IIA Exam IIA-CGAP Topic 2 Question 76 Discussion

Actual exam question for IIA's IIA-CGAP exam

Question #: 76
Topic #: 2

Government entities generally have the authority and responsibility to issue and require adherence to their policies and regulations relating to contracts. Accounting and control considerations for contracts include the following given below please choose the correct option:

ADevelopment and approval of a pre-award form to ensure unobligated funds equal to the estimated amount of the contract.

BSpecifications or statement of work describing goods and services to be obtained (including quality standards).

CSettlement of any advances of money and inventories of property in a manner consistent with agency policy or contract conditions.

DAll of the above.

ENone of the above.

Show Suggested Answer

Suggested Answer: D

by Oretha at Apr 26, 2024, 05:05 PM

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Pansy

2 days ago

I agree with Wenona. It makes sense to have all those considerations in place for contracts.

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Wenona

4 days ago

I think the correct option is D) All of the above.

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Vince

6 days ago

I'm not sure, but I think option B) Specifications or statement of work is also important as it defines the goods and services to be obtained, ensuring clarity in the contract.

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