AGA CGFM EXAM PRACTICE QUESTIONS AND ANSWERS

AGA CGFM exam practice questions and answers

AGA CGFM exam practice questions and answers

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q63-Q68):

NEW QUESTION # 63
A payment to the capital projects fund is recorded in the general fund as:

  • A. an interfund loan.
  • B. an expense.
  • C. a transfer out.
  • D. an operating subsidy.

Answer: C


NEW QUESTION # 64
Efficient inventory management will result in

  • A. high write-offs of obsolete inventory.
  • B. fewer instances of work stoppage.
  • C. a low inventory turnover ratio.
  • D. high total asset turnover.

Answer: B

Explanation:
What Is Efficient Inventory Management?
* Efficient inventory management ensures that an organization has the right amount of inventory at the right time to meet operational needs without overstocking or understocking.