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The CGFM certification is a valuable credential for professionals who work in government financial management. The program is designed to recognize and promote excellence in the field, and it offers a range of benefits for those who earn the certification. If you are a professional in government financial management, we encourage you to consider pursuing the CGFM certification and taking the exam to demonstrate your knowledge and skills in this critical field.
The CGFM Exam consists of three separate exams, each of which covers a different area of government financial management. The first exam covers government accounting and financial reporting, the second exam covers governmental budgeting and financial management, and the third exam covers government financial management and control. Each exam is two hours long and consists of 115 multiple-choice questions.
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The CGFM certification exam is a valuable credential for financial professionals in the government sector. It provides individuals with the opportunity to enhance their skills and knowledge in the field, and to demonstrate their commitment to excellence and credibility. If you are a financial professional in the government sector, pursuing the CGFM Certification can be a significant step towards advancing your career and achieving your professional goals.
AGA Certified Government Financial Manager (CGFM) Sample Questions (Q14-Q19):
NEW QUESTION # 14
Cash management program has all of the following components EXCEPT:
Answer: B
NEW QUESTION # 15
Details the principal steps and the dates by which the bonds will be
sold.
Answer: C
NEW QUESTION # 16
Use of a lockbox eliminates
Answer: C
Explanation:
What Is a Lockbox?
* Alockboxis a service provided by banks to streamline the collection of payments. Customers send payments directly to a bank-managed P.O. box, where the bank processes and deposits them on behalf of the organization.
Why Does a Lockbox Eliminate Internal Office Processing Delays?
* Payments are sent directly to the bank, bypassing the organization's internal mail and deposit processes.
This eliminates delays caused by handling checks internally and ensures quicker access to funds.
Why Other Options Are Incorrect:
* B. Mail and check-clearing time:Lockboxes reduce internal processing delays but do not affect the mail delivery time or bank check-clearing processes.
* C. Delays in the availability of funds after transaction initiation:Fund availability depends on banking processes, not the lockbox.
* D. Writing of checks against insufficient funds:Lockboxes do not prevent the issuance of bad checks.
References and Documents:
* Treasury Financial Manual:Describes lockboxes as tools to reduce internal delays in payment processing.
* GAO Financial Management Best Practices:Highlights the benefits of lockboxes in expediting deposits.
NEW QUESTION # 17
Based upon the information below, for a governmental fund calculate the amount of revenues for the year using the modified accrual basis of accounting, assuming all deferred revenues are related to receivables.
Answer: B
NEW QUESTION # 18
Under government fuditing standards, auditors performing financial statement audits must
Answer: A
Explanation:
* Government Auditing Standards (GAS):
* GAS, often referred to as theYellow Book, outlines the responsibilities of auditors conducting financial statement audits for government entities.
* One core requirement is that auditors must consider compliance with applicable laws, regulations, contracts, and grant agreements that could materially affect financial statements.
* Explanation of Answer Choices:
* A. Design tests to assess compliance with laws, regulations, contracts, and grant agreements: Correct. This is a required component under GAS to ensure financial statements are materially accurate and comply with legal and regulatory frameworks.
* B. Identify violations of laws which could be punishable by monetary penalties: Incorrect.
Auditors are not required to investigate or pursue penalties but to focus on material misstatements or risks.
* C. Identify expenditures that exceed the related obligations: Incorrect. While this could indicate an issue, auditors are not required to specifically test for this unless it relates to material misstatements or compliance issues.
* D. Design tests to detect fraud, waste, and abuse: Incorrect. Auditors are not specifically required to detect fraud, waste, and abuse, though they should be alert to indicators.
References:
* Government Accountability Office (GAO),Government Auditing Standards (Yellow Book).
* Uniform Guidance (2 CFR Part 200),Audit Requirements for Federal Programs.
NEW QUESTION # 19
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