AGA CGFM Practice Exams
Last updated on Oct 22,2026- Exam Code: CGFM
- Exam Name: CGFM Certified Government Financial Manager
- Certification Provider: AGA
- Latest update: Oct 22,2026
The ratios used to determine an organization’s ability to meet its creditor’s demands are
- A . budgetary cushion ratios.
- B . liquidity ratios.
- C . debt burden ratios.
- D . turnover ratios.
Efficient inventory management will result in
- A . a low inventory turnover ratio.
- B . high write-offs of obsolete inventory.
- C . fewer instances of work stoppage.
- D . high total asset turnover.
A local government is reviewing the performance of a contractor that is collecting trash for the county. Performance can be measured based upon the cost
- A . per mile travelled.
- B . per ton of trash collected.
- C . comparison with closest comparable jurisdiction.
- D . per employee.
Government performance measurement promotes
- A . responsibility.
- B . profitability.
- C . accountability.
- D . cash availability.
A key objective of a performance audit is
- A . providing an opinion on the entity’s financial statement.
- B . assessing program effectiveness, economy and efficiency.
- C . providing an opinion on a subject matter that is the responsibility of another party.
- D . issuing a report of findings based upon an agreed-upon procedure.
Using Benford Digital Analysis, an auditor can identify potential fraud when
- A . a higher-than-expected number of payment amounts to one vendor start with the number three.
- B . a large number of contracts are awarded to one vendor.
- C . a large contract is awarded to the director’s close relative.
- D . an employee receives kickbacks from real estate developers.
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
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.
Who holds primary responsibility for establishing internal controls?
- A . ccountants
- B . internal auditors
- C . management
- D . audit committee
Earned value management is preferred over traditional project management because
- A . earned value management is used to monitor progress and deliverables of smaller projects.
- B . earned value management provides information about status of deliverables, funds and time expended.
- C . traditional project management is used to monitor progress and deliverables of larger projects.
- D . traditional project management provides information about status of deliverables, funds and time expended.