknesses: Addresses identified vulnerabilities to prevent future fraud.
* Explanation of Incorrect Answer:
* D. Considering political ramifications: Irrelevant to fraud audits, as these audits focus on financial and legal matters rather than political considerations.
References:
* Association of Certified Fraud Examiners (ACFE),Fraud Examination Manual.
* Government Accountability Office (GAO),Fraud Risk Management Framework.
NEW QUESTION # 63
Governments and Non-profits can invest 100% of their available funds by using:
Answer: D
NEW QUESTION # 64
_____________ on the bonds is not a specific preference item for purposes of the federal individual or corporate alternative minimum taxes.
Answer: D
NEW QUESTION # 65
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