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Free PDF CGFM - Valid New Certified Government Financial Manager (CGFM) Test Questions

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The Certified Government Financial Manager (CGFM) certification exam is a professional credential that is designed to recognize individuals who have mastered the principles of government financial management, accounting, and auditing. The CGFM certification is awarded by the Association of Government Accountants (AGA), a professional organization that promotes accountability and transparency in government financial management. The CGFM Exam is an important step for individuals who want to advance their careers in government financial management.

AGA Certified Government Financial Manager (CGFM) Sample Questions (Q75-Q80):

NEW QUESTION # 75
GAAP requires that the fees for enterprise fund services like water, sewer, and electricity offset costs. As a policy decision, governing board members choose among four water and sewer rate structures. Those are all EXCEPT:

• A. Ascending block
• B. None of these
• C. Declining Block and Seasonal Rate
• D. Changing Rate

Answer: D

NEW QUESTION # 76
When creditworthiness is a criterion for government loan approval, loan applicants must provide

• A. a promise to pay interest at the government borrowing rate.
• B. C.sufficient capitalization.
• C. a credit rating from a major bank.
• D. a satisfactory history of repaying debt.

Answer: D

Explanation:
Creditworthiness and Loan Approval:
* When creditworthiness is a criterion for government loans, the applicant must demonstrate a satisfactory history of repaying debt, as this reflects their ability to fulfill repayment obligations in the future.
Why a Satisfactory History Is Required:
* Past repayment behavior is considered the best indicator of future performance. Government agencies prioritize reducing the risk of defaults by ensuring applicants have a proven history of managing debt responsibly.
Why Other Options Are Incorrect:
* A. A credit rating from a major bank:While a credit rating is helpful, it is not typically required for government loans. Instead, creditworthiness is evaluated based on repayment history and other financial factors.
* C. Sufficient capitalization:This is important for business loans, but it does not address creditworthiness.
* D. A promise to pay interest at the government borrowing rate:A promise is not sufficient to establish creditworthiness.
References and Documents:
* OMB Circular A-129:Requires agencies to assess creditworthiness before granting loans.
* GAO Loan Management Guide:Highlights repayment history as a key criterion for loan approval.

NEW QUESTION # 77
Entity management's appointment of a senior official to ensure the resolution of audit recommendations is a demonstration of management's

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

Answer: D

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 # 78
The CAFR includes all of the following EXCEPT the:

• A. basic financial statements.
• B. PAR.
• C. MD&A.
• D. RSI.

Answer: B

NEW QUESTION # 79
A state agency has begun a pilot program with a community action agency for a community-based approach to provide services to underserved areas. A review after the first year compared the number of families served by both agencies and identified efficiencies reached by having community involvement. What type of engagement was used to review the pilot program?

• A. single audit
• B. performance audit
• C. attestation
• D. financial audit

Answer: B

Explanation:
* Type of Engagement for Reviewing Pilot Programs:
* A performance audit evaluates theeffectiveness, efficiency, and economyof programs or operations.
* In this case, the review of the pilot program assessed the number of families served and the efficiencies achieved through community involvement, which aligns with performance auditing objectives.
* Explanation of Answer Choices:
* A. Financial audit: Focuses on the accuracy of financial statements, not program effectiveness or efficiency.
* B. Single audit: Focuses on compliance with federal grant requirements, not program evaluation.
* C. Performance audit: Correct. This type of audit reviews program outcomes and operational efficiencies.
* D. Attestation: Provides assurance on specific subject matter but does not evaluate program performance.
References:
* GAO,Government Auditing Standards (Yellow Book).
* Association of Government Accountants (AGA),Performance Auditing Best Practices.

NEW QUESTION # 80
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