AUTHORIZED CGFM LATEST EXAM PRACTICE | EASY TO STUDY AND PASS EXAM AT FIRST ATTEMPT & NEWEST AGA CERTIFIED GOVERNMENT FINANCIAL MANAGER (CGFM)

Authorized CGFM Latest Exam Practice | Easy To Study and Pass Exam at first attempt & Newest AGA Certified Government Financial Manager (CGFM)

Authorized CGFM Latest Exam Practice | Easy To Study and Pass Exam at first attempt & Newest AGA Certified Government Financial Manager (CGFM)

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Tags: CGFM Latest Exam Practice, CGFM Reliable Test Duration, CGFM Valid Braindumps Ppt, Reliable CGFM Learning Materials, CGFM New Study Notes

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The CGFM certification is highly respected within the government financial management community, and it is often required or preferred for senior-level positions. CGFMs are typically responsible for managing large budgets, developing financial policies and procedures, and ensuring compliance with government regulations. They may also be involved in audits, financial analysis, and reporting.

The CGFM Exam consists of three separate exams, each of which covers a different area of government financial management. The first exam covers government accounting and financial reporting, the second exam covers governmental budgeting and financial management, and the third exam covers government financial management and control. Each exam is two hours long and consists of 115 multiple-choice questions.

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Companies can decide whether candidates are AGA qualified, or in other words, candidates’ educational background and relating CGFM professional skills. Knowledge about a person and is indispensable in recruitment. That is to say, for those who are without good educational background, only by paying efforts to get an acknowledged CGFM Certification, can they become popular employees. So for you, the CGFM latest braindumps complied by our company can offer you the best help.

The CGFM Certification is a comprehensive exam that covers three areas of government financial management: governmental accounting, financial reporting, and budgeting. CGFM exam consists of three modules, each of which focuses on one of these areas. The first module covers governmental accounting principles, including fund accounting, financial statements, and internal controls. The second module covers financial reporting, including financial analysis, performance measurement, and auditing. The third module covers budgeting and financial management, including budget preparation, cost analysis, and program evaluation.

AGA Certified Government Financial Manager (CGFM) Sample Questions (Q33-Q38):

NEW QUESTION # 33
The Unites Way receives $1,500,000 in funds in a lump sum at the beginning of the year and has constant cost and predictable annual cash outlays. Eight percent is estimated to be earned at securities with each security transaction costing $40 plus 0.5 percent of the dollar amount received. What will be the optimum security scale using Baumol Model?

  • A. $38730
  • B. $38700
  • C. None of these
  • D. $38830

Answer: A


NEW QUESTION # 34
When considering materiality during the planning phase for the field work for a financial audit, the dollar threshold for materiality is determined by the

  • A. auditee.
  • B. audit committee.
  • C. auditor in consultation with the auditee.
  • D. auditor.

Answer: D

Explanation:
Materiality in Auditing:
* Materiality refers to the significance of misstatements or omissions in financial statements that could influence the decisions of users relying on those statements.
* During theplanning phaseof a financial audit, the auditor determines the dollar threshold for materiality based on professional judgment, considering the size and nature of the auditee's operations and the needs of financial statement users.
Why the Auditor Determines Materiality:
* Theauditorhas the responsibility to form an independent opinion on the financial statements and must determine materiality thresholds to design audit procedures effectively.
* Materiality thresholds guide the extent of testing and ensure the audit focuses on areas most likely to impact decision-making.
Why Other Options Are Incorrect:
* B. Auditee:The auditee provides the information, but it does not decide the materiality threshold.
* C. Auditor in consultation with the auditee:The auditor may consult with the auditee for context, but the final determination is solely the auditor's responsibility.
* D. Audit committee:While the audit committee oversees the audit, it does not set materiality thresholds.
References and Documents:
* GAAS (Generally Accepted Auditing Standards):States that materiality is determined by the auditor' s judgment.
* AICPA AU-C Section 320:Provides guidance on materiality in planning and performing audits.


NEW QUESTION # 35
Assume an inventory has an average monthly amount on hand of $200,000 and annual usage of $800,000.
The amount of inventory turns is:

  • A. 3 turns
  • B. 5 turns
  • C. 8 turns
  • D. 4 turns

Answer: D


NEW QUESTION # 36
Enterprise funds and internal service funds are the two types of _.

  • A. Capital project Funds
  • B. Permanent Funds
  • C. Proprietary Funds
  • D. Debt Service Funds

Answer: C


NEW QUESTION # 37
In state and local financial audits, material weaknesses must be reported to the

  • A. legislature.
  • B. governing body.
  • C. local media.
  • D. taxpayers.

Answer: B

Explanation:
What Are Material Weaknesses?
* Amaterial weaknessin internal control is a deficiency or combination of deficiencies that creates a reasonable possibility of a material misstatement in the financial statements that would not be prevented or detected in a timely manner.
* In the context of state and local financial audits, material weaknesses must be reported to those charged with governance, as they are responsible for oversight and corrective actions.
Why Is the Governing Body the Correct Answer?
* Thegoverning body(e.g., city council, county board, or state commission) is directly responsible for overseeing the entity's financial operations and ensuring accountability. Reporting material weaknesses to them ensures that corrective actions can be implemented to strengthen internal controls.
* Auditors communicate such findings through anaudit reportor amanagement letteraddressed to the governing body.
Why Other Options Are Incorrect:
* A. Legislature:The legislature may have oversight of state budgets and appropriations but is not the direct governing body for financial audits.
* C. Taxpayers:While transparency is important, material weaknesses are not directly reported to taxpayers. They may be disclosed in public audit reports, but taxpayers are not the primary audience.
* D. Local media:Material weaknesses are not formally reported to the media; their disclosure depends on the entity's public reporting processes.
References and Documents:
* GAO Yellow Book (GAGAS):Requires auditors to report material weaknesses to those charged with governance.
* GASB (Governmental Accounting Standards Board):Emphasizes the importance of communicating significant audit findings to governing bodies.
* AICPA Audit Standards (AU-C 265):Requires auditors to communicate material weaknesses to management and those charged with governance.


NEW QUESTION # 38
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