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To become a CGFM, candidates must pass all three modules of the exam, have a bachelor's degree from an accredited institution, and have at least two years of work experience in government financial management. Additionally, CGFM certification requires continued adherence to high ethical standards and continued professional development through continuing education.

AGA-CGFM is a professional certification program established by the Association of Government Accountants (AGA) for individuals involved in government financial management. The CGFM Certification validates one’s expertise in financial management in the public sector, including federal, state, and local governments, as well as not-for-profit organizations that receive government funding.

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q59-Q64):

NEW QUESTION # 59
A successfully integrated technology solution for a CFO ties an organization's activities together and:

A. optimizes a specific function or activity.
B. requires highly customized application software.
C. makes consistent information available agency-wide.
D. eliminates waste, fraud and abuse.

Answer: C

Explanation:
Explanation/Reference:

NEW QUESTION # 60
In the context of audit risk, which type of risk is primarily influenced by the effectiveness of an organization's internal controls?

A. control risk
B. inherent risk
C. detection risk
D. audit risk

Answer: A

Explanation:
What Is Control Risk?
* Control riskrefers to the risk that an organization's internal controls will fail to prevent or detect material misstatements in a timely manner.
* The effectiveness of internal controls directly influences control risk. If controls are weak or poorly designed, the risk increases.
Why Is Option B Correct?
* The primary focus of control risk is the adequacy and effectiveness of an entity's internal controls.
Effective controls reduce the likelihood of material misstatements, while deficiencies increase control risk.
Why Other Options Are Incorrect:
* A. Inherent Risk:This is the risk of material misstatements due to the nature of the business or transactions, independent of controls.
* C. Detection Risk:This refers to the risk that auditors will fail to detect material misstatements. It is influenced by the nature and extent of audit procedures, not internal controls.
* D. Audit Risk:This is the overall risk that an auditor will issue an incorrect opinion. It combines inherent, control, and detection risks.
References and Documents:
* AICPA Standards on Audit Risk (AU-C 315):Explains control risk and its relationship to the effectiveness of internal controls.
* GAO Yellow Book:Emphasizes assessing control risk when evaluating internal controls in audits.

NEW QUESTION # 61
The general ledger management function of a federal agency's financial system:

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

Answer: D

NEW QUESTION # 62
A STRIP (Separate individual interest and principal payments) is known as:

A. Floaters
B. Zero-coupon
C. Callable
D. Individual-coupon

Answer: B

NEW QUESTION # 63
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. $253,000
C. $245,000
D. $247,000

Answer: D

NEW QUESTION # 64
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