CGFM Valid Study Guide | CGFM Test Prep

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AGA CGFM Exam is designed to test a candidate's knowledge of government financial management, including topics such as budgeting, accounting, auditing, financial reporting, and internal controls. CGFM exam is divided into three parts: Governmental Environment, Governmental Accounting, Financial Reporting and Budgeting, and Governmental Financial Management and Control.

Certification Topics of AGA CGFM: Certified Government Financial Manager (CGFM) Exam

AGA CGFM exam dumps include the following topics:

Examination 1: Government Environment (GE)

The organization, authority and structure of government (15%)
Governmental financing procedure (24%)
Delivering government information and services electronically (8%)
Government management unicycle (16%)
Ethics as implemented to the governmental environment (10%)

Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB)

Governmental financial reporting, accounting, and budgeting general knowledge (40%)
Local and State financial reporting and accounting (30%)
Federal financial reporting and accounting (30%)

Examination 3: Governmental Financial Management and Control (GFMC)

Financial management (25%)
Managerial and Financial Analysis Techniques (15%)
Auditing (20%)
Performance management//service attempt and accomplishments (15%)
Internal dominance (25%)

AGA CGFM Certification Exam is a crucial designation for professionals in the public sector who want to expand their skill set and increase their chances of getting promoted to higher-level roles. Certified Government Financial Manager (CGFM) certification program requires passing three rigorous exams in three areas of financial management: Governmental Environment, Governmental Accounting, Financial Reporting, and Budgeting.

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q99-Q104):

NEW QUESTION # 99
The tax, though regressive is more popular among tax-players than the income tax because its full cost to the taxpayer is hidden among the large no of transactions.

A. Sales tax
B. Proportional tax
C. State tax
D. Corporate tax

Answer: A

NEW QUESTION # 100
Commercial papers are sold through:

A. Secondary market
B. Directly by issuers and has no secondary market
C. Dealers
D. Both B&C

Answer: D

NEW QUESTION # 101
A local government can either purchase a computer for $61,000 or lease it for five years at $15000, after which the local government would own it. The anticipated discount rate will be 8%. Is it more economical to lease or purchase?

A. Lease
B. None of these
C. No significant difference
D. Purchase

Answer: A

NEW QUESTION # 102
Under the ___________ arrangement, governments completely outsource the reconciliation to the bank, which reports items issued and paid, issued but not paid, and not yet issued.

A. Reverse positive pay
B. None of these
C. Full reconciliation
D. Partial reconciliation

Answer: C

NEW QUESTION # 103
In a performance aygit, due professional care is used to

A. present the findings in accordance with GAAP.
B. determine scope.
C. set materiality of financial statements.
D. obtain sufficient and competent evidence.

Answer: D

Explanation:
* Performance Audit Overview:
* A performance audit focuses on evaluating the economy, efficiency, and effectiveness of government programs or activities.
* Due professional care is a requirement inGovernment Auditing Standards (Yellow Book), ensuring auditors perform their duties responsibly and with professional judgment.
* Key Requirement: Sufficient and Competent Evidence:
* Auditors must collect sufficient and reliable evidence to support their findings, conclusions, and recommendations. This is the cornerstone of "due professional care."
* Explanation of Answer Choices:
* A. Obtain sufficient and competent evidence: Correct. This ensures audit findings are supported by reliable, documented evidence.
* B. Determine scope: While part of audit planning, it is not directly related to due professional care.
* C. Set materiality of financial statements: This applies to financial audits, not performance audits.
* D. Present the findings in accordance with GAAP: GAAP is not a requirement for performance audits.
References:
* GAO,Government Auditing Standards (Yellow Book).
* Association of Government Accountants (AGA),Performance Auditing Practices.

NEW QUESTION # 104
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CGFM Valid Study Guide | CGFM Test Prep

Certification Topics of AGA CGFM: Certified Government Financial Manager (CGFM) Exam

Pass4Test AGA CGFM Web-based Practice Exam

AGA Certified Government Financial Manager (CGFM) Sample Questions (Q99-Q104):