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The CGFM certification program is open to individuals who have a minimum of a bachelor's degree from an accredited institution and at least two years of professional-level experience in government financial management. Certified Government Financial Manager (CGFM) certification exam consists of three modules, each of which is designed to test the candidate's knowledge and skills in a specific area of government financial management. CGFM exam is administered by the AGA, and candidates must pass all three modules to earn the CGFM certification.
Certification Topics of AGA CGFM: Certified Government Financial Manager (CGFM) Exam
AGA CGFM exam dumps include the following topics:
Examination 1: Government Environment (GE)
- Ethics as implemented to the governmental environment (10%)
- Governmental financing procedure (24%)
- Identifying definitions, and the notions of public accountability (12%)
Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB)
- Local and State financial reporting and accounting (30%)
- Governmental financial reporting, accounting, and budgeting general knowledge (40%)
- Federal financial reporting and accounting (30%)
Examination 3: Governmental Financial Management and Control (GFMC)
- Managerial and Financial Analysis Techniques (15%)
- Internal dominance (25%)
- Financial management (25%)
- Auditing (20%)
- Performance management//service attempt and accomplishments (15%)
NEW QUESTION # 16
A conflict of interest occurs when an employee enjoys monetary gain at public expense. Possible conflict of interest problems may be all of the following EXCEPT:
- A. None of these
- B. A city purchasing agent buys supplies from a local pharmacy that is jointly owned by a department head and his wife.
- C. A Board of education contracts with a board member to serve as architect for a new building.
- D. A member of a city council is a silent partner in a printing company that is conducting business with the city.
Answer: A
NEW QUESTION # 17
Gas, taxes restricted for road maintenance and repair, property taxes restricted for downtown development, property taxes restricted for fire tax districts and state tobacco settlement funds restricted for smoking reduction and economic development are settled by Government with the help of:
- A. None of these
- B. Special revenue funds
- C. Financial sector Funds
- D. Major Federal Government Funds
Answer: B
Explanation:
Explanation
NEW QUESTION # 18
Auditors may limit their public reporting in attestation engagements when the
- A. entity management fails to satisfy legal requirements.
- B. audit report would compromise ongoing legal proceedings.
- C. auditors detect material fraud.
- D. auditor detects non-compliance with provisions of law.
Answer: B
Explanation:
* Limiting Public Reporting in Attestation Engagements:
* Government auditing standards allow auditors to limit public reporting in rare cases, such as when disclosing certain information could compromise sensitive or ongoing legal proceedings.
* The goal is to protect the integrity of investigations or legal actions while maintaining transparency where possible.
* Explanation of Answer Choices:
* A. Auditors detect material fraud: Auditors are required to report material fraud to appropriate authorities, not limit reporting unless legal proceedings are affected.
* B. Audit report would compromise ongoing legal proceedings: Correct. This is a valid reason to limit public reporting under auditing standards.
* C. Auditor detects non-compliance with provisions of law: Non-compliance must be disclosed unless legal considerations warrant confidentiality.
* D. Entity management fails to satisfy legal requirements: This would typically be reported, not withheld.
References:
* GAO,Government Auditing Standards (Yellow Book).
* AICPA,Attestation Standards and Public Reporting Guidance.
NEW QUESTION # 19
Small local governments and nonprofits use a third accounting basis, the cash basis, unapproved by GAAP.
Cash accounting is used because ____________ accounting, though more accurate, is more complex and costly.
- A. Both B & C
- B. Deferral
- C. Accrual
- D. Modified
Answer: C
NEW QUESTION # 20
Which one of the following is not the type of debt financing?
- A. Revenue bonds
- B. None of these
- C. Go bonds
- D. Special obligation bonds
Answer: B
NEW QUESTION # 21
Local governments sometimes provide water and sewer service to customers outside their jurisdiction. These customers are typically charged _______ than those living inside the government because of extra cost of extending service to them.
