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AGA CGFM - CGFM Certified Government Financial Manager

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Total 115 questions

In an internal control evaluation, what are the roles of management and the auditor regarding the risk of fraud, waste and abuse?

A.

Management identifies risks, auditors assess control effectiveness.

B.

Auditors identify risks, management implements control measures.

C.

Both management and auditors determine risk tolerance levels.

D.

Management mitigates risks, auditors monitor compliance with controls.

A local government is reviewing the performance of a contractor that is collecting trash for the county. Performance can be measured based upon the cost

A.

per mile travelled.

B.

per ton of trash collected.

C.

comparison with closest comparable jurisdiction.

D.

per employee.

A state transfers cagh to a broker and the broker transfers securities to the state, promising to repay the cash plus

interest in exchange for the return of the same securities. This transaction is an example of

A.

an arbitrage agreement.

B.

a repurchase agreement.

C.

a mutual buy-sell agreement.

D.

a reverse repurchase agreement.

If a CGFM wants to utilize data on population growth, housing and employment to estimate sales tax revenue, the CGFM should use

A.

a regression analysis.

B.

a cash flow analysis.

C.

a payback analysis.

D.

flow charting.

A performance measurement that is measured the same way over several periods is

А.timely.

B.relevant.

C.reliable.

D. consistent.

Management's need for real-time access to data is facilitated when

A.

data is represented visually and includes information that indirectly relates to the subject matter.

B.

data supporting dashboards are updated every quarter.

C.

the prior year's financial statement data underlies the management reports used to decide on future

expenditures.

D.

complex data sets are available on demand, presented with minimal distractions.

What is the most fupdamental cash control?

A.

segregation of duties

B.

use of automated systems

C.

analysis of cash reports

D.

frequent reconciliation of bank accounts

What is the first step on performing a risk assessment under the COSO Internal Control Framework?

A.

identification of risks

B.

defining internal control objectives

C.

review of prior audit findings

D.

setting risk tolerance levels

A capital asset transferred to another department within the same government should be

A.

recorded with the original department to maximize receipts.

B.

recorded with the second department to minimize costs.

C.

retained in the government's fixed asset tracking system with no change in book value to either department.

D.

retained in the government's fixed asset tracking system showing the book value of the asset transferred to the receiving department.

The Parking Fund for a government entity has the following information in its Statement of Net Position. Calculate the current ratio.

Total current assets$1,320

Total non-current assets$8,100

Total assets$9,420

Total current liabilities$ 810

Total non-current liabilities$ 360

Total liabilities$1,170

Total net position$8,250

A.

0.61

B.

0.98

C.

1.14

D.

1.63