AGA CGFM Practice Exams
Last updated on Apr 07,2025- Exam Code: CGFM
- Exam Name: CGFM Certified Government Financial Manager
- Certification Provider: AGA
- Latest update: Apr 07,2025
A program manager at a local agency needs to understand if program participation varies significantly from enrollment. The information changes daily. The best way to quickly analyze this would be to use
- A . crosstab.
- B . portable document format.
- C . text file.
- D . dashboard.
A state transfers cagh to a broker and the broker transfers securities to the state, promising to repay the cash plus interest in exchange for the return of the same securities. This transaction is an example of
- A . an arbitrage agreement.
- B . a repurchase agreement.
- C . a mutual buy-sell agreement.
- D . a reverse repurchase agreement.
A township wants to buy a new piece of equipment that will reduce costs by $20,550 at the end of year 2. If the township could invest its funds at a rate of 10%, what is the most the township should spend now to get the return it desires?
- A . $16,440
- B . $16,983
- C . $18,495
- D . $20,550
Performance measures that report the results of providing goods or services are known as
- A . activity measures.
- B . outcome measures.
- C . output measures.
- D . workload measures.
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 . disagreement with the audit findings.
- C . delegation of authority.
- D . support for the audit process.
A city parks department is selecting a contractor to renovate a community playground.
Which of the following contractors should be selected?
- A . The contractor with the lowest bid who has a history of delayed projects.
- B . The contractor with the second-lowest bid, who has no prior violations and meets all bid
specifications. - C . The contractor with the highest bid, who includes luxury, non-requested upgrades to the design.
- D . The contractor whose bid was submitted past the deadline but offers a discount for early payment.
Auditors may limit their public reporting in attestation engagements when the
- A . auditors detect material fraud.
- B . audit report would compromise ongoing legal proceedings.
- C . auditor detects non-compliance with provisions of law.
- D . entity management fails to satisfy legal requirements.
In relation to financial reporting, who evaluates internal controls to support an opinion on a fair presentation of the financial statements?
- A . management
- B . the independent auditor
- C . the program office
- D . the audit committee
In addition to the Yellow Book, which group’s external audit standards can the GAO reference?
- A . Public Company Accounting Oversight Board
- B . International Auditing and Assurance Standards Board.
- C . International Organization of Supreme Audit Institutions
- D . AICPA
An agency benefit program allows employees who commute by public transit up to 10 free taxi trips home per calendar year. Employees can use the program for personal or family health emergencies. The most appropriate method to check for abuse of this program is
- A . using program data to look for instances of individuals using the service more than 10 times per year.
- B . using geographic information system data to determine if the destination addresses were hospitals or clinics.
- C . using personal data to determine if the destination address matches the employees home address.
- D . requesting records from a random sample of employees to verify they used transit on the day they used the taxi services.