EXAM AGA CGFM QUESTION - CGFM TEST QUESTION

Exam AGA CGFM Question - CGFM Test Question

Exam AGA CGFM Question - CGFM Test Question

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Tags: Exam CGFM Question, CGFM Test Question, Valid Dumps CGFM Ppt, CGFM Exam Topics, CGFM Reliable Exam Sample

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The CGFM certification exam consists of three modules: Governmental Environment, Governmental Accounting, Financial Reporting and Budgeting, and Governmental Financial Management and Control. Each module contains multiple-choice questions and is designed to test candidates' knowledge and understanding of government financial management principles and practices. CGFM Exam is administered at computer-based testing centers across the country and internationally.

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CGFM Test Question | Valid Dumps CGFM Ppt

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AGA CGFM Exam is designed to test a candidate's knowledge of government financial management, including topics such as budgeting, accounting, auditing, financial reporting, and internal controls. CGFM Exam is divided into three parts: Governmental Environment, Governmental Accounting, Financial Reporting and Budgeting, and Governmental Financial Management and Control.

AGA Certified Government Financial Manager (CGFM) Sample Questions (Q29-Q34):

NEW QUESTION # 29
When considering materiality during the planning phase for the field work for a financial audit, the dollar threshold for materiality is determined by the

  • A. auditor in consultation with the auditee.
  • B. audit committee.
  • C. auditor.
  • D. auditee.

Answer: C

Explanation:
Materiality in Auditing:
* Materiality refers to the significance of misstatements or omissions in financial statements that could influence the decisions of users relying on those statements.
* During theplanning phaseof a financial audit, the auditor determines the dollar threshold for materiality based on professional judgment, considering the size and nature of the auditee's operations and the needs of financial statement users.
Why the Auditor Determines Materiality:
* Theauditorhas the responsibility to form an independent opinion on the financial statements and must determine materiality thresholds to design audit procedures effectively.
* Materiality thresholds guide the extent of testing and ensure the audit focuses on areas most likely to impact decision-making.
Why Other Options Are Incorrect:
* B. Auditee:The auditee provides the information, but it does not decide the materiality threshold.
* C. Auditor in consultation with the auditee:The auditor may consult with the auditee for context, but the final determination is solely the auditor's responsibility.
* D. Audit committee:While the audit committee oversees the audit, it does not set materiality thresholds.
References and Documents:
* GAAS (Generally Accepted Auditing Standards):States that materiality is determined by the auditor' s judgment.
* AICPA AU-C Section 320:Provides guidance on materiality in planning and performing audits.


NEW QUESTION # 30
A key objective of a performance audit is

  • A. issuing a report of findings based upon an agreed-upon procedure.
  • B. providing an opinion on a subject matter that is the responsibility of another party.
  • C. providing an opinion on the entity's financial statement.
  • D. assessing program effectiveness, economy and efficiency.

Answer: D

Explanation:
* Performance Audit Objectives:
* Performance audits evaluate theeffectiveness,efficiency, andeconomyof government programs, operations, or activities.
* These audits focus on improving operations, achieving program goals, and ensuring responsible use of public resources.
* Explanation of Answer Choices:
* A. Providing an opinion on the entity's financial statement: This is the objective of a financial statement audit, not a performance audit.
* B. Assessing program effectiveness, economy, and efficiency: Correct. This is the primary objective of performance audits.
* C. Providing an opinion on a subject matter that is the responsibility of another party: This aligns with attestation engagements, not performance audits.
* D. Issuing a report of findings based upon an agreed-upon procedure: This describes agreed- upon procedures engagements, not performance audits.
References:
* GAO,Government Auditing Standards (Yellow Book).
* Association of Government Accountants (AGA),Performance Auditing Guidance.


NEW QUESTION # 31
According to OMB Circular A-11, what analytical method should be used to measure the cost, schedule and performance goals of a capital asset acquisition project?

  • A. net present value
  • B. future value
  • C. earned value management
  • D. regression analysis

Answer: C

Explanation:
* OMB Circular A-11 and Capital Asset Acquisition:
* OMB Circular A-11 mandates the use ofearned value management (EVM)for measuring cost, schedule, and performance goals in capital asset acquisition projects.
* EVM integrates project scope, schedule, and cost data to assess project performance and forecast outcomes.
* Explanation of Answer Choices:
* A. Earned value management: Correct. EVM is the prescribed method for tracking progress on capital projects under OMB Circular A-11.
* B. Net present value: Used for financial analysis, such as determining the economic value of future cash flows, but not for tracking project progress.
* C. Future value: Measures the value of an investment at a future point, not applicable to project tracking.
* D. Regression analysis: A statistical method for identifying relationships between variables, not for measuring project performance.
References:
* OMB Circular A-11,Capital Programming Guide.
* U.S. General Services Administration (GSA),Earned Value Management Implementation.


NEW QUESTION # 32
In the collection of cash receipts, for a fee, organizations can engage a bank to provide a lock-box service.
Lockboxes may be:

  • A. Retail
  • B. Wholesale
  • C. Temporary
  • D. Only A & B

Answer: D


NEW QUESTION # 33
If a building originally valued at $160,000 appreciates to $300,000 and is insured by an
80% coinsurance clause, then 80% of the value ($320,000) must be insured. If the building is still insured at only $160,000 and a $100,000 loss occurs, the loss would be:

  • A. $60,000
  • B. $ 40,000
  • C. $50,000
  • D. $44,000

Answer: B


NEW QUESTION # 34
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