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The Certified Government Financial Manager (CGFM) certification is an essential designation for professionals working in government financial management. The CGFM is a specialization awarded by the Association of Government Accountants (AGA). Certified Government Financial Manager (CGFM) certification symbolizes the knowledge, skills, and competency needed by government financial managers to meet the challenges facing the industry today.

The CGFM certification program is open to individuals who are currently working or have worked in the government financial management sector. Certified Government Financial Manager (CGFM) certification program requires candidates to pass three exams covering government financial management, government accounting, and financial reporting and analysis.

To be eligible to take the CGFM Certification Exam, individuals must meet certain education and experience requirements. These requirements vary depending on the level of education and experience of the candidate. Candidates must also be members of the AGA and adhere to the organization's code of ethics. Once individuals have passed all three modules of the CGFM exam, they are awarded the CGFM certification, which is valid for three years. To maintain their certification, CGFMs are required to complete continuing education courses and participate in professional development activities.

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q42-Q47):

NEW QUESTION # 42
The local car dealer in town can provide the 10 new cars the city needs at cost of $150,000.
If local preferences were given, what would the preference margin (PM) be, assuming the dealer pays $50,000 in local property and sales taxes and that the total sales by the dealer are $2,000,000?

A. $375 per vehicle
B. $380 per vehicle
C. $370 per vehicle
D. $325 per vehicle

Answer: A

NEW QUESTION # 43
The best source for annual liability and cash flow data is a state's

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

Answer: C

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 # 44
"Every employee should have a personnel file that includes authorization for hiring, salary history hours authorized to work, federal and state withholding forms, hospital and retirement information and support for any other payout deductions." There are the procedures of:

A. Federal government payroll system
B. Both A and B
C. Separation of duties in a small of government
D. Cash Disbursements in payroll department

Answer: B

NEW QUESTION # 45
A capital asset transferred to another department within the same government should be

A. recorded with the second department to minimize costs.
B. retained in the government's fixed asset tracking system showing the book value of the asset transferred to the receiving department.
C. recorded with the original department to maximize receipts.
D. retained in the government's fixed asset tracking system with no change in book value to either department.

Answer: B

Explanation:
Capital Asset Transfers Within the Same Government:
* When a capital asset is transferred between departments within the same government, the asset'sbook value(its original cost minus accumulated depreciation) should remain in the fixed asset tracking system.
* The transfer does not change the overall value of the asset for the government as a whole, but it should reflect that the asset is now under the responsibility of the receiving department.
Why This Is Important:
* Accurate tracking ensures the fixed asset system reflects the current custodian of the asset and allows for proper asset management and accountability.
Why Other Options Are Incorrect:
* A. Recorded with the original department to maximize receipts:This is incorrect because it ignores the asset's transfer and would misrepresent which department is responsible for it.
* B. Recorded with the second department to minimize costs:Cost minimization is irrelevant here; the transfer should reflect the book value.
* C. Retained with no change in book value to either department:While the book value doesn't change overall, the system must reflect the transfer to the receiving department.
References and Documents:
* GAAP (Governmental Accounting Standards Board - GASB):Requires accurate fixed asset tracking to reflect departmental transfers.
* GASB Statement No. 34:Discusses fixed asset tracking and reporting requirements.

NEW QUESTION # 46
There are types of social obligation bonds.

A. Four
B. Six
C. None of these
D. Three

Answer: C

NEW QUESTION # 47
......

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