QUIZ AGA - NEWEST CGFM - CERTIFIED GOVERNMENT FINANCIAL MANAGER (CGFM) RELIABLE TEST PREP

Quiz AGA - Newest CGFM - Certified Government Financial Manager (CGFM) Reliable Test Prep

Quiz AGA - Newest CGFM - Certified Government Financial Manager (CGFM) Reliable Test Prep

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Tags: CGFM Reliable Test Prep, Reliable CGFM Test Objectives, Exam CGFM Details, CGFM Valid Braindumps Ppt, CGFM Dump Torrent

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Reliable CGFM Test Objectives | Exam CGFM Details

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q23-Q28):

NEW QUESTION # 23
The most politically sensitive budgetary decisions for government board members center on:

  • A. All of there
  • B. Tax and user free rates
  • C. How much to hold in reserve for emergencies
  • D. Whether to adopt a strategic plan

Answer: B


NEW QUESTION # 24
"A cash received as a loan is shown as revenue not as a liability, on the balance sheet. To correct for such cases, most cash accounting systems recognize not only cash but also other assets and liabilities arising through prior cash transactions. This adjustment, though, does not alter the fact that outstanding obligations have been incurred but not accounted for, thus overstating the available balance." This is an example of possible mishandlings after the selection of .

  • A. Accrual basis of accounting
  • B. Modified basis of accounting
  • C. Cash basis of accounting
  • D. None of these

Answer: C


NEW QUESTION # 25
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?

  • A. budgetary cushion ratio
  • B. quick/current ratio
  • C. debt burden ratio
  • D. receivables turnover ratio

Answer: B

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 # 26
A county fire department receives property tax revenue on a 55% (December), 40% (April),
5% (June) basis. The uncollectible portion is .05%. If the department received $5.1 million in December, the annual property tax revenues will be:

  • A. $ 9,272,727.
  • B. $10,200,000.
  • C. $ 9,268,091.
  • D. $ 8,809,091.

Answer: C


NEW QUESTION # 27
In Government Organizations, a modified approach for depreciation is used. This modified approach expenses maintenance cost and capitalizes additions and improvements, but it does not record depreciation charges.
The logic behind the modified approach is:

  • A. Changes in fiduciary assets
  • B. That buildings have an indefinite useful life, making depreciated charges unnecessary.
  • C. Changes in proprietary fund statement of revenues, expenses, and charges in fund assets.
  • D. All of these

Answer: B


NEW QUESTION # 28
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