CGFM New Question - Real CGFM Exam Questions
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The CGFM certification program is designed to provide professionals with the knowledge and skills they need to excel in government financial management. Certified Government Financial Manager (CGFM) certification exam covers three key areas: governmental environment, governmental accounting, financial reporting, and budgeting, and financial management and control. Professionals who earn the CGFM Certification have demonstrated their proficiency in these areas, which are critical to the efficient and effective operation of government financial management.
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The Certified Government Financial Manager (CGFM) exam is a professional certification exam designed for those who work in government financial management. It is offered by the Association of Government Accountants (AGA), a professional organization that promotes excellence in government financial management. The CGFM certification is highly valued in the government financial management field, as it demonstrates a high level of expertise and knowledge in the areas of government financial management, accounting, and auditing.
To sit for the AGA CGFM Certification Exam, candidates must meet specific educational and professional requirements. These requirements include a bachelor's degree from an accredited institution and a minimum of two years of professional experience in government financial management. The educational and professional requirements ensure that individuals who have earned the CGFM certification possess the knowledge and skills necessary to excel in their roles as government financial managers.
AGA Certified Government Financial Manager (CGFM) Sample Questions (Q58-Q63):
NEW QUESTION # 58
In an attestation engagement, which party would make an assertion about a subject matter?
Answer: D
Explanation:
What Is an Attestation Engagement?An attestation engagement is a type of professional service where an independent practitioner (typically an auditor or CPA) evaluates and provides a report on assertions made by another party about a specific subject matter. These engagements follow standards set by organizations like the AICPA or GAO.
Who Makes the Assertion?
* Management's Role:Management is the party responsible for making an assertion about the subject matter under review. For example, management might assert that internal controls are effective or that financial statements are fairly presented.
* Auditor/Practitioner's Role:The auditor or practitioner examines the evidence related to the assertion and provides an opinion or conclusion based on that examination.
* User's Role:The users are the stakeholders (e.g., investors, regulators) who rely on the practitioner's report, but they do not make assertions.
Why Other Options Are Incorrect:
* B. Auditor/Practitioner:The auditor or practitioner evaluates the assertion made by management, not the other way around.
* C. Practitioner:See above-practitioners don't make assertions.
* D. User:Users are the intended audience of the attestation report, not the party making assertions.
References and Documents:
* AICPA Attestation Standards (SSAEs):Clarifies the role of management in making assertions during attestation engagements.
* GAO's Government Auditing Standards (Yellow Book):Provides additional guidance on the roles of parties in attestation engagements.
NEW QUESTION # 59
A single audit report will include an opinion or disclaimer of opinion that the financial statements are
Answer: B
Explanation:
* Single Audit Report Requirements:
* A single audit evaluates the financial statements and compliance with federal award requirements.
* Thefinancial statement opinionmust state whether the financial statements arefairly presented in accordance with Generally Accepted Accounting Principles (GAAP).
* Explanation of Answer Choices:
* A. Free from fraud: Incorrect. Auditors do not provide an opinion on fraud; they assess for material misstatements.
* B. Fairly presented in accordance with GAAP: Correct. The financial statement opinion is issued based on compliance with GAAP.
* C. Fairly presented in accordance with GASB: Incorrect. GASB (Governmental Accounting Standards Board) provides guidance for state and local governments, but financial statements must comply with GAAP as the overarching standard.
* D. Fairly presented in accordance with GAO: Incorrect. The GAO (Government Accountability Office) issues auditing standards, not financial reporting standards.
References:
* OMB Uniform Guidance (2 CFR Part 200),Subpart F - Audit Requirements.
* GAO,Government Auditing Standards (Yellow Book).
NEW QUESTION # 60
Notes to the financial statements are:
Answer: C
NEW QUESTION # 61
If a government or nonprofit annually collects $ 2 million, what is the per occurrence deductibles?
Answer: A
NEW QUESTION # 62
Planning to support ongoing financial operations in the event of a natural disaster is based on the assumption that
Answer: D
Explanation:
* Assumptions in Disaster Planning:
* Financial continuity planning for natural disasters must account for scenarios where the event occurs suddenly and without warning.
* This assumption ensures that governments are prepared to quickly resume critical financial operations even under challenging and unpredictable circumstances.
* Explanation of Answer Choices:
* A. Leadership and staff will reconvene at an alternate location: While this is part of disaster planning, it is not the primary assumption.
* B. A fully redundant infrastructure will be available to staff at an alternate location: This may not always be realistic or feasible.
* C. There may be no warning of the potential emergency: Correct. Disaster planning assumes that emergencies can occur without prior notice.
* D. Government agencies will need to operate as standalone organizations: This is not a standard assumption in disaster planning.
References:
* FEMA,Continuity Guidance Circular.
* GAO,Disaster Resilience and Continuity Planning.
NEW QUESTION # 63
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