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Certified Public Finance Officer (CPFO) Questions 66–70 (page: 15)

Updated On: 10-Feb-2026

Funds accounts for all unrestricted contributions, gifts and other income that can be used for any purpose are known as?

  1. Current restricted funds
  2. General funds
  3. Current funds
  4. All of there

Answer(s): D



Percentage of personnel, percentage of expense and the federal method are the methods of cost allocation commonly used in:

  1. Governmental Organizations
  2. Non-profit Organizations
  3. Federal organizations
  4. Local Government accounting

Answer(s): B



Assume an inventory has an average monthly amount on hand of $200,000 and annual usage of $800,000. The amount of inventory turns is:

  1. 5 turns
  2. 4 turns
  3. 3 turns
  4. 8 turns

Answer(s): B



"Every employee should have a personnel file that includes authorization for hiring, salary history hours authorized to work, federal and state withholding forms, hospital and retirement information and support for any other payout deductions." There are the procedures of:

  1. Cash Disbursements in payroll department
  2. Separation of duties in a small of government
  3. Federal government payroll system
  4. Both A and B

Answer(s): D



Similar accounting controls should be established over accounting for investment inventory management, cash disbursements, cash management and billing and receipt of taxes and utilities. Other effective internal control measures include which of the following?

  1. Cancel voided forms
  2. Trusting employees too much
  3. Account for used or missing forms daily
  4. All of there

Answer(s): D



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