Latest CGFM Test Voucher, CGFM Instant Discount
Latest CGFM Test Voucher, CGFM Instant Discount
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Tags: Latest CGFM Test Voucher, CGFM Instant Discount, New CGFM Test Labs, CGFM Pass Leader Dumps, Exam CGFM Price
The Certified Government Financial Manager (CGFM) (CGFM) certification exam is one of the top-rated and career-oriented certificates that are designed to validate an AGA professional's skills and knowledge level. These Certified Government Financial Manager (CGFM) (CGFM) practice questions have been inspiring those who want to prove their expertise with the industrial-recognized credential. By cracking it you can gain several personal and professional benefits.
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Exam Questions For AGA CGFM With Reliable Answers
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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q75-Q80):
NEW QUESTION # 75
Non-reciprocal interfund activities include interfund transfers of assets (e.g. cash, or goods) without repayment and .
- A. Both A&B
- B. Interfund reimbursement
- C. Interfund exchange
- D. Cost Allocation
Answer: B
NEW QUESTION # 76
_____________ on the bonds is not a specific preference item for purposes of the federal individual or corporate alternative minimum taxes.
- A. Discount
- B. Premium
- C. Interest
- D. None of these
Answer: C
NEW QUESTION # 77
Internal control over financial reporting means that management can reasonably make which of the following assertions?
- A. Sufficient spending authority and financial resources exist to support reported expenditures.
- B. Management has met its legislatively directed program goals.
- C. A physical inventory has been conducted of all assets meeting the jurisdiction's capitalization threshold.
- D. All assets and liabilities have been properly valued and, where applicable, all costs have been properly allocated.
Answer: D
Explanation:
What Is Internal Control Over Financial Reporting?Internal control over financial reporting (ICFR) ensures the reliability of an entity's financial statements. It focuses on maintaining accurate, complete, and properly valued financial information that complies with accounting standards and meets the needs of users.
Why Is Option C Correct?
* Proper valuation of assets and liabilities is a critical component of ICFR. It ensures that financial statements fairly represent the entity's financial position.
* Cost allocation is also essential where applicable, such as assigning costs to programs or projects.
Why Other Options Are Incorrect:
* A. Sufficient spending authority and financial resources exist:This relates to budgetary control, not financial reporting.
* B. Physical inventory of capitalized assets:Conducting a physical inventory is part of asset management, not financial reporting assertions.
* D. Legislatively directed program goals:Meeting program goals is related to performance reporting, not ICFR.
References and Documents:
* GAO Standards for Internal Control (Green Book):Stresses the importance of proper valuation and cost allocation for accurate financial reporting.
* COSO Framework:Emphasizes ICFR's role in ensuring reliable and accurate financial statements.
NEW QUESTION # 78
If a government creates an internal service funds, GAAP require that the ______ cost of services, _________ the cost of capital assets be recovered through the user fee.
- A. Full, Including
- B. Half, Including
- C. Full, excluding
- D. Either A or C
Answer: A
NEW QUESTION # 79
An employee is set to receive a lumpsum payment of $500,000 in ten years. The agency uses an opportunity rate of 12% for its investments. If inflation is 3%, how much must the agency invest today to cover the future lumpsum payment?
- A. $160,986
- B. $186,023
- C. $440,000
- D. $485,000
Answer: A
Explanation:
What Are We Solving For?
* We are determining the present value (PV) of a $500,000 lump sum payment to be received in 10 years, using anopportunity rate of 12%. Inflation is not relevant here because the opportunity rate already reflects the expected return, including inflation adjustments.
Formula for Present Value:The present value (PV) is calculated using the formula:
PV=FV(1+r)nPV = frac{FV}{(1 + r)