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CGFM Practice Guide, CGFM Passed

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AGA CGFM (Certified Government Financial Manager) Exam is an internationally recognized certification for professionals working in the government financial management arena. It is a prestigious exam and is highly regarded in the industry. The CGFM Certification Program is designed to enhance the skills and knowledge needed for individuals to be successful in a career in government financial management.

The Certified Government Financial Manager (CGFM) exam is a professional certification program for individuals who work in financial management positions in government agencies. The CGFM is awarded by the Association of Government Accountants (AGA), which is a professional organization for government financial professionals. The CGFM Exam is designed to test the knowledge and skills of financial managers in areas such as financial reporting, budgeting, and auditing.

AGA CGFM (Certified Government Financial Manager) Certification Exam was designed for professionals in the financial management field who have experience and expertise in government financial management. CGFM exam is a mid-level credential and has been established by the Association of Government Accountants (AGA), a non-profit organization, since 1994.

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AGA - CGFM –Useful Practice Guide

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q88-Q93):

NEW QUESTION # 88
The Parking Fund for a government entity has the following information in its Statement of Net Position.
Calculate the current ratio.
Total current assets$1,320
Total non-current assets$8,100
Total assets$9,420
Total current liabilities$ 810
Total non-current liabilities$ 360
Total liabilities$1,170
Total net position$8,250

A. 0.61
B. 1.63
C. 1.14
D. 0.98

Answer: B

Explanation:
What Is the Current Ratio?
* Thecurrent ratiomeasures an entity's ability to cover its short-term liabilities with its short-term assets.
The formula is: Current Ratio=Total Current AssetsTotal Current Liabilities ext{Current Ratio} = rac
{ ext{Total Current Assets}}{ ext{Total Current Liabilities}}
Current Ratio=Total Current LiabilitiesTotal Current Assets
Calculation:
* Total Current Assets = $1,320
* Total Current Liabilities = $810
Current Ratio=1,320810 ext{Current Ratio} = rac{1,320}{810}Current Ratio=8101,320 Current Ratio#1.
63 ext{Current Ratio} # 1.63Current Ratio#1.63
Why the Current Ratio Matters:
* A current ratio above 1 indicates that the entity has more current assets than current liabilities, suggesting good short-term liquidity.
Why Other Options Are Incorrect:
* A. 0.61, B. 0.98, C. 1.14:These values result from incorrect calculations or misinterpretations of the formula.
References and Documents:
* GAO Financial Analysis Guide:Provides guidance on using the current ratio to assess liquidity.
* GASB Financial Reporting Requirements:Highlights the importance of liquidity measures in government financial statements.

NEW QUESTION # 89
Non-reciprocal interfund activities include interfund transfers of assets (e.g. cash, or goods) without repayment and ______________.

A. Interfund reimbursement
B. Both A&B
C. Interfund exchange
D. Cost Allocation

Answer: A

NEW QUESTION # 90
Percentage of personnel, percentage of expense and the federal method are the methods of cost allocation commonly used in:

A. Federal organizations
B. Non-profit Organizations
C. Local Government accounting
D. Governmental Organizations

Answer: B

NEW QUESTION # 91
The objective of financial and non-financial performance measures is to:

A. assess government performance and program accountability.
B. assess policy and reasonableness of budget allocation.
C. demonstrate probity and legality in the handling of public funds.
D. demonstrate taxpayer preference in allocation of funds.

Answer: A

NEW QUESTION # 92
Entity management's appointment of a senior official to ensure the resolution of audit recommendations is a demonstration of management's

A. agreement with the audit findings.
B. delegation of authority.
C. support for the audit process.
D. disagreement with the audit findings.

Answer: C

Explanation:
* Management's Role in Resolving Audit Recommendations:
* By appointing a senior official to oversee the resolution of audit recommendations, management demonstrates itscommitment and supportfor the audit process.
* This action indicates a proactive approach to addressing findings and improving operations.
* Explanation of Answer Choices:
* A. Agreement with the audit findings: While this may indicate agreement, appointing a senior official is more about ensuring action is taken rather than expressing agreement.
* B. Disagreement with the audit findings: Incorrect. Appointing a senior official is a constructive step, not an indication of disagreement.
* C. Delegation of authority: Incorrect. Delegation is involved, but the key point is the demonstration of management's support for addressing audit findings.
* D. Support for the audit process: Correct. This action underscores management's commitment to resolving audit findings and improving accountability.
References:
* GAO,Standards for Internal Control in the Federal Government (Green Book).
* OMB Circular A-50,Audit Follow-Up.

NEW QUESTION # 93
......

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