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: Aug 21, 2019

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Question 1

When planning for local government financial statement audit, what data source should the auditor consider first?

A : government-wide financial statements

B : fund financial statements

C : reconciliations between fund financial statements

D : previous audit findings

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 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

Question 4

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 5

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

Page: 1 / 24

Total 117 Questions | Updated On: Aug 21, 2019

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