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The CGFM Exam is composed of three exams that cover the areas of government accounting, financial reporting and budgeting, and ethics. CGFM exams are designed to test the candidate’s knowledge of various government accounting principles and practices, as well as their ability to apply these principles in real-world situations. The CGFM program also includes specific continuing education requirements to ensure that certified individuals are staying up-to-date with the latest developments in the field. Those who pass all three exams and meet the continuing education requirements are awarded the CGFM certification, which demonstrates their commitment to the highest standards of professionalism in government financial management.
NEW QUESTION # 32
Performance measures that report the results of providing goods or services are known as
- A. workload measures.
- B. output measures.
- C. outcome measures.
- D. activity measures.
Answer: B
Explanation:
* Definition of Output Measures:
* Output measures trackthe results of providing goods or services, such as the number of items produced or services delivered.
* These measures focus onquantityrather than quality or outcomes.
* Explanation of Answer Choices:
* A. Activity measures: Incorrect. Activity measures refer to inputs or processes, not results.
* B. Outcome measures: Incorrect. Outcome measures assess the impact or effectiveness of a program, not the quantity of goods/services provided.
* C. Output measures: Correct. Output measures focus on results (e.g., number of services delivered).
* D. Workload measures: Incorrect. Workload measures assess the volume of work performed but do not necessarily report on the results.
References:
* GASB,Performance Measurement Concepts.
* GAO,Performance Auditing Standards and Guidance.
NEW QUESTION # 33
Which of the following is an example of an outcome measure?
- A. percentage of disaster claims paid on time
- B. number of federal capital territory students that graduated
- C. amount of disability inquiries received during a pandemic
- D. total environmental impact statements reviewed
Answer: A
Explanation:
What Is an Outcome Measure?
* Anoutcome measureevaluates the results or impacts of a program or service, focusing on whether objectives were achieved (e.g., efficiency, effectiveness, or quality).
* Percentage of disaster claims paid on timedirectly reflects the program's ability to meet its goal of providing timely financial assistance to disaster victims, making it an outcome measure.
Why Other Options Are Incorrect:
* A. Amount of disability inquiries received during a pandemic:This is aninput measure, as it reflects the demand or workload, not the results.
* B. Total environmental impact statements reviewed:This is anoutput measure, showing the quantity of work done, not the effectiveness or result.
* C. Number of federal capital territory students that graduated:While this measures results, it reflects an output rather than an outcome (it doesn't assess the quality or long-term impact of education).
References and Documents:
* Government Performance and Results Act (GPRA):Emphasizes the use of outcome measures to evaluate program performance.
* GAO Performance Measurement Guide:Defines and provides examples of outcome, output, and input measures.
NEW QUESTION # 34
The IFB should:
- A. include only related items
- B. be issued only to vendors with a history of acceptable bid performance
- C. Specify the delivery conditions and stipulate that bids will be opened publicly
- D. All of these
Answer: D
NEW QUESTION # 35
Centralization is most cost effective than decentralization purchasing because:
- A. Purchases are better scheduled
- B. Goods are more systematically inspected
- C. Suppliers operate under a single set of rules and expectations
- D. All of these
Answer: D
NEW QUESTION # 36
This exhibit shows that management should give thoughts to its coding system. A coding system structure with too many accounts is redundant but a too-abbreviated system does not sufficiently permit cost performance evaluation. Minimally organizations should budget by:
- A. Funds, Department and Object expenditure
- B. Object of experiment
- C. department
- D. Funds
Answer: A
Explanation:
Explanation
NEW QUESTION # 37
have no donor-imposed restrictions as compared to permanently
restricted assets (include endowments and assets such as land and artwork) that are restricted as long as the organization as the organization has custody of them.
- A. Net Assets
- B. There are no assets
- C. Temporarily rusticated assets
- D. Unrestricted assets
Answer: D
NEW QUESTION # 38
GAAP do not specify how much fund balance to set aside, but the_ recommends that local governments maintain a reserve of (1) 5% to 15% of general fund reserves or (2) at least 1-2 months general fund operating expenditures.
- A. GFUA (Government Finance officers Association)
- B. All of there
- C. State bank
- D. Federal reserves Board
Answer: A
NEW QUESTION # 39
Small local governments and nonprofits use a third accounting basis, the cash basis, accounting, though unapproved by GAAP. Cash accounting is used because more accurate, is more complex and costly.
