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The CGFM program is comprised of three exams that cover a range of topics related to government financial management. These exams include Governmental Environment, Governmental Accounting, Financial Reporting and Budgeting, and Governmental Financial Management and Control. The program is designed to provide individuals with the knowledge and skills they need to succeed in a career in government financial management. The CGFM designation is highly respected in the field and is recognized by employers across the country as a mark of excellence in government financial management.
AGA Certified Government Financial Manager (CGFM) Sample Questions (Q52-Q57):
NEW QUESTION # 52
What type of analygis should a finance director use to determine if there will be enough funds available to cover bills due within the next 30 days?
Answer: D
Explanation:
* Purpose of the Analysis:A finance director needs to assess whether the organization has enough funds available to cover short-term obligations (bills due within 30 days). This requires evaluating liquidity.
* Explanation of Key Ratios:
* Quick/Current Ratio: Measures an entity's ability to pay its short-term liabilities using liquid assets.
* Current Ratio= Current Assets ÷ Current Liabilities.
* Quick Ratioexcludes less liquid assets (e.g., inventory), focusing on assets that can quickly convert to cash.This is the appropriate measure for assessing immediate liquidity.
* Receivables Turnover Ratio: Measures how efficiently receivables are collected but doesn't directly evaluate liquidity for bills due within 30 days.
* Budgetary Cushion Ratio: Refers to financial reserves relative to annual spending, not short- term liquidity.
* Debt Burden Ratio: Evaluates debt relative to revenues but does not address immediate cash flow needs.
References:
* Government Finance Officers Association (GFOA),Liquidity Management Best Practices.
* Association of Government Accountants (AGA),Financial Statement Analysis for Government Finance Officers.
NEW QUESTION # 53
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?
Answer: A
NEW QUESTION # 54
Managerial accounting helps officials measure the cost-effectiveness of operations by:
Answer: B
NEW QUESTION # 55
There are about 420 self-insurance pools regarding risk transfer, in America, many of which belong to the:
Answer: A
NEW QUESTION # 56
_ and the Keynesian fiscal policy
The supply side fiscal policy reduces
increases .
Answer: A
NEW QUESTION # 57
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