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CGFM Authentic Exam Questions | Practical CGFM Information

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Achieving the CGFM certification demonstrates a commitment to excellence and a dedication to the government financial management profession. It also provides individuals with the opportunity to expand their knowledge and skills in the field and to stay current with the latest trends and best practices. In addition, individuals who hold the CGFM certification are eligible for a variety of professional development opportunities, including continuing education courses and conferences, which can help advance their careers.

The Certified Government Financial Manager (CGFM) Exam is an important certification for professionals working in government financial management. The CGFM credential is awarded by the Association of Government Accountants (AGA), a professional organization dedicated to promoting excellence in government financial management.

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Practical CGFM Information, CGFM Test Sample Questions

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q24-Q29):

NEW QUESTION # 24
Life cycle costing results in _________ overall cost.

A. Lower
B. It depends
C. Balancing
D. Higher

Answer: A

NEW QUESTION # 25
One way in which federal and state governments influence local governments is by:

A. setting budget authority.
B. providing block grants.
C. issuing ordinances.
D. authorizing debt.

Answer: B

NEW QUESTION # 26
Government entity SEA reporting provides users of general purpose financial reports with an

A. assessment of the accountability of the public administrators.
B. assessment of financial condition and results of operations.
C. evaluation of the efficiency and effectiveness of governmental programs.
D. evaluation of the effects of changes in public policy.

Answer: C

Explanation:
* Service Efforts and Accomplishments (SEA) Reporting:
* SEA reporting is designed to providenon-financial performance informationabout the efficiency and effectiveness of government programs.
* It evaluates how well resources are being used to achieve desired outcomes, helping stakeholders assess program performance and accountability.
* Explanation of Answer Choices:
* A. Evaluation of the effects of changes in public policy: Incorrect. SEA reporting does not focus on policy changes but on program performance.
* B. Assessment of financial condition and results of operations: Incorrect. This is the role of financial statements, not SEA reports.
* C. Assessment of the accountability of the public administrators: Incorrect. While SEA reports indirectly support accountability, their main purpose is to assess program efficiency and effectiveness.
* D. Evaluation of the efficiency and effectiveness of governmental programs: Correct. This is the primary focus of SEA reporting.
References:
* GASB,Concepts Statement No. 2: Service Efforts and Accomplishments Reporting.
* GFOA,Performance Reporting in Government.

NEW QUESTION # 27
Internal control over financial reporting means that management can reasonably make which of the following assertions?

A. Management has met its legislatively directed program goals.
B. Sufficient spending authority and financial resources exist to support reported expenditures.
C. A physical inventory has been conducted of all assets meeting the jurisdiction's capitalization threshold.
D. All assets and liabilities have been properly valued and, where applicable, all costs have been properly allocated.

Answer: D

Explanation:
What Is Internal Control Over Financial Reporting?Internal control over financial reporting (ICFR) ensures the reliability of an entity's financial statements. It focuses on maintaining accurate, complete, and properly valued financial information that complies with accounting standards and meets the needs of users.
Why Is Option C Correct?
* Proper valuation of assets and liabilities is a critical component of ICFR. It ensures that financial statements fairly represent the entity's financial position.
* Cost allocation is also essential where applicable, such as assigning costs to programs or projects.
Why Other Options Are Incorrect:
* A. Sufficient spending authority and financial resources exist:This relates to budgetary control, not financial reporting.
* B. Physical inventory of capitalized assets:Conducting a physical inventory is part of asset management, not financial reporting assertions.
* D. Legislatively directed program goals:Meeting program goals is related to performance reporting, not ICFR.
References and Documents:
* GAO Standards for Internal Control (Green Book):Stresses the importance of proper valuation and cost allocation for accurate financial reporting.
* COSO Framework:Emphasizes ICFR's role in ensuring reliable and accurate financial statements.

NEW QUESTION # 28
_____________ on the bonds is not a specific preference item for purposes of the federal individual or corporate alternative minimum taxes.

A. Interest
B. Discount
C. Premium
D. None of these

Answer: A

NEW QUESTION # 29
......

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Jacob Ward Jacob Ward

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