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CGFM Latest Dumps Ppt | Amazing Pass Rate For AGA CGFM | CGFM: Certified Government Financial Manager (CGFM)

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The Certified Government Financial Manager (CGFM) certification is an essential designation for professionals working in government financial management. The CGFM is a specialization awarded by the Association of Government Accountants (AGA). Certified Government Financial Manager (CGFM) certification symbolizes the knowledge, skills, and competency needed by government financial managers to meet the challenges facing the industry today.

AGA Certified Government Financial Manager (CGFM) Sample Questions (Q61-Q66):

NEW QUESTION # 61
The ________ tax, though regressive is more popular among tax-players than the income tax because its full cost to the taxpayer is hidden among the large no of transactions.

A. State tax
B. Sales tax
C. Proportional tax
D. Corporate tax

Answer: B

NEW QUESTION # 62
Which action represents an internal control deficiency in an agency responsible for building and maintaining dams?

A. The agency releases the contractor's bond only after assuring that all work is performed satisfactorily.
B. The agency responds to the maintenance needs only as complaints are received or as employees report problems.
C. The agency inspects the completed work to assure compliance with the contract specifications.
D. The agency checks the references of bidders.

Answer: B

Explanation:
What Is an Internal Control Deficiency?
* Aninternal control deficiencyoccurs when an organization fails to implement controls to prevent or detect risks effectively.
* In this case, responding only to maintenance needs when complaints are received demonstrates a lack of proactive controls, increasing the risk of issues going unnoticed or escalating over time.
Why Is Option C Correct?
* Proactive maintenance schedules and inspections are essential for ensuring the safety and functionality of critical infrastructure like dams. Relying solely on complaints or employee reports is a reactive approach and represents a deficiency in internal controls.
Why Other Options Are Incorrect:
* A. Inspecting completed work:This is a proper control to ensure compliance with contract specifications.
* B. Releasing the bond after work completion:This ensures contractual obligations are met and is a good control practice.
* D. Checking bidder references:This is part of the procurement process and a valid internal control.
References and Documents:
* GAO Standards for Internal Control (Green Book):Emphasizes proactive controls and monitoring for critical operations.
* Federal Infrastructure Maintenance Best Practices:Highlights proactive inspections and maintenance as essential controls.

NEW QUESTION # 63
Repo is of one-day maturity Interest is based
There are five types of repos.
on the federal rate.

A. Tri-party
B. Term
C. Overnight
D. Open

Answer: C

NEW QUESTION # 64
Localities contract with a consulting engineer to make a preliminary feasibility study of a project, prepare a detailed design and construction specifications, coordinate construction activities, and advice on special problems that might occur during construction.
Consulting engineers are compensated in which of the following way/s?

A. A percentage of construction costs, the percentage being based on a scale developed by the Society of civil engineers
B. All of these
C. Cost-plus-fixed-fee basis when a project is not clearly defined
D. A lump-sum payment when a project is clearly defined

Answer: B

NEW QUESTION # 65
Auditors may limit their public reporting in attestation engagements when the

A. audit report would compromise ongoing legal proceedings.
B. auditors detect material fraud.
C. auditor detects non-compliance with provisions of law.
D. entity management fails to satisfy legal requirements.

Answer: A

Explanation:
* Limiting Public Reporting in Attestation Engagements:
* Government auditing standards allow auditors to limit public reporting in rare cases, such as when disclosing certain information could compromise sensitive or ongoing legal proceedings.
* The goal is to protect the integrity of investigations or legal actions while maintaining transparency where possible.
* Explanation of Answer Choices:
* A. Auditors detect material fraud: Auditors are required to report material fraud to appropriate authorities, not limit reporting unless legal proceedings are affected.
* B. Audit report would compromise ongoing legal proceedings: Correct. This is a valid reason to limit public reporting under auditing standards.
* C. Auditor detects non-compliance with provisions of law: Non-compliance must be disclosed unless legal considerations warrant confidentiality.
* D. Entity management fails to satisfy legal requirements: This would typically be reported, not withheld.
References:
* GAO,Government Auditing Standards (Yellow Book).
* AICPA,Attestation Standards and Public Reporting Guidance.

NEW QUESTION # 66
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