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The Certified Government Financial Manager (CGFM) certification is a well-respected designation in the field of government financial management. Certified Government Financial Manager (CGFM) certification is designed for individuals who wish to demonstrate their expertise in government financial management to their employers, colleagues, and clients. The AGA CGFM Certification is recognized as the gold standard in government financial management and is nationally accredited by the National Commission for Certifying Agencies.

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q112-Q117):

NEW QUESTION # 112
The financial section of financial reports contains:

A. Risk analysis
B. The independent Auditors' Report
C. All EXCEPT "C"
D. The management's Discussion and Analysis

Answer: C

NEW QUESTION # 113
Which of the following statements from an audit finding is the condition?

A. We identified multiple credit card purchases without receipts to support them.
B. Finance Department personnel did not regularly review purchases to ensure compliance.
C. Government policy requires a cardholder to submit receipts for all purchases.
D. We recommend that the government implements a timely review of all credit card purchases.

Answer: A

Explanation:
* Definition of the Condition in an Audit Finding:
* The "condition" describes the actual state observed during the audit. It highlights what occurred in practice, serving as the factual basis for the finding.
* In this case, the condition is theabsence of receiptsfor multiple credit card purchases.
* Explanation of Answer Choices:
* A. We identified multiple credit card purchases without receipts to support them: Correct.
This is the observed issue (condition).
* B. Government policy requires a cardholder to submit receipts for all purchases: This is the
"criteria," which defines the standard or rule being audited against.
* C. Finance Department personnel did not regularly review purchases to ensure compliance:
This is the "cause," explaining why the condition occurred.
* D. We recommend that the government implements a timely review of all credit card purchases: This is the "recommendation," not the condition.
References:
* GAO,Government Auditing Standards (Yellow Book).
* AICPA,Elements of an Audit Finding Guidance.

NEW QUESTION # 114
The local car dealer in town can provide the 10 new cars the city needs at cost of $150,000.
If local preferences were given, what would the preference margin (PM) be, assuming the dealer pays $50,000 in local property and sales taxes and that the total sales by the dealer are $2,000,000?

A. $375 per vehicle
B. $370 per vehicle
C. $380 per vehicle
D. $325 per vehicle

Answer: A

NEW QUESTION # 115
In the collection of cash receipts, for a fee, organizations can engage a bank to provide a lock-box service.
Lockboxes may be:

A. Only A & B
B. Wholesale
C. Retail
D. Temporary

Answer: A

NEW QUESTION # 116
The city of Mudville uses 1600 oil filters annually. The cost of placing an order is $5.00. The unit cost is $3.50.
The carrying cost is 20 percent, and the carrying cost per unit is &0.70(0.20x$3.50). And, there are 255 working days per year, and each order requires three working days of lead time. What is the reorder point?

A. 0
B. 1
C. 2
D. 3

Answer: B

NEW QUESTION # 117
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