Exam Cram CGFM Pdf - CGFM Exam Answers

These formats are AGA CGFM PDF dumps, web-based practice test software, and desktop practice test software. All these three Certified Government Financial Manager (CGFM) (CGFM) exam questions contain the real, valid, and updated AGA Exams that will provide you with everything that you need to learn, prepare and pass the challenging but career advancement CGFM Certification Exam with good scores.

AGA CGFM Exam consists of three separate sections that test the candidate's knowledge in financial management, government accounting and financial reporting, and budgeting and financial analysis. Each section of the exam must be passed with a score of at least 80% to earn the CGFM designation. Certified Government Financial Manager (CGFM) certification also requires a minimum of two years of professional experience in government financial management, as well as continuing education and adherence to the CGFM Code of Ethics.

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q15-Q20):

NEW QUESTION # 15
GAAP do not specify how much fund balance to set aside, but the_________ recommends that local governments maintain a reserve of (1) 5% to 15% of general fund reserves or (2) at least 1-2 months general fund operating expenditures.

A. Federal reserves Board
B. State bank
C. All of there
D. GFUA (Government Finance officers Association)

Answer: D

NEW QUESTION # 16
Governmental funds, by comparison, focus on current financial resources, asking:

A. What is the statement of changes in fiduciary assets?
B. What is government-wide statement of activities?
C. Both A & C
D. What transaction and events increased or decreased the resources available for spending in the near future?

Answer: D

NEW QUESTION # 17
The IFB should:

A. be issued only to vendors with a history of acceptable bid performance
B. include only related items
C. All of these
D. Specify the delivery conditions and stipulate that bids will be opened publicly

Answer: C

NEW QUESTION # 18
When planning for local government financial statement audit, what data source should the auditor consider first?

A. reconciliations between fund financial statements
B. government-wide financial statements
C. previous audit findings
D. fund financial statements

Answer: C

Explanation:
* Importance of Prior Audit Findings:
* When planning a local government financial statement audit, auditors should first review previous audit findingsto identify recurring issues, control weaknesses, or non-compliance areas. This helps auditors focus on areas of higher risk and guides the development of an effective audit strategy.
* Explanation of Answer Choices:
* A. Government-wide financial statements: Important, but these are reviewed after identifying risk areas from prior findings.
* B. Fund financial statements: These are part of the audit process but not the starting point for planning.
* C. Reconciliations between fund financial statements: These are analyzed during the audit but come later in the process.
* D. Previous audit findings: Correct. Reviewing past findings ensures the auditor addresses previously identified risks and compliance issues.
References:
* GAO,Government Auditing Standards (Yellow Book).
* AICPA,Audit Planning and Risk Assessment Best Practices.

NEW QUESTION # 19
Because of the current financial measurement focus of the Governmental Funds, they do not report:

A. Capital Assets
B. Long-term debt
C. Cash equivalents
D. Either A or B

Answer: D

NEW QUESTION # 20
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Exam Cram CGFM Pdf - CGFM Exam Answers

Exam Cram CGFM Pdf Exam Instant Download | Updated CGFM: Certified Government Financial Manager (CGFM)

AGA Certified Government Financial Manager (CGFM) Sample Questions (Q15-Q20):

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