Free AGA CGFM Exam Questions

Become AGA Certified with updated CGFM exam questions and correct answers

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Total 117 Questions | Updated On: Oct 27, 2026

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Question 1

A capital asset transferred to another department within the same government should be

A : recorded with the original department to maximize receipts.

B : recorded with the second department to minimize costs.

C : retained in the government's fixed asset tracking system with no change in book value to either department.

D : retained in the government's fixed asset tracking system showing the book value of the asset transferred to the receiving department.

Answer: D

Question 2

When reviewing a report on internal control from a shared service provider that noted a weakness, the agency should

A : consider the existence of compensating or mitigating controls.

B : ask the service provider to correct the weakness.

C : dismiss the weakness.

D : refer the weakness to the Contracting Officer.

Answer: A

Question 3

What is the most fupdamental cash control?

A : segregation of duties

B : use of automated systems

C : analysis of cash reports

D : frequent reconciliation of bank accounts

Answer: D

Question 4

Which of the following acts requires federal agencies to pay interest to state government funds for entitlements that are not provided in a timely manner?

A : Debt Collection Improvement Act

B : CFO Act

C : Accountability for Tax Dollars Act

D : Cash Management Improvement Act

Answer: D

Question 5

What is the formal tam for the listing and assessment of an agency's top risks?

A : risk profile

B : risk management plan

C : risk assessment

D : risk register

Answer: A

Page: 1 / 24

Total 117 Questions | Updated On: Oct 27, 2026

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