CGFM SURE-PASS GUIDE TORRENT DUMPS FILE IS THE BEST PREPARATION MATERIALS - PREP4SUREEXAM

CGFM Sure-Pass Guide Torrent Dumps File is the best preparation materials - Prep4sureExam

CGFM Sure-Pass Guide Torrent Dumps File is the best preparation materials - Prep4sureExam

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Tags: CGFM Study Materials, CGFM Valid Test Sample, Exam CGFM Sample, Reliable CGFM Test Labs, CGFM Valid Exam Cost

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CGFM Valid Test Sample | Exam CGFM Sample

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AGA CGFM exam is a certification program designed for financial managers working in the government sector. AGA stands for Association of Government Accountants, which is a professional organization that provides training and support to financial managers in government agencies. The CGFM Certification is recognized as a standard of excellence in the field of government financial management, and it demonstrates a high level of knowledge, skills, and professionalism.

AGA Certified Government Financial Manager (CGFM) Sample Questions (Q73-Q78):

NEW QUESTION # 73
According to the GAO, internal control is a process used by management to

  • A. develop a strategic plan.
  • B. design an ERM system.
  • C. set the tone at the top.
  • D. help an entity achieve its objectives.

Answer: D

Explanation:
* Definition of Internal Control (According to GAO):
* Internal control is aprocess implemented by managementto provide reasonable assurance that the organization will achieve its objectives in:
* Operations(effectiveness and efficiency).
* Reporting(reliable and accurate financial and non-financial reporting).
* Compliance(adherence to laws and regulations).
* Explanation of Answer Choices:
* A. Help an entity achieve its objectives: Correct. This is the primary purpose of internal controls.
* B. Design an ERM system: Incorrect. Enterprise Risk Management (ERM) is broader than internal control and includes risk strategy and appetite.
* C. Set the tone at the top: Incorrect. While the tone at the top is part of the control environment, it is not the full scope of internal control.
* D. Develop a strategic plan: Incorrect. Internal control supports strategic plans but is not directly involved in developing them.
References:
* GAO,Standards for Internal Control in the Federal Government (Green Book).
* COSO,Internal Control - Integrated Framework.


NEW QUESTION # 74
Under government fuditing standards, auditors performing financial statement audits must

  • A. identify expenditures that exceed the related obligations.
  • B. identify violations of laws which could be punishable by monetary penalties.
  • C. design tests to assess compliance with laws, regulations, contracts and grant agreements.
  • D. design tests to detect fraud, waste and abuse.

Answer: C

Explanation:
* Government Auditing Standards (GAS):
* GAS, often referred to as theYellow Book, outlines the responsibilities of auditors conducting financial statement audits for government entities.
* One core requirement is that auditors must consider compliance with applicable laws, regulations, contracts, and grant agreements that could materially affect financial statements.
* Explanation of Answer Choices:
* A. Design tests to assess compliance with laws, regulations, contracts, and grant agreements: Correct. This is a required component under GAS to ensure financial statements are materially accurate and comply with legal and regulatory frameworks.
* B. Identify violations of laws which could be punishable by monetary penalties: Incorrect.
Auditors are not required to investigate or pursue penalties but to focus on material misstatements or risks.
* C. Identify expenditures that exceed the related obligations: Incorrect. While this could indicate an issue, auditors are not required to specifically test for this unless it relates to material misstatements or compliance issues.
* D. Design tests to detect fraud, waste, and abuse: Incorrect. Auditors are not specifically required to detect fraud, waste, and abuse, though they should be alert to indicators.
References:
* Government Accountability Office (GAO),Government Auditing Standards (Yellow Book).
* Uniform Guidance (2 CFR Part 200),Audit Requirements for Federal Programs.


NEW QUESTION # 75
There are same budget reserves for all types of budgets (Federal, State and Local).

  • A. It depends
  • B. True
  • C. False
  • D. All EXCEPT "Local Government Budget"

Answer: C


NEW QUESTION # 76
Pension system may be operated by:

  • A. Multiple organizations that engage a management agent
  • B. A single nonprofit or government
  • C. All of these
  • D. Multiple organization that share costs

Answer: C


NEW QUESTION # 77
Line-Item Budget is more appropriate for:

  • A. Small and local Governments
  • B. Non-profits
  • C. Federal Governments
  • D. Both A and C

Answer: D


NEW QUESTION # 78
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