AGA CGFM Actual Free Exam Questions & Community Discussion

Exam Code/Number: CGFM
Exam Name/Title: Certified Government Financial Manager (CGFM)
Certification Provider: AGA
Corresponding Certification: AGA CGFM

Exam Questions: 115
Updated On: Jul 14, 2026

Question #37

The basic steps in fraud audits include all of the following EXCEPT

A. reporting the results.

B. consulting legal counsel.

C. follow-up on control weaknesses.

D. considering political ramifications.

Discussion 0

Correct Answer: D Vote an answer

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Question #38

A state transfers cagh to a broker and the broker transfers securities to the state, promising to repay the cash plus interest in exchange for the return of the same securities. This transaction is an example of

A. a reverse repurchase agreement.

B. a repurchase agreement.

C. an arbitrage agreement.

D. a mutual buy-sell agreement.

Discussion 0

Correct Answer: B Vote an answer

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Question #39

Cloud computing includes which of the following services?

A. gateway transmission

B. hosted

C. mainframe computing

D. satellite-to-satellite

Discussion 0

Correct Answer: B Vote an answer

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Question #40

A township wants to buy a new piece of equipment that will reduce costs by $20,550 at the end of year 2. If the township could invest its funds at a rate of 10%, what is the most the township should spend now to get the return it desires?

A. $16,440

B. $18,495

C. $16,983

D. $20,550

Discussion 0

Correct Answer: C Vote an answer

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Question #41

An agency benefit program allows employees who commute by public transit up to 10 free taxi trips home per calendar year. Employees can use the program for personal or family health emergencies. The most appropriate method to check for abuse of this program is

A. using personal data to determine if the destination address matches the employees home address.

B. requesting records from a random sample of employees to verify they used transit on the day they used the taxi services.

C. using geographic information system data to determine if the destination addresses were hospitals or clinics.

D. using program data to look for instances of individuals using the service more than 10 times per year.

Discussion 0

Correct Answer: B Vote an answer

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Question #42

Compliance reporting, under government auditing standards, identifies all of the following components EXCEPT

A. the auditor's responsibility for tests of compliance.

B. review of major internal control cycles.

C. the scopeof the compliance testing.

D. areas of noncompliance.

Discussion 0

Correct Answer: B Vote an answer

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Question #43

Under the control environment component of internal control, management should

A. communicate quality information to achieve the entity's objectives.

B. demonstrate a commitment to integrity and ethical values.

C. implement control activities through policies.

D. establish and operate activities to monitor the internal control system.

Discussion 0

Correct Answer: B Vote an answer

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Question #44

Federal entities primarily assess internal controls to

A. determine what legislation is not applicable to the entity.

B. confirm that all management objectives will be met.

C. ensure there is no fraud, waste or abuse within the entity.

D. identify program areas where efficiencies may be gained.

Discussion 0

Correct Answer: D Vote an answer

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Question #45

The scope of a single audit engagement includes all of the following EXCEPT

A. financial statements.

B. performance results.

C. compliance with terms of the award.

D. internal controls.

Discussion 0

Correct Answer: B Vote an answer

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