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CGFM Valid Test Discount, CGFM Exam PDF

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Introduction to AGA CGFM: Certified Government Financial Manager (CGFM) Exam

Certified State Financial Manager is a professional certification given by AGA, showing expertise in federal, state and local government accounting, auditing, financial reporting, internal control and management. CGFM is a recognized certification that acknowledges the specific expertise and knowledge that a successful financial manager of the Government needs. You may increase your professional possibilities and differentiate yourself from the others in your industry by becoming a CGFM. AGA CGFM Exam Dumps is the best way to learn all the concepts of the examination.

The CGFM exam is a comprehensive assessment of the knowledge and skills required to manage government finances effectively. Certified Government Financial Manager (CGFM) certification demonstrates an individual's expertise in government financial management, providing a competitive advantage to those seeking to advance their careers in the public sector.

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q37-Q42):

NEW QUESTION # 37
FASB (Financial Accounting Standards Board) is a ____________ organization and controlled and supported by a ______________, Financial Accounting Foundation.

A. Governmental Organization, Non-Profit Organization.
B. Private Organization, Non-Profit Organization.
C. Semi- governmental Organization, Private Organization
D. Non-Profit Organization, Governmental Organization.

Answer: B

Explanation:
Explanation

NEW QUESTION # 38
Ideally, the risk manager would have academic training, but most learn on the job.
Opportunities for training and professional recognition include:

A. Certified Risk Manager (CRM), the National Alliance for Insurance Education & Research
B. Public risk and Insurance Management Association (PRIMA)
C. Associate in Risk Management (ARM), Insurance Institute of America
D. All of these

Answer: D

NEW QUESTION # 39
In state and local financial audits, material weaknesses must be reported to the

A. local media.
B. governing body.
C. taxpayers.
D. legislature.

Answer: B

Explanation:
What Are Material Weaknesses?
* Amaterial weaknessin internal control is a deficiency or combination of deficiencies that creates a reasonable possibility of a material misstatement in the financial statements that would not be prevented or detected in a timely manner.
* In the context of state and local financial audits, material weaknesses must be reported to those charged with governance, as they are responsible for oversight and corrective actions.
Why Is the Governing Body the Correct Answer?
* Thegoverning body(e.g., city council, county board, or state commission) is directly responsible for overseeing the entity's financial operations and ensuring accountability. Reporting material weaknesses to them ensures that corrective actions can be implemented to strengthen internal controls.
* Auditors communicate such findings through anaudit reportor amanagement letteraddressed to the governing body.
Why Other Options Are Incorrect:
* A. Legislature:The legislature may have oversight of state budgets and appropriations but is not the direct governing body for financial audits.
* C. Taxpayers:While transparency is important, material weaknesses are not directly reported to taxpayers. They may be disclosed in public audit reports, but taxpayers are not the primary audience.
* D. Local media:Material weaknesses are not formally reported to the media; their disclosure depends on the entity's public reporting processes.
References and Documents:
* GAO Yellow Book (GAGAS):Requires auditors to report material weaknesses to those charged with governance.
* GASB (Governmental Accounting Standards Board):Emphasizes the importance of communicating significant audit findings to governing bodies.
* AICPA Audit Standards (AU-C 265):Requires auditors to communicate material weaknesses to management and those charged with governance.

NEW QUESTION # 40
and
debt issuance, governments must disclose information
regarding their debt and financial condition to the municipal securities market, including the preliminary Official Statement, the audited financial reports, the feasibility study, and other documents relating to the bond sale.

A. None of these
B. It depends
C. During, after
D. Before, after

Answer: C

NEW QUESTION # 41
Similar accounting controls should be established over accounting for investment inventory management, cash disbursements, cash management and billing and receipt of taxes and utilities. Other effective internal control measures include which of the following?

A. All of there
B. Trusting employees too much
C. Account for used or missing forms daily
D. Cancel voided forms

Answer: A

NEW QUESTION # 42
......

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