Exam Sample CGFM Online | CGFM Official Cert Guide

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The Certified Government Financial Manager (CGFM) certification is a professional credential awarded by the Association of Government Accountants (AGA) to individuals who demonstrate mastery of government financial management knowledge, skills, and competencies. The CGFM Certification Exam is designed to test the knowledge and abilities of candidates in three areas: government environment, governmental accounting, financial reporting, and budgeting, and government financial management and control.

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q60-Q65):

NEW QUESTION # 60
An evaluation of anggntity's single year financial statements would use which of the following analyses?

A. comparative
B. trend
C. vertical
D. horizontal

Answer: C

Explanation:
What Is Vertical Analysis?
* Vertical Analysisevaluates a single year's financial statements by expressing each line item as a percentage of a base amount. For example, in an income statement, each expense may be presented as a percentage of total revenue.
* This approach helps users understand the relative size of each financial statement item within the context of the total.
Why Is Vertical Analysis Used for a Single Year?
* Vertical analysis focuses solely on relationships within a single set of financial statements, making it the appropriate choice for single-year evaluations.
Why Other Options Are Incorrect:
* A. Comparative:Involves comparing financial data across entities or periods, not within a single year.
* B. Horizontal:Focuses on changes in financial data over time (year-to-year comparisons).
* C. Trend:Examines patterns over multiple periods to identify long-term trends, not a single year.
References and Documents:
* GAO Financial Audit Manual:Recommends vertical analysis for single-year financial statement evaluations.
* AICPA Financial Statement Analysis Guide:Provides detailed examples of vertical analysis techniques.

NEW QUESTION # 61
A local government can either purchase a computer for $61,000 or lease it for five years at $15000, after which the local government would own it. The anticipated discount rate will be 8%. Is it more economical to lease or purchase?

A. Purchase
B. No significant difference
C. None of these
D. Lease

Answer: D

NEW QUESTION # 62
Initially Line item budgets were used by the local governments but afterwards more reformed practices has taken its place and grouped its purpose. Those refined and more manageable categories are all EXCEPT:

A. Salaries
B. Supplies
C. Equipment
D. Loans

Answer: D

NEW QUESTION # 63
Using purchasing cards for contract purchases creates efficiencies for all of the following EXCEPT:

A. streamlining payment in the accounts payable system.
B. savings in transaction costs.
C. detection of fraudulent purchases.
D. improved cash flow for the vendor.

Answer: C

NEW QUESTION # 64
Enterprise funds and internal service funds are the two types of _.

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

Answer: C

NEW QUESTION # 65
......

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Exam Sample CGFM Online | CGFM Official Cert Guide

Prep4pass AGA CGFM Desktop Practice Exam Software

AGA Certified Government Financial Manager (CGFM) Sample Questions (Q60-Q65):

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