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The Certified Government Financial Manager (CGFM) designation is one of the most prestigious certifications for financial management professionals in the government sector. Offered by the Association of Government Accountants (AGA), this certification is designed to help individuals demonstrate their knowledge, skills and expertise in the various aspects of financial management in the public sector. The CGFM credential is recognized by employers, peers and government agencies as a mark of excellence and a commitment to high standards in government financial management.

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q77-Q82):

NEW QUESTION # 77
Under government fuditing standards, auditors performing financial statement audits must

A. identify expenditures that exceed the related obligations.
B. design tests to assess compliance with laws, regulations, contracts and grant agreements.
C. identify violations of laws which could be punishable by monetary penalties.
D. design tests to detect fraud, waste and abuse.

Answer: B

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 # 78
Notes to the financial statements are:

A. optional disclosures of management analysis at the end of the financial statements.
B. additional disclosures presented immediately following the government-wide and fund financial statements.
C. supplemental information provided to transmit financial statements.
D. RSI following the MD&A.

Answer: B

NEW QUESTION # 79
Who is responsible for resolving single audit findings?

A. the audit committee
B. the awarding agency
C. the recipient agency
D. the external auditors

Answer: C

Explanation:
* Responsibilities in Resolving Single Audit Findings:
* Single audits assess compliance with federal program requirements.
* Findings often highlight deficiencies or noncompliance issues that must be resolved by the entity receiving the federal funds.
* Explanation of Answer Choices:
* A. Awarding agency: The agency provides oversight and guidance but does not directly resolve findings.
* B. Recipient agency: Correct. The entity receiving the funds is responsible for addressing and resolving findings to comply with federal regulations.
* C. Audit committee: May oversee the process but doesn't take direct responsibility for resolving findings.
* D. External auditors: Identify the findings but do not resolve them.
References:
* Uniform Guidance (2 CFR Part 200),Single Audit Requirements.
* Association of Government Accountants (AGA),Government Auditing Standards.

NEW QUESTION # 80
Small local governments and nonprofits use a third accounting basis, the cash basis, accounting, though unapproved by GAAP. Cash accounting is used because more accurate, is more complex and costly.

A. Deferral
B. Accrual
C. Modified
D. Both B & C

Answer: B

NEW QUESTION # 81
Governmental Organizations also provide funds to:

A. SMEs
B. Non-Profit Organizations
C. International Organizations or MNCs
D. Profit Organizations

Answer: B

NEW QUESTION # 82
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