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The CGFM certification program is designed to provide professionals with the knowledge and skills they need to excel in government financial management. Certified Government Financial Manager (CGFM) certification exam covers three key areas: governmental environment, governmental accounting, financial reporting, and budgeting, and financial management and control. Professionals who earn the CGFM certification have demonstrated their proficiency in these areas, which are critical to the efficient and effective operation of government financial management.
AGA CGFM (Certified Government Financial Manager) Certification Exam was designed for professionals in the financial management field who have experience and expertise in government financial management. CGFM exam is a mid-level credential and has been established by the Association of Government Accountants (AGA), a non-profit organization, since 1994.
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AGA CGFM Certification program is recognized by the Government Accountability Office (GAO) and other government agencies as a valuable credential for financial managers. The program is also accredited by the National Commission for Certifying Agencies (NCCA), which ensures that the certification meets rigorous standards for quality and validity. As a result, CGFMs are highly sought after by government agencies and private sector employers who work with government clients.
AGA Certified Government Financial Manager (CGFM) Sample Questions (Q98-Q103):
NEW QUESTION # 98
Federal entities primarily assess internal controls to
Answer: A
Explanation:
* Federal Entities and Internal Controls:
* Federal entities assess internal controls to ensure efficient, effective, and economical use of resources while achieving program objectives.
* Internal control assessments often identify areas for improvement, such as reducing waste or increasing operational efficiency.
* Explanation of Answer Choices:
* A. Confirm that all management objectives will be met: Internal controls reduce risk but do not guarantee all objectives will be achieved.
* B. Identify program areas where efficiencies may be gained: Correct. Internal controls are assessed to optimize operations and identify improvements.
* C. Ensure there is no fraud, waste, or abuse within the entity: While controls mitigate risks of fraud, waste, or abuse, assessments aim to identify opportunities for efficiency.
* D. Determine what legislation is not applicable to the entity: This is unrelated to internal control assessments.
References:
* GAO,Standards for Internal Control in the Federal Government (Green Book).
* Office of Management and Budget (OMB),Circular A-123, Internal Control Systems.
NEW QUESTION # 99
One way in which federal and state governments influence local governments is by:
Answer: B
NEW QUESTION # 100
In a performance aygit, due professional care is used to
Answer: D
Explanation:
* Performance Audit Overview:
* A performance audit focuses on evaluating the economy, efficiency, and effectiveness of government programs or activities.
* Due professional care is a requirement inGovernment Auditing Standards (Yellow Book), ensuring auditors perform their duties responsibly and with professional judgment.
* Key Requirement: Sufficient and Competent Evidence:
* Auditors must collect sufficient and reliable evidence to support their findings, conclusions, and recommendations. This is the cornerstone of "due professional care."
* Explanation of Answer Choices:
* A. Obtain sufficient and competent evidence: Correct. This ensures audit findings are supported by reliable, documented evidence.
* B. Determine scope: While part of audit planning, it is not directly related to due professional care.
* C. Set materiality of financial statements: This applies to financial audits, not performance audits.
* D. Present the findings in accordance with GAAP: GAAP is not a requirement for performance audits.
References:
* GAO,Government Auditing Standards (Yellow Book).
* Association of Government Accountants (AGA),Performance Auditing Practices.
NEW QUESTION # 101
In 2005 the police department had four lost workday cases and 27 days were lost. The department has 53 full-time employees. The frequency and severity rates will be
Answer: A
NEW QUESTION # 102
All of the following are ways to eliminate risk EXCEPT:
Answer: C
NEW QUESTION # 103
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