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, 2025

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Question 1

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 2

An evaluation of anggntity’s single year financial statements would use which of the following analyses?

A : comparative

B : horizontal

C : trend

D : vertical

Answer: D

Question 3

Government entity SEA reporting provides users of general purpose financial reports with an

A : evaluation of the effects of changes in public policy.

B : assessment of financial condition and results of operations.

C : assessment of the accountability of the public administrators.

D : evaluation of the efficiency and effectiveness of governmental programs.

Answer: D

Question 4

The first step in assessing an agency's internal control program's compliance with applicable laws and regulations is to

A : review legal actions against the agency for noncompliance with laws and regulations.

B : contact the legislature to secure its views on any areas of regulatory noncompliance.

C : develop an inventory of the applicable laws and regulations.

D : request a compliance review from the agency's chief legal officer.

Answer: C

Question 5

An evaluation of anggntity’s single year financial statements would use which of the following analyses?

A : comparative

B : horizontal

C : trend

D : vertical

Answer: D

Page: 1 / 24

Total 117 Questions | Updated On: Oct 27, 2025

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