Quiz CGFM - Certified Government Financial Manager (CGFM)–High-quality Exam Questions

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The Certified Government Financial Manager (CGFM) exam is a professional certification program for individuals who work in financial management positions in government agencies. The CGFM is awarded by the Association of Government Accountants (AGA), which is a professional organization for government financial professionals. The CGFM Exam is designed to test the knowledge and skills of financial managers in areas such as financial reporting, budgeting, and auditing.

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q39-Q44):

NEW QUESTION # 39
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. Accrual
B. Modified
C. Both B & C
D. Deferral

Answer: A

NEW QUESTION # 40

Which of the following best suites this Question mark?

A. Statement of cash flows
B. Statement of Expenditures
C. None of these
D. Interim statement

Answer: A

NEW QUESTION # 41
Non-property tax and non-local tax, moral obligation, special assessment and special or limited tax are the types of:

A. Revolving loan funds
B. None of these
C. Go bonds
D. So bonds

Answer: D

NEW QUESTION # 42
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 # 43
As a way to ensure fiduciary responsiblity, a government entity should include which of the following in its investment policy?

A. key and non-key investment security controls
B. permissible and non-permissible investment securities
C. historical allocations of investment securities
D. prices and performance of its investment securities

Answer: B

Explanation:
Why Include Permissible and Non-Permissible Investment Securities?
* Aninvestment policyoutlines the guidelines and restrictions for managing an entity's investments, ensuring compliance with laws and protecting public funds.
* Listingpermissible(e.g., government bonds, treasury securities) andnon-permissibleinvestments ensures clarity about what the entity can and cannot invest in, helping to mitigate risk and maintain fiduciary responsibility.
Why Other Options Are Incorrect:
* A. Prices and performance of investment securities:This information is important for monitoring investments but does not belong in the policy itself.
* C. Historical allocations of investment securities:Historical data informs decision-making but is not relevant to the rules governing investments.
* D. Key and non-key investment security controls:While controls are critical, they are part of the implementation process, not the investment policy.
References and Documents:
* GAO Investment Policy Guidelines:Recommends specifying permissible investments to ensure fiduciary responsibility.
* GFOA Best Practices in Investment Management:Emphasizes clear investment guidelines in the policy.

NEW QUESTION # 44
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Quiz CGFM - Certified Government Financial Manager (CGFM)–High-quality Exam Questions

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q39-Q44):

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