CGFM PASSING SCORE FEEDBACK & CGFM QUESTIONS EXAM

CGFM Passing Score Feedback & CGFM Questions Exam

CGFM Passing Score Feedback & CGFM Questions Exam

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Tags: CGFM Passing Score Feedback, CGFM Questions Exam, High CGFM Passing Score, Exam CGFM Question, CGFM Valid Test Materials

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Customizable Certified Government Financial Manager (CGFM) (CGFM) practice exams allow you to adjust the time and AGA CGFM questions numbers according to your practice needs. Scenarios of our CGFM Practice Tests are similar to the actual CGFM exam. You feel like sitting in the real CGFM exam while taking these CGFM practice exams.

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2025 CGFM Passing Score Feedback - Realistic Certified Government Financial Manager (CGFM) Questions Exam Free PDF Quiz

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AGA-CGFM is a professional certification program established by the Association of Government Accountants (AGA) for individuals involved in government financial management. The CGFM certification validates one’s expertise in financial management in the public sector, including federal, state, and local governments, as well as not-for-profit organizations that receive government funding.

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.

AGA Certified Government Financial Manager (CGFM) Sample Questions (Q86-Q91):

NEW QUESTION # 86
For financial audits, generally accepted auditing standards require that auditors accomplish all of the following tasks EXCEPT

  • A. adequately plan the work.
  • B. make the audit report available to the public.
  • C. obtain sufficient appropriate audit evidence.
  • D. supervise any assistants.

Answer: B

Explanation:
What Do Generally Accepted Auditing Standards (GAAS) Require for Financial Audits?GAAS outlines specific requirements for auditors conducting financial audits, including:
* Adequately Planning the Work (Option A):Proper planning ensures that audits are efficient and thorough.
* Obtaining Sufficient, Appropriate Audit Evidence (Option C):This is critical to support the auditor' s opinion on the financial statements.
* Supervising Assistants (Option D):Supervising any audit staff ensures that work is performed in accordance with standards.
What Does GAAS Not Require?
* GAAS does not specifically require auditors to make the audit report available to the public (Option B).
While making reports available to the public may be required by other laws, regulations, or organizational policies, it is not a standard requirement under GAAS. The decision to make the report public often lies with the audited entity or governing bodies.
References and Documents:
* AICPA Statements on Auditing Standards (SAS):The foundational standards that define GAAS requirements.
* GAGAS (Yellow Book):While GAGAS may have additional reporting requirements, it does not mandate public access to the audit report unless stipulated by law.


NEW QUESTION # 87
Other factors being equal, when the cost of inventory has increased over several financial statement periods, an agency using LIFO will:

  • A. show a higher value of ending inventory than a similar agency that uses FIFO.
  • B. reflect lower net income than an agency that uses the average cost inventory method.
  • C. need to restate their financial statements after five years of cost increases.
  • D. need to increase the audit frequency.

Answer: B


NEW QUESTION # 88
Non-reciprocal interfund activities include interfund transfers of assets (e.g. cash, or goods) without repayment and ______________.

  • A. Both A&B
  • B. Interfund exchange
  • C. Cost Allocation
  • D. Interfund reimbursement

Answer: D


NEW QUESTION # 89
_____________ on the bonds is not a specific preference item for purposes of the federal individual or corporate alternative minimum taxes.

  • A. Discount
  • B. Interest
  • C. None of these
  • D. Premium

Answer: B


NEW QUESTION # 90
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. Modified
  • B. Accrual
  • C. Deferral
  • D. Both B & C

Answer: B


NEW QUESTION # 91
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