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Passing the AGA CGFM Certification Exam demonstrates that an individual has mastered the knowledge and skills needed to excel in the field of government financial management. Certified Government Financial Manager (CGFM) certification provides a competitive advantage for job seekers and further enhances credibility for professionals already working in the field.

AGA is an organization that has been working for more than 70 years to improve government financial management by providing education, training, and resources to professionals in the field. The CGFM Certification is one of the ways the AGA recognizes individuals who have demonstrated a high level of expertise in government financial management. Certified Government Financial Manager (CGFM) certification is recognized throughout the industry as an important credential for professionals working in government financial management.

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q96-Q101):

NEW QUESTION # 96
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 # 97
The city of Mudville uses 1600 oil filters annually. The cost of placing an order is $5.00. The unit cost is $3.50.
The carrying cost is 20 percent, and the carrying cost per unit is &0.70(0.20x$3.50). What is the economic order quantity?

• A. 150 oil filters
• B. 130 oil filters
• C. 155 oil filters
• D. None of these

Answer: A

NEW QUESTION # 98
In defining the audit objectives of a performance audit, auditors should evaluate whether the audited entity has

• A. internal controls in place.
• B. corrective actions to address prior findings and recommendations.
• C. updated its vision and strategic mission statements.
• D. updated its financial reports' MD&A.

Answer: B

Explanation:
* Performance Audit Objectives:
* Performance audits evaluate whether government entities are operating efficiently, effectively, and in compliance with applicable laws.
* A critical aspect is assessing whether the entity has implementedcorrective actionsin response to prior audit findings and recommendations, as this demonstrates accountability and progress.
* Explanation of Answer Choices:
* A. Updated its vision and strategic mission statements: Incorrect. While strategic planning is important, it is not the primary focus of performance audit objectives.
* B. Corrective actions to address prior findings and recommendations: Correct. Addressing prior findings is a key objective to ensure identified issues have been resolved.
* C. Updated its financial reports' MD&A: Incorrect. MD&A (Management's Discussion and Analysis) is related to financial reporting, not performance audits.
* D. Internal controls in place: Incorrect. While internal controls are reviewed, the focus here is on corrective actions to past findings.
References:
* GAO,Government Auditing Standards (Yellow Book).
* GAO,Performance Auditing Guidance.

NEW QUESTION # 99
GAAP requires that the fees for enterprise fund services like water, sewer, and electricity offset costs. As a policy decision, governing board members choose among four water and sewer rate structures. Those are all EXCEPT:

• A. Ascending block
• B. Changing Rate
• C. None of these
• D. Declining Block and Seasonal Rate

Answer: B

NEW QUESTION # 100
All of the following ae among the stated purposes of GPRA EXCEPT to

• A. improve internal management practices.
• B. provide instructions on program reporting.
• C. help managers improve service delivery.
• D. improve program effectiveness.

Answer: B

Explanation:
What Is GPRA?TheGovernment Performance and Results Act (GPRA)of 1993 was designed to improve the performance of federal programs by requiring federal agencies to establish goals, measure performance, and report on their progress.
Stated Purposes of GPRA:
* Improve Service Delivery (Option A):GPRA helps agencies align performance goals with customer needs, improving service delivery.
* Improve Internal Management Practices (Option B):By requiring performance metrics and evaluations, GPRA enhances internal management and decision-making processes.
* Improve Program Effectiveness (Option D):GPRA aims to make federal programs more effective by fostering accountability and linking resources to results.
Why Option C Is Incorrect:
* GPRA does not provide detailedinstructions on program reporting.While it requires agencies to report on their performance, it does not dictate the specific steps or instructions for reporting. Instead, agencies design their own reporting processes within the GPRA framework.
References and Documents:
* Government Performance and Results Act of 1993:Stipulates the law's objectives but does not mention program reporting instructions.
* GAO Report on GPRA Implementation:Highlights GPRA's purpose to improve performance management and accountability without prescribing reporting instructions.

NEW QUESTION # 101
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