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How to prepare AGA CGFM: Certified Government Financial Manager (CGFM) Exam
Study guide of AGA CGFM: Certified Government Financial Manager (CGFM) Exam
Introduction
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NEW QUESTION # 11
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. State bank
- B. GFUA (Government Finance officers Association)
- C. Federal reserves Board
- D. All of there
Answer: B
NEW QUESTION # 12
The feasibility study assures investors and rating agencies necessary and fiscally sound.
Consulting engineers are compensated in following ways:
- A. Cost-plus-fixed-fee basis when a project is not
- B. A percentage of construction costs, the percentage being based on a scale of civil engineers
- C. A lump-sum payment when a project is clearly defined
- D. All of these
Answer: D
NEW QUESTION # 13
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. Modified
- B. Accrual
- C. Both B & C
- D. Deferral
Answer: B
NEW QUESTION # 14
The U.S. Standard General Ledger will be used to record financial events for federal agencies, and common data elements shall be used throughout a federal agency for collection, storage and retrieval of financial information records according to OMB circular number:
- A. A-87.
- B. A-133.
- C. A-122.
- D. A-127.
Answer: D
NEW QUESTION # 15
Program, Fundraising and administrative are the types of
- A. Assets
- B. None of these
- C. Expense
- D. Liabilities
Answer: C
NEW QUESTION # 16
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. Corporate tax
- C. Proportional tax
- D. State tax
Answer: A
NEW QUESTION # 17
Enterprise funds and internal service funds are the two types of ______________.
- A. Proprietary Funds
- B. Capital project Funds
- C. Debt Service Funds
- D. Permanent Funds
Answer: A
NEW QUESTION # 18
There are types of social obligation bonds.
- A. None of these
- B. Four
- C. Three
- D. Six
Answer: A
NEW QUESTION # 19
Which one of the following is not an opportunity for the Governmental budgetary plan?
- A. Privatization of functions
- B. Modern building and department
- C. Reorganization
- D. Involvement in new transportation modes
Answer: B
NEW QUESTION # 20
Details the principal steps and the dates by which the bonds will be
sold.
- A. None of these
- B. Bond indenture
- C. Bond certificate
- D. Bond sale calendar
Answer: D
NEW QUESTION # 21
_______________ have no donor-imposed restrictions as compared to permanently restricted assets (include endowments and assets such as land and artwork) that are restricted as long as the organization as the organization has custody of them.
- A. There are no assets
- B. Net Assets
- C. Temporarily rusticated assets
- D. Unrestricted assets
Answer: D
NEW QUESTION # 22
The financial adviser gives advice regarding the financial feasibility of a bond. Thus, the financial adviser's fee should not be contingent on a bond's sale because of:
- A. None of these
- B. The potential conflict of interest
- C. Unavailability of large local units
- D. The nonequilibrium of market prices
Answer: B
NEW QUESTION # 23
States require that:
- A. Local units adopt balanced budgets but are silent about year-end balances
- B. None of there
- C. The Governor makes across-the-Board cuts
- D. Strategic planners first conduct SWOT analysis
Answer: A
Explanation:
Explanation/Reference:
NEW QUESTION # 24
Local governments sometimes provide water and sewer service to customers outside their than those living inside the jurisdiction. These customers are typically charged government because of extra cost of extending service to them.
- A. Less
- B. Same
- C. More
- D. It depends
Answer: C
NEW QUESTION # 25
Which of the following opinions is not expressed by auditors as to whether financial statements are expressed fairly in all material respects with respect to generally accepted accounting principles?
- A. Unqualified opinion
- B. Disclaimer
- C. Qualified opinion
- D. Reversal opinion
Answer: D
NEW QUESTION # 26
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To become a CGFM, candidates must pass a series of three exams, which cover topics such as financial management in government, government accounting, auditing, and financial reporting. These exams are designed to test the candidate's knowledge and understanding of the complex financial environment in which government agencies operate. They are also designed to ensure that CGFMs have a solid foundation in financial management principles and practices.
To be eligible for the CGFM certification, candidates must meet specific requirements. Candidates must have a bachelor's degree from an accredited institution, with 24 semester hours in accounting, business, finance, or public administration. They must also have at least two years of government financial management experience to qualify for the certification. Certified Government Financial Manager (CGFM) certification is renewed every three years, and certified individuals are required to complete 80 hours of continuing education during that period.
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