Free PDF Newest AGA - CGFM - Exam Certified Government Financial Manager (CGFM) Material

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q27-Q32):

NEW QUESTION # 27
Which of the following opinions is not expressed by auditors as to whether financial statements are expressed fairly in all material respects with respect to generally accepted accounting principles?

A. Qualified opinion
B. Disclaimer
C. Reversal opinion
D. Unqualified opinion

Answer: C

NEW QUESTION # 28
A variable that would influence management's decision to hire contractors to perform management control evaluations is

A. lack of management expertise.
B. suspicion of internal fraud.
C. knowledge of systemic deficiencies.
D. availability of qualified contractors.

Answer: A

Explanation:
Why Hire Contractors for Management Control Evaluations?Management may decide to bring in external contractors when there are gaps in the organization's capacity to perform evaluations internally. One key factor is thelack of management expertise-if management lacks the necessary knowledge or experience to evaluate controls effectively, it may outsource this task to qualified contractors.
Why Other Options Are Incorrect:
* B. Availability of Qualified Contractors:While availability is a factor, it's not a variable that influences the decision to outsource. Instead, it's a logistical consideration once the decision has been made.
* C. Suspicion of Internal Fraud:Suspicion of fraud may lead to investigations, but hiring contractors to evaluate controls is driven by expertise gaps rather than fraud concerns.
* D. Knowledge of Systemic Deficiencies:If management already has knowledge of systemic deficiencies, they may focus on remediation rather than outsourcing evaluations.
References and Documents:
* GAO Standards for Internal Control in the Federal Government (Green Book):Emphasizes the need for knowledgeable personnel to evaluate controls.
* GAGAS (Yellow Book):Highlights the role of external expertise in cases where internal expertise is insufficient.

NEW QUESTION # 29
Performance measures that relate program inputs to program outcomes are called

A. process measures.
B. cost-effectiveness measures.
C. efficiency measures.
D. activity measures.

Answer: B

Explanation:
* Definition of Cost-Effectiveness Measures:
* Cost-effectiveness measures assess therelationship between inputs (resources used)and outcomes (results achieved)to determine whether a program delivers value for the resources invested.
* Explanation of Answer Choices:
* A. Efficiency measures: Incorrect. These relate inputs to outputs, focusing on how efficiently resources are used to produce services, but not directly tied to outcomes.
* B. Process measures: Incorrect. These measure activities or steps within a program but do not assess outcomes.
* C. Cost-effectiveness measures: Correct. These directly link inputs to outcomes, measuring the program's effectiveness in achieving its objectives relative to costs.
* D. Activity measures: Incorrect. These track the level of activity or effort but not outcomes or effectiveness.
References:
* GASB,Performance Measurement and Reporting for Government Programs.
* GAO,Best Practices in Measuring Program Effectiveness.

NEW QUESTION # 30
In addition to interim financial reports, governments may report on interim basis:

A. The status of construction projects and cash flows
B. All of there
C. The capital investment by foreign counties
D. The growth status of GDP

Answer: A

NEW QUESTION # 31
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. $247,000
D. $245,000

Answer: C

NEW QUESTION # 32
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Free PDF Newest AGA - CGFM - Exam Certified Government Financial Manager (CGFM) Material

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q27-Q32):

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Free PDF Newest AGA - CGFM - Exam Certified Government Financial Manager (CGFM) Material

New Exam CGFM Material 100% Pass | Professional New CGFM Study Plan: Certified Government Financial Manager (CGFM)

AGA Certified Government Financial Manager (CGFM) Sample Questions (Q27-Q32):