CGFM TEST DUMP | CGFM PRACTICE TEST ENGINE

CGFM Test Dump | CGFM Practice Test Engine

CGFM Test Dump | CGFM Practice Test Engine

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A minor mistake may result you to lose chance even losing out on your CGFM Exam. So we hold responsible tents when compiling the CGFM learning guide. The principles of our CGFMpractice materials can be expressed in words like clarity, correction and completeness. Experts expressed their meaning with clarity by knowledgeable and understandable words which cannot be misunderstood.

To achieve the AGA CGFM Certification, a candidate must pass three exams that cover three key areas of the government's financial management. These areas include governmental accounting, financial reporting and analysis, and government financial management and control. Certified Government Financial Manager (CGFM) certification is awarded by the Association of Government Accountants (AGA), which is an organization comprised of professionals who are experts in government financial management.

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AGA CGFM Questions - To Pass Exam Easily [2025]

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q13-Q18):

NEW QUESTION # 13
If a state treasurer wants to evaluate a variety of alternative long-term investments, which financial analysis should be used?

  • A. net present value analysis
  • B. regression analysis
  • C. ratio analysis
  • D. horizontal analysis

Answer: A

Explanation:
What Is Net Present Value (NPV)?
* NPV analysisevaluates the profitability of long-term investments by calculating the present value of expected cash inflows and outflows over time, discounted at a specified rate (e.g., the opportunity cost of capital).
* It helps decision-makers compare investment options by quantifying their value in today's dollars.
Why NPV Is Appropriate for Long-Term Investments:
* It considers thetime value of money(a dollar today is worth more than a dollar in the future).
* NPV helps the treasurer evaluate and prioritize investments based on their overall profitability and financial impact over the long term.
Why Other Options Are Incorrect:
* B. Regression Analysis:This statistical method analyzes relationships between variables but is not commonly used for evaluating long-term investments.
* C. Horizontal Analysis:Focuses on financial data changes over time (e.g., year-to-year comparisons), not investment decisions.
* D. Ratio Analysis:Measures financial performance but does not evaluate the profitability of long-term investment alternatives.
References and Documents:
* GAO Guide on Investment Decision-Making:Recommends using NPV for evaluating long-term projects and investments.
* OMB Circular A-94:Provides guidelines for using NPV in benefit-cost analysis of federal investments.


NEW QUESTION # 14
The scope of a single audit engagement includes all of the following EXCEPT

  • A. performance results.
  • B. financial statements.
  • C. internal controls.
  • D. compliance with terms of the award.

Answer: A

Explanation:
* Scope of Single Audit:The scope includes:
* Financial Statements: Ensuring accurate reporting of financial activities.
* Internal Controls: Evaluating effectiveness in compliance with federal requirements.
* Compliance: Ensuring compliance with the terms and conditions of the award.
* Explanation of Answer Choices:
* A. Financial statements: Included in the audit.
* B. Internal controls: Included to ensure compliance.
* C. Performance results: Correct. Single audits do not assess program outcomes or effectiveness.
* D. Compliance with terms of the award: Included to ensure federal funds are used appropriately.
References:
* Uniform Guidance (2 CFR Part 200),Audit Requirements.
* Government Accountability Office (GAO),Yellow Book: Standards for Audits of Federal Awards.


NEW QUESTION # 15
If the $20,000 is loaned at a stated interest rate of 10%with the requirement that an 18% minimum compensating balance be kept, the APR (annual percentage rate) is:

  • A. 12.2%
  • B. 12.07%
  • C. 12.00%
  • D. 13%

Answer: A


NEW QUESTION # 16
Which of the following statements from an audit finding is the condition?

  • A. Government policy requires a cardholder to submit receipts for all purchases.
  • B. We recommend that the government implements a timely review of all credit card purchases.
  • C. Finance Department personnel did not regularly review purchases to ensure compliance.
  • D. We identified multiple credit card purchases without receipts to support them.

Answer: D

Explanation:
* Definition of the Condition in an Audit Finding:
* The "condition" describes the actual state observed during the audit. It highlights what occurred in practice, serving as the factual basis for the finding.
* In this case, the condition is theabsence of receiptsfor multiple credit card purchases.
* Explanation of Answer Choices:
* A. We identified multiple credit card purchases without receipts to support them: Correct.
This is the observed issue (condition).
* B. Government policy requires a cardholder to submit receipts for all purchases: This is the
"criteria," which defines the standard or rule being audited against.
* C. Finance Department personnel did not regularly review purchases to ensure compliance:
This is the "cause," explaining why the condition occurred.
* D. We recommend that the government implements a timely review of all credit card purchases: This is the "recommendation," not the condition.
References:
* GAO,Government Auditing Standards (Yellow Book).
* AICPA,Elements of an Audit Finding Guidance.


NEW QUESTION # 17
This exhibit shows that management should give thoughts to its coding system. A coding system structure with too many accounts is redundant but a too-abbreviated system does not sufficiently permit cost performance evaluation. Minimally organizations should budget by:

  • A. Funds, Department and Object expenditure
  • B. Object of experiment
  • C. Funds
  • D. department

Answer: A


NEW QUESTION # 18
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