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CGFM Exam Prep | Test CGFM Assessment

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In order to become a CGFM, candidates must pass a rigorous exam that covers various aspects of federal, state, and local government financial management. The CGFM exam is designed to assess a candidate’s knowledge and proficiency in areas such as financial reporting, auditing, budgeting, and financial analysis. CGFM exam is divided into three modules, each of which covers a specific area of government financial management. Candidates must pass all three modules to earn the CGFM certification.

The AGA CGFM exam covers a range of topics related to government financial management, such as budgeting, accounting, auditing, financial reporting, and internal controls. It is divided into three parts, each of which must be passed in order to earn the CGFM Certification. The first part focuses on governmental environment and government accounting, while the second part covers financial management and control. The third part delves into financial reporting and budgeting for government entities. CGFM exam is designed to test not only a candidate's knowledge of these topics but also their ability to apply the concepts and principles to real-world situations.

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q33-Q38):

NEW QUESTION # 33
A single audit report will include an opinion or disclaimer of opinion that the financial statements are

A. fairly presented in accordance with GAO.
B. fairly presented in accordance with GAAP.
C. free from fraud.
D. fairly presented in accordance with GASB.

Answer: B

Explanation:
* Single Audit Report Requirements:
* A single audit evaluates the financial statements and compliance with federal award requirements.
* Thefinancial statement opinionmust state whether the financial statements arefairly presented in accordance with Generally Accepted Accounting Principles (GAAP).
* Explanation of Answer Choices:
* A. Free from fraud: Incorrect. Auditors do not provide an opinion on fraud; they assess for material misstatements.
* B. Fairly presented in accordance with GAAP: Correct. The financial statement opinion is issued based on compliance with GAAP.
* C. Fairly presented in accordance with GASB: Incorrect. GASB (Governmental Accounting Standards Board) provides guidance for state and local governments, but financial statements must comply with GAAP as the overarching standard.
* D. Fairly presented in accordance with GAO: Incorrect. The GAO (Government Accountability Office) issues auditing standards, not financial reporting standards.
References:
* OMB Uniform Guidance (2 CFR Part 200),Subpart F - Audit Requirements.
* GAO,Government Auditing Standards (Yellow Book).

NEW QUESTION # 34
Vendors sometimes attempt to unduly influence governing board members, the CEO, and agency personnel to buy their goods or services. To avoid such situations, the governing board of a government should adopt an ethics policy. The NIGP recommends a policy that governments and non-profits might want to:

A. Adopt or adapt
B. Change the Control basics
C. handover the control to a third party (Consultants)
D. None of these

Answer: A

NEW QUESTION # 35
The financial adviser gives advice regarding the financial feasibility of a bond. Thus, the financial adviser's fee should not be contingent on a bond's sale because of:

A. The nonequilibrium of market prices
B. The potential conflict of interest
C. None of these
D. Unavailability of large local units

Answer: B

NEW QUESTION # 36
An ISF has the following capital equipment in service for the stated time. Based upon the information below, using the straight-line method, what should be charged for depreciation at year-end?

A. $6,438
B. $8,155
C. $2,171
D. $4,267

Answer: A

NEW QUESTION # 37
Percentage of personnel, percentage of expense and the federal method are the methods of cost allocation commonly used in:

A. Governmental Organizations
B. Federal organizations
C. Non-profit Organizations
D. Local Government accounting

Answer: C

NEW QUESTION # 38
......

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Hugh Reed Hugh Reed

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