2025 RELIABLE CGFM BRAINDUMPS BOOK | ACCURATE 100% FREE TEST CGFM SCORE REPORT

2025 Reliable CGFM Braindumps Book | Accurate 100% Free Test CGFM Score Report

2025 Reliable CGFM Braindumps Book | Accurate 100% Free Test CGFM Score Report

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q55-Q60):

NEW QUESTION # 55
The best source for annual liability and cash flow data is a state's

  • A. appropriations bill.
  • B. ACFR.
  • C. statement of activities.
  • D. PAR.

Answer: B

Explanation:
* Annual Comprehensive Financial Report (ACFR):
* TheACFR(formerly CAFR) is the primary source for a state's annual financial information, including liability and cash flow data.
* It provides comprehensive financial statements, including the balance sheet, statement of activities, and cash flow statements.
* Explanation of Answer Choices:
* A. PAR: ThePerformance and Accountability Report (PAR)focuses on federal agencies and includes performance goals and achievements but lacks detailed liability and cash flow data for states.
* B. ACFR: Correct. The ACFR is the best source for detailed liability and cash flow data at the state level.
* C. Appropriations bill: Provides legislative authority for spending but does not include detailed financial data.
* D. Statement of activities: This is part of the ACFR but does not include all necessary cash flow or liability data.
References:
* Government Finance Officers Association (GFOA),Best Practices for ACFR Reporting.
* GASB,Annual Comprehensive Financial Report Guidance.


NEW QUESTION # 56
The performance auditor has input into the work plan, prioritizing projects based on:

  • A. Absence of performance and information
  • B. Risk and exposure
  • C. Legal mandates
  • D. All of these

Answer: D


NEW QUESTION # 57
The auditors provide of the reliability of the financial statements.

  • A. Material misstatement
  • B. Reasonable assurance
  • C. None of these
  • D. Sample

Answer: B


NEW QUESTION # 58
Planning to support ongoing financial operations in the event of a natural disaster is based on the assumption that

  • A. there may be no warning of the potential emergency.
  • B. government agencies will need to operate as standalone organizations.
  • C. a fully redundant infrastructure will be available to staff at an alternate location.
  • D. leadership and staff will reconvene at an alternate location.

Answer: A

Explanation:
* Assumptions in Disaster Planning:
* Financial continuity planning for natural disasters must account for scenarios where the event occurs suddenly and without warning.
* This assumption ensures that governments are prepared to quickly resume critical financial operations even under challenging and unpredictable circumstances.
* Explanation of Answer Choices:
* A. Leadership and staff will reconvene at an alternate location: While this is part of disaster planning, it is not the primary assumption.
* B. A fully redundant infrastructure will be available to staff at an alternate location: This may not always be realistic or feasible.
* C. There may be no warning of the potential emergency: Correct. Disaster planning assumes that emergencies can occur without prior notice.
* D. Government agencies will need to operate as standalone organizations: This is not a standard assumption in disaster planning.
References:
* FEMA,Continuity Guidance Circular.
* GAO,Disaster Resilience and Continuity Planning.


NEW QUESTION # 59
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. $16,983
  • C. $20,550
  • D. $18,495

Answer: B

Explanation:
What Are We Solving For?
* We are calculating thepresent value (PV)of $20,550 to be received at theend of year 2using a discount rate of10%.
* The formula for present value is: PV=FV(1+r)nPV = frac{FV}{(1 + r)

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