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The AGA CGFM exam covers a range of topics related to government financial management, such as budgeting, accounting, auditing, financial reporting, and internal controls. It is divided into three parts, each of which must be passed in order to earn the CGFM certification. The first part focuses on governmental environment and government accounting, while the second part covers financial management and control. The third part delves into financial reporting and budgeting for government entities. CGFM exam is designed to test not only a candidate's knowledge of these topics but also their ability to apply the concepts and principles to real-world situations.

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.

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AGA Certification Reference

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q31-Q36):

NEW QUESTION # 31
The general ledger management function of a federal agency's financial system:

A. is promulgated by FASAB.
B. must be in full compliance with the U.S. Standard General Ledger.
C. is defined by the CFO Act of 1990.
D. must be approved by the Bureau for Program and Policy Coordination.

Answer: B

NEW QUESTION # 32
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. 1.14
B. 0.98
C. 1.63
D. 0.61

Answer: C

Explanation:
What Is the Current Ratio?
* Thecurrent ratiomeasures an entity's ability to cover its short-term liabilities with its short-term assets.
The formula is: Current Ratio=Total Current AssetsTotal Current Liabilities ext{Current Ratio} = rac
{ ext{Total Current Assets}}{ ext{Total Current Liabilities}}
Current Ratio=Total Current LiabilitiesTotal Current Assets
Calculation:
* Total Current Assets = $1,320
* Total Current Liabilities = $810
Current Ratio=1,320810 ext{Current Ratio} = rac{1,320}{810}Current Ratio=8101,320 Current Ratio#1.
63 ext{Current Ratio} # 1.63Current Ratio#1.63
Why the Current Ratio Matters:
* A current ratio above 1 indicates that the entity has more current assets than current liabilities, suggesting good short-term liquidity.
Why Other Options Are Incorrect:
* A. 0.61, B. 0.98, C. 1.14:These values result from incorrect calculations or misinterpretations of the formula.
References and Documents:
* GAO Financial Analysis Guide:Provides guidance on using the current ratio to assess liquidity.
* GASB Financial Reporting Requirements:Highlights the importance of liquidity measures in government financial statements.

NEW QUESTION # 33
Governments unlike private organizations cannot pay for safety performance.

A. Less
B. None of these
C. Accurately
D. More

Answer: D

NEW QUESTION # 34
In non-reciprocal interfund activities transfers without repayment may occur because?

A. For instance a public transit system may require a transfer form the general fund because fares and other revenues do not offset costs.
B. A proprietary fund is not self-supporting
C. None of there
D. A proprietary fund is self-supporting

Answer: A,B

NEW QUESTION # 35
Types of so bonds are all of the following EXCEPT:

A. Non-property tax and non-local ax
B. Moral obligation
C. Special assessment and special or limited tax
D. All of these

Answer: D

NEW QUESTION # 36
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