- A. Deferral
- B. Accrual
- C. Both B & C
- D. Modified
Answer: B
NEW QUESTION # 40
Localities contract with a consulting engineer to make a preliminary feasibility study of a project, prepare a detailed design and construction specifications, coordinate construction activities, and advice on special problems that might occur during construction.
Consulting engineers are compensated in which of the following way/s?
- A. A lump-sum payment when a project is clearly defined
- B. A percentage of construction costs, the percentage being based on a scale developed by the Society of civil engineers
- C. Cost-plus-fixed-fee basis when a project is not clearly defined
- D. All of these
Answer: D
NEW QUESTION # 41
There are types of social obligation bonds.
- A. Four
- B. Three
- C. None of these
- D. Six
Answer: C
NEW QUESTION # 42
Management segregates duties among staff in order to reduce the risk of fraud
- A. pressure.
- B. rationalization.
- C. detection.
- D. opportunity.
Answer: D
Explanation:
Segregation of Duties and the Fraud Triangle:
* TheFraud Triangleidentifies three conditions that contribute to fraud:pressure,opportunity, and rationalization.
* Segregating duties (e.g., separating authorization, recordkeeping, and asset custody) is specifically designed to reduceopportunity, which is the chance for an employee to commit fraud without detection.
Why Opportunity Is Key:
* If one person has too much control over a process, they may exploit it for personal gain. Segregating duties creates checks and balances, making it harder for fraudulent activities to go unnoticed.
Why Other Options Are Incorrect:
* A. Pressure:Pressure refers to personal or financial stresses that drive someone to commit fraud, but segregation of duties does not address this directly.
* C. Rationalization:Rationalization involves justifying fraudulent behavior, which segregation does not prevent.
* D. Detection:While segregation can aid in fraud detection, its primary role is to reduce opportunities for fraud.
References and Documents:
* GAO Standards for Internal Control (Green Book):Emphasizes segregation of duties as a control to mitigate opportunities for fraud.
* COSO Internal Control Framework:Identifies segregation of duties as a key tool to reduce fraud risk.
NEW QUESTION # 43
The supply side fiscal policy reduces _________ and the Keynesian fiscal policy increases __________.
- A. Economic growth, Employment rate
- B. Economic growth, Taxes
- C. Taxes, Federal spending
- D. None of these
Answer: C
NEW QUESTION # 44
With respect to capital leas the cops, the rating analyst evaluates:
- A. General creditworthiness
- B. The risk of non-appropriation
- C. The essentialities of the asset
- D. All of these
Answer: D
NEW QUESTION # 45
The CFO Act of 1990 mandates all of the following EXCEPT:
- A. establishment of a leadership structure.
- B. strengthening accountability reporting.
- C. provision for long-range planning.
- D. unqualified audited financial statements.
Answer: D
NEW QUESTION # 46
The internal control structure is designed to assist managers in:
- A. ensuring that physical security controls prevent unauthorized individuals from accessing sensitive information.
- B. preparing consistent financial statements in accordance with applicable standards.
- C. achieving agency program objectives and ensuring that functions are efficiently and effectively performed.
- D. guaranteeing the success of an organization's program and preventing fraud, waste and mismanagement of resources.
Answer: C
NEW QUESTION # 47
The feasibility study assures investors and rating agencies necessary and fiscally sound.
Consulting engineers are compensated in following ways:
- A. A lump-sum payment when a project is clearly defined
- B. Cost-plus-fixed-fee basis when a project is not
- C. A percentage of construction costs, the percentage being based on a scale of civil engineers
- D. All of these
Answer: D
NEW QUESTION # 48
extends the limits of general liability, automotive liability. And
employers' liability, usually in $1 million blocks.
- A. Public Officials and Employment Practices Liability
- B. Police Professional Liability
- C. Excessive Liability
- D. Professional Liability
Answer: C
NEW QUESTION # 49
Bond proceeds funds capital assets (Known as fixed assets) that typically have useful lives of at least five or six years. These assets include:
- A. Utility plant construction
- B. Recreational facilities
- C. Utility lines
- D. All of these
Answer: D
NEW QUESTION # 50
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