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Last Updated: Oct 09, 2026
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AGA CGFM Practice Q&A's
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Life rarely leaves a clear slot for exam preparation — work runs late, family needs you, friends deserve your evenings — and that is exactly why the CGFM materials at Pass4training are built for self-paced study: 115 practice questions for the CGFM exam that bend around your schedule instead of breaking it.
AGA CGFM Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Examination 1: Governmental Environment | - Concepts, Definitions and Notions of Public Accountability - Government Management System (Cycle) - Governmental Financing Process - Ethics as Applied to the Governmental Environment - Organization, Structure and Authority of Government - Legally Based Implications of the Government Financial Environment - Electronic Services in Government |
| Topic 2: Examination 2: Governmental Accounting, Financial Reporting and Budgeting | - Governmental Financial Accounting, Reporting and Budgeting: General Knowledge - State and Local Financial Accounting and Reporting - Federal Financial Accounting and Reporting |
| Topic 3: Examination 3: Governmental Financial Management and Control | - Auditing - Performance Measurement / Metrics / Service Efforts and Accomplishments (SEA) - Internal Controls - Financial Management Functions - Financial and Managerial Analysis Techniques |
AGA Certified Government Financial Manager (CGFM) Questions, Answered Honestly
- Examination 2: Governmental Accounting, Financial Reporting and Budgeting ()
- Examination 3: Governmental Financial Management and Control ()
- Examination 1: Governmental Environment ()
AGA Certified Government Financial Manager (CGFM) Sample Questions:
A governmental attestation engagement may include a requirement to
- A. establish a policy concerning fraud prevention.
- B. monitor purchasing card charges for compliance with travel policies.
- C. monitor a subgrantee for compliance to the grant restrictions.
- D. review the revenue coverage requirements on outstanding bonds.
Correct Answer: D 🗳️
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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. quick/current ratio
- B. receivables turnover ratio
- C. budgetary cushion ratio
- D. debt burden ratio
Correct Answer: A 🗳️
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A key objective of a performance audit is
- A. providing an opinion on the entity's financial statement.
- B. providing an opinion on a subject matter that is the responsibility of another party.
- C. issuing a report of findings based upon an agreed-upon procedure.
- D. assessing program effectiveness, economy and efficiency.
Correct Answer: D 🗳️
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Based on the data below, what can be concluded about outsourcing print job?
- A. It is better to keep the printing in-house.
- B. Outsourcing printing is feasible.
- C. Outsourcing printing is necessary.
- D. ABC Printing should be awarded the outsourcing contract.
Correct Answer: B 🗳️
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As a way to ensure fiduciary responsiblity, a government entity should include which of the following in its investment policy?
- A. permissible and non-permissible investment securities
- B. prices and performance of its investment securities
- C. key and non-key investment security controls
- D. historical allocations of investment securities
Correct Answer: A 🗳️
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