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The CGFM certification exam is rigorous and challenging, requiring a deep understanding of government financial management principles and practices. Candidates must pass three exams covering the three areas of knowledge tested by the CGFM certification: Governmental Environment, Governmental Accounting, Financial Reporting and Budgeting, and Government Financial Management and Control. CGFM Exam is designed to ensure that candidates have a comprehensive understanding of financial management in the public sector.

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The CGFM Certification is designed to help government financial professionals achieve a higher level of competency and professionalism. It is a rigorous exam that covers a wide range of topics related to financial management in the public sector. Some of the topics covered include financial reporting and analysis, budgeting and forecasting, financial systems and controls, and auditing and compliance.

AGA Certified Government Financial Manager (CGFM) Sample Questions (Q36-Q41):

NEW QUESTION # 36
Proprietary and fiduciary funds use the economic resources measurement focus and the accrual basis of accounting. Proprietary funds focus on changes in economic resources, similar to private sector businesses, asking:

A. What transaction and events have decreased he fund's total economic resources during the reporting period, measured by changes in net assets like revenues and expenses?
B. What transaction and events have increased or decreased he fund's total economic resources during the reporting period, measured by changes in net assets like revenues and expenses?
C. None of these
D. What transaction and events have increased the fund's total economic resources during the reporting period, measured by changes in net assets like revenues and expenses?

Answer: B

NEW QUESTION # 37
Federal and local Governments raise funds from respectively.

A. Bank Loans and Bonds
B. Foreign Reserves, Local Reserves
C. Tax-exempt Bonds and Bank Loans
D. International Market Investments and MNCs Capital Funding

Answer: C

NEW QUESTION # 38
Cost Allocation basis for all internal funds is:

A. Same
B. It depends
C. Conditional
D. Different for different types of funds

Answer: D

NEW QUESTION # 39
The U.S. Standard General Ledger will be used to record financial events for federal agencies, and common data elements shall be used throughout a federal agency for collection, storage and retrieval of financial information records according to OMB circular number:

A. A-127.
B. A-87.
C. A-133.
D. A-122.

Answer: A

NEW QUESTION # 40
Which of the following is an example of an internal control weakness?

A. The contract department staff awards contracts and maintains a database for vendor information.
B. The budget department staff is responsible for preparing the budget and for reporting on budget cost variances.
C. The accounting department has one clerk prepare vendor payments and another clerk reconcile bank accounts.
D. Management policy allows project managers to oversee controls of companies in which they have a material interest.

Answer: D

Explanation:
* Definition of Internal Control Weakness:Internal control weaknesses occur when controls fail to prevent or detect errors, fraud, or conflicts of interest. Allowing project managers to oversee companies in which they have a material interest introduces aconflict of interest, undermining internal controls.
* Explanation of Answer Choices:
* A. The contract department staff awards contracts and maintains a database for vendor information: While not ideal, this does not automatically signal a critical control weakness.
* B. Management policy allows project managers to oversee controls of companies in which they have a material interest: Correct. This represents a serious conflict of interest and lack of independence.
* C. The budget department staff is responsible for preparing the budget and for reporting on budget cost variances: This may indicate concentration of duties but is less severe than a direct conflict of interest.
* D. The accounting department has one clerk prepare vendor payments and another clerk reconcile bank accounts: This demonstrates good segregation of duties, not a weakness.
References:
* COSO,Internal Control - Integrated Framework.
* GAO,Standards for Internal Control in the Federal Government (Green Book).

NEW QUESTION # 41
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