- A. Less
- B. Same
- C. It depends
- D. More
Answer: D
NEW QUESTION # 22
All of the following represent selection criteria used to make contract awards EXCEPT contractor
- A. staff expertise.
- B. past performance records.
- C. financial position.
- D. union affiliations.
Answer: D
Explanation:
* Selection Criteria for Contract Awards:
* When awarding contracts, federal, state, and local governments typically evaluate contractors based on objective criteria like staff expertise, past performance, and financial position to ensure the contractor can successfully fulfill the contract requirements.
* Union affiliationis irrelevant to the contractor's ability to meet the contractual obligations and is not a valid selection criterion.
* Explanation of Answer Choices:
* A. Staff expertise: Correctly used to ensure the contractor has qualified personnel.
* B. Past performance records: Correctly used to evaluate the contractor's historical success in fulfilling similar contracts.
* C. Union affiliations: Correct. This is not considered a valid selection criterion for contract awards.
* D. Financial position: Correctly used to assess the contractor's financial stability.
References:
* Federal Acquisition Regulation (FAR) Part 15,Contracting by Negotiation.
* Office of Management and Budget (OMB) Circular A-102,Grant and Contract Management Requirements.
NEW QUESTION # 23
Banks offer short-term loans, including:
- A. Bond anticipation notes (BANs) in anticipation of future long-term financing
- B. A line of credit against which a specified dollar amount may be drawn with interest paid, usually monthly
- C. Tax anticipation notes (TANs) or revenue anticipation notes (RANs) in anticipation of taxes or other revenues that will be received
- D. All of these
Answer: D
NEW QUESTION # 24
The indenture includes all these covenants that protect the beholder EXCEPT:
- A. none of these
- B. Flow of funds covenant
- C. Rate covenant
- D. Debt service reserve covenant
Answer: A
NEW QUESTION # 25
GASB has responsibility for:
- A. developing standards for federal and state governments.
- B. researching and developing accounting and reporting principles for state and local governments.
- C. ensuring that federal and state governments implement FASB standards.
- D. ensuring that FASB standards are implemented by state and local governments.
Answer: B
NEW QUESTION # 26
An agency receives miscellaneous revenue and investment revenue. The January beginning balance is
$12,000. Monthly revenue is projected to be $2,000 and monthly expenses are projected to be $1,800. The agency plans to purchase a $10,000 90-day bond at par value on January 15. The agency has a $20,000 90- day bond that matures on February 15. What is the projected cash balance at the end of March?
- A. $11,400
- B. $32,600
- C. $12,600
- D. $22,600
Answer: D
NEW QUESTION # 27
A city buys a T-bill with a face value of $10,000 for $9,800. The bill matures in 91 days. What is the yield?
- A. 8.007%
- B. 87.07%
- C. 8.07%
- D. 8.70%
Answer: C
NEW QUESTION # 28
To issue bonds, a government depends on many specialists including:
- A. Bond counsel
- B. Consulting engineer
- C. Financial adviser
- D. All of these
Answer: D
NEW QUESTION # 29
In addition to interim financial reports, governments may report on interim basis:
- A. The capital investment by foreign counties
- B. The status of construction projects and cash flows
- C. All of there
- D. The growth status of GDP
Answer: B
NEW QUESTION # 30
The federal government requires non-profit and privet firms to make
assumption regarding future interest rates, wage increases, inflation and the like.
- A. Explicit
- B. None of these
- C. Implicit, one understated by another
- D. Both A&B
Answer: D
NEW QUESTION # 31
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AGA CGFM (Certified Government Financial Manager) certification exam is a professional certification designed for individuals working in the field of government financial management. Certified Government Financial Manager (CGFM) certification is administered by the Association of Government Accountants (AGA) and is recognized nationally and internationally. The CGFM certification is a mark of distinction for individuals who have demonstrated knowledge and expertise in governmental accounting, financial management, and auditing.
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