AGA CGFM HOTTEST CERTIFICATION - CGFM UPDATED TESTKINGS

AGA CGFM Hottest Certification - CGFM Updated Testkings

AGA CGFM Hottest Certification - CGFM Updated Testkings

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Tags: CGFM Hottest Certification, CGFM Updated Testkings, Valid CGFM Exam Camp, CGFM Valid Exam Experience, CGFM Question Explanations

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q80-Q85):

NEW QUESTION # 80
The city of Mudville uses 1600 oil filters annually. The cost of placing an order is $5.00. The unit cost is $3.50.
The carrying cost is 20 percent, and the carrying cost per unit is &0.70(0.20x$3.50). And, there are 255 working days per year, and each order requires three working days of lead time. What is the reorder point?

  • A. 0
  • B. 1
  • C. 2
  • D. 3

Answer: D


NEW QUESTION # 81
A material weakness in internal control over financial reporting is defined as a deficiency that

  • A. creates a reasonable possibility of a material misstatement to the financial statements that will not be detected in a timely manner.
  • B. results in a material misstatement in other accompanying financial information.
  • C. results in a misstatement to the basic financial statements.
  • D. did not allow management to perform their assigned responsibility to prevent, detect and correct misstatements in a timelymanner.

Answer: A

Explanation:
Definition of a Material Weakness:According to auditing standards, a material weakness in internal control over financial reporting is a deficiency or combination of deficiencies that creates a reasonable possibility of a material misstatement in the financial statements that will not be prevented or detected on a timely basis.
Key Characteristics of a Material Weakness:
* Reasonable Possibility:The likelihood of a misstatement is more than remote but less than certain.
* Material Misstatement:The error or omission could impact the decisions of users relying on the financial statements.
* Timely Detection:The deficiency allows errors to go undetected for an extended period, potentially affecting financial statement reliability.
Why Other Options Are Incorrect:
* A.A misstatement in the basic financial statements may result from a material weakness, but the definition focuses on the reasonable possibility, not the actual result.
* B.A material weakness impacts the financial statements, not "other accompanying financial information."
* C.While timely detection is part of the issue, the definition focuses on the reasonable possibility of a misstatement, not management's inability to perform specific duties.
References and Documents:
* GAAS (AICPA SAS No. 115):Provides the formal definition of material weaknesses and guidance for auditors in evaluating control deficiencies.
* COSO Framework:Emphasizes the need for effective internal controls to mitigate material misstatement risks.


NEW QUESTION # 82
Performance measures that relate program inputs to program outcomes are called

  • A. activity measures.
  • B. efficiency measures.
  • C. cost-effectiveness measures.
  • D. process measures.

Answer: C

Explanation:
* Definition of Cost-Effectiveness Measures:
* Cost-effectiveness measures assess therelationship between inputs (resources used)and outcomes (results achieved)to determine whether a program delivers value for the resources invested.
* Explanation of Answer Choices:
* A. Efficiency measures: Incorrect. These relate inputs to outputs, focusing on how efficiently resources are used to produce services, but not directly tied to outcomes.
* B. Process measures: Incorrect. These measure activities or steps within a program but do not assess outcomes.
* C. Cost-effectiveness measures: Correct. These directly link inputs to outcomes, measuring the program's effectiveness in achieving its objectives relative to costs.
* D. Activity measures: Incorrect. These track the level of activity or effort but not outcomes or effectiveness.
References:
* GASB,Performance Measurement and Reporting for Government Programs.
* GAO,Best Practices in Measuring Program Effectiveness.


NEW QUESTION # 83
A well-managed risk management program has following preconditions EXCEPT:

  • A. A good recordkeeping system
  • B. None of theselEl
  • C. A centralized operation with trained personnel
  • D. A formal statement of policies

Answer: B


NEW QUESTION # 84
A successfully integrated technology solution for a CFO ties an organization's activities together and:

  • A. makes consistent information available agency-wide.
  • B. requires highly customized application software.
  • C. optimizes a specific function or activity.
  • D. eliminates waste, fraud and abuse.

Answer: A

Explanation:
Explanation/Reference:


NEW QUESTION # 85
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