CGFM Exam Training Practice Tests (AGA Certified Government Financial Manager (CGFM))]

Question 1

Which of the following would auditors issue an opinion on?

A. performance audits B. compliance audits C. financial statement audits D. forensic audits

Correct Answer: C

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Question 2

A material weakness in internal control over financial reporting is defined as a deficiency that

A. creates a reasonable possibility of a material misstatement to the financial statements that will not be detected in a timely manner. B. did not allow management to perform their assigned responsibility to prevent, detect and correct misstatements in a timelymanner. C. results in a misstatement to the basic financial statements. D. results in a material misstatement in other accompanying financial information.

Correct Answer: A

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Question 3

The Single Audit Act requires

A. agencies to use an audit process to maximize the value of and manage acquisition risks. B. agencies to establish and assess internal controls related to audits. C. federal departments to have single audits of financial management systems. D. financial statement audits of non-federal entities that receive or administer grant awards of federal funds.

Correct Answer: D

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Question 4

Federal entities primarily assess internal controls to

A. identify program areas where efficiencies may be gained. B. ensure there is no fraud, waste or abuse within the entity. C. confirm that all management objectives will be met. D. determine what legislation is not applicable to the entity.

Correct Answer: A

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Question 5

The best source for annual liability and cash flow data is a state's

A. statement of activities. B. ACFR. C. appropriations bill. D. PAR.

Correct Answer: B

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Question 6

Business process re-engineering typically addresses all of the following EXCEPT the

A. key processes. B. human environment. C. technical environment. D. organizational mission.

Correct Answer: D

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AGA Certified Government Financial Manager (CGFM) - CGFM Exam Practice Test