Certified Government Financial Manager v1.0

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Exam contains 203 questions

The objective of financial and non-financial performance measures is to:

  • A. demonstrate probity and legality in the handling of public funds.
  • B. demonstrate taxpayer preference in allocation of funds.
  • C. assess policy and reasonableness of budget allocation.
  • D. assess government performance and program accountability.


Answer : D

What is the present value of $25,000 to be received 10 years from today if the opportunity rate is 4%, the current tax rate is 1% and the expected future value is
9%?


  • A. $ 9,706
  • B. $10,550
  • C. $15,295
  • D. $16,900


Answer : D

An agency receives miscellaneous revenue and investment revenue. The January beginning balance is $12,000. Monthly revenue is projected to be $2,000 and monthly expenses are projected to be $1,800. The agency plans to purchase a $10,000 90-day bond at par value on January 15. The agency has a $20,000 90- day bond that matures on February 15. What is the projected cash balance at the end of March?

  • A. $11,400
  • B. $12,600
  • C. $22,600
  • D. $32,600


Answer : C

An audit tool used to examine financial data to detect fraud is:

  • A. red flag detection.
  • B. compiling data.
  • C. data mining.
  • D. regression analysis.


Answer : C

Using purchasing cards for contract purchases creates efficiencies for all of the following EXCEPT:

  • A. detection of fraudulent purchases.
  • B. savings in transaction costs.
  • C. improved cash flow for the vendor.
  • D. streamlining payment in the accounts payable system.


Answer : A

The U.S. Standard General Ledger will be used to record financial events for federal agencies, and common data elements shall be used throughout a federal agency for collection, storage and retrieval of financial information records according to OMB circular number:

  • A. A-87.
  • B. A-122.
  • C. A-127.
  • D. A-133.


Answer : C

Governmental Organizations also provide funds to:

  • A. Profit Organizations
  • B. Non-Profit Organizations
  • C. SMEs
  • D. International Organizations or MNCs


Answer : B

Which one of the following statements is the part of practices that States regulate?

  • A. Preparation of specifications
  • B. Advertising the letting of contracts and Project Scheduling
  • C. Minority Goals
  • D. All of these


Answer : D

Federal and local Governments raise funds from________________ respectively.

  • A. Tax-exempt Bonds and Bank Loans
  • B. Bank Loans and Bonds
  • C. International Market Investments and MNCs Capital Funding
  • D. Foreign Reserves, Local Reserves


Answer : A

FASAB has established_______ accounting Standards.

  • A. 35
  • B. 20
  • C. 30
  • D. 27


Answer : C

The National Committee on Municipal Accounting (NCMA), sponsored by the Municipal Finance Officers Association (later Government Finance Association
[GFOA]), published in what is called, for obvious reasons, the "Blue Book." The third Blue book was titled as:

  • A. Governmental Accounting, Auditing, and Financial Reporting
  • B. Federal Accounting and Financial Reporting
  • C. Blue book III
  • D. None of these


Answer : A

FASB (Financial Accounting Standards Board) is a ____________ organization and controlled and supported by a ______________, Financial Accounting
Foundation.

  • A. Governmental Organization, Non-Profit Organization.
  • B. Private Organization, Non-Profit Organization.
  • C. Non-Profit Organization, Governmental Organization.
  • D. Semi- governmental Organization, Private Organization


Answer : B

_______________ had separate principles for ___________________ in the past.

I. Colleges and universities -
II. Hospital and health ""care entities
III. Voluntary health and welfare organization

IV. Nonprofit organization -

  • A. Federal Government
  • B. State Government
  • C. Local Government
  • D. Non-profit Organization


Answer : D

Issuance of practice and consensus bulletins prepared by the AICPA"™s Accounting and Standard Executive Committee is done at _________ level of GAAP.

  • A. 1
  • B. 2
  • C. 3
  • D. Zero


Answer : C

Federal Government requires accounting records on:

  • A. GGAP-basis
  • B. Non-GAAP basis
  • C. It depends
  • D. Both A&B


Answer : C

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Exam contains 203 questions

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