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Latest Geekcert CGFM Exam CGFM Dumps 100% Free Download

Latest Geekcert CGFM Exam CGFM Dumps 100% Free Download

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Question 1:

According to the AGA Code of Ethics, a government agency contract manager using a vendor as a personal reference would constitute:

A. fraud.

B. professional incompetence.

C. a conflict of interest.

D. nepotism.

Correct Answer: C


Question 2:

A method used to assess accountability of state agencies includes:

A. a bond rating review.

B. program evaluation.

C. judicial review.

D. an ordinance compliance audit.

Correct Answer: B


Question 3:

A discretionary grant is characterized by a:

A. transfer of funds based upon a formula.

B. transfer of funds for broadly-defined purposes.

C. transfer of funds for specific purposes.

D. voluntary contribution that confers no rights nor benefits to the giver.

Correct Answer: C


Question 4:

A formal estimate of the resources a government or government unit plans to expend in a given period is a:

A. PAR.

B. CAFR.

C. budget.

D. cost benefit analysis.

Correct Answer: C


Question 5:

Managerial accounting helps officials measure the cost-effectiveness of operations by:

A. forecasting future revenue needs.

B. controlling expenses under budgetary law.

C. combining financial and non-financial data.

D. demonstrating compliance with applicable laws and regulations.

Correct Answer: A


Question 6:

A program accountability study can be used to determine all of the following EXCEPT:

A. the extent to which a program has been correctly implemented.

B. whether program funds are being expended properly.

C. whether the program is reaching its intended goal.

D. if budgets were allocated equitably.

Correct Answer: D


Question 7:

Based upon the performance measures report below provided to a local governmental oversight committee, what conclusions may be made?

A. More fire engines and fire companies are needed.

B. The arson task force fielded in FY07 is having a significant impact.

C. A fire engine bond issuance is needed.

D. State fire marshal mandates are being met.

Correct Answer: B


Question 8:

A successfully integrated technology solution for a CFO ties an organization\’s activities together and:

A. requires highly customized application software.

B. optimizes a specific function or activity.

C. makes consistent information available agency-wide.

D. eliminates waste, fraud and abuse.

Correct Answer: C


Question 9:

The CFO Act of 1990 mandates all of the following EXCEPT:

A. establishment of a leadership structure.

B. provision for long-range planning.

C. strengthening accountability reporting.

D. unqualified audited financial statements.

Correct Answer: D


Question 10:

GASB has responsibility for:

A. researching and developing accounting and reporting principles for state and local governments.

B. ensuring that FASB standards are implemented by state and local governments.

C. developing standards for federal and state governments.

D. ensuring that federal and state governments implement FASB standards.

Correct Answer: A


Question 11:

The modified accrual basis of accounting is characterized by:

A. revenues being recognized when realized.

B. revenues being recognized when measurable and available.

C. assets included in the general fixed asset account group.

D. expenditures recorded when warrants are paid.

Correct Answer: B


Question 12:

Based upon the information below, for a governmental fund calculate the amount of revenues for the year using the modified accrual basis of accounting, assuming all deferred revenues are related to receivables.

A. $278,000

B. $245,000

C. $247,000

D. $253,000

Correct Answer: C


Question 13:

A county fire department receives property tax revenue on a 55% (December), 40% (April), 5% (June) basis. The uncollectible portion is .05%. If the department received $5.1 million in December, the annual property tax revenues will be:

A. $10,200,000.

B. $ 9,272,727.

C. $ 9,268,091.

D. $ 8,809,091.

Correct Answer: C


Question 14:

The CAFR includes all of the following EXCEPT the:

A. basic financial statements.

B. MDandA.

C. RSI.

D. PAR.

Correct Answer: D


Question 15:

Fund-level financial statements are prepared to present:

A. both a short and long term perspective on governmental finances.

B. information on financing activities.

C. information that is more narrowly focused than mandated by government standards.

D. a detailed short term view of government services.

Correct Answer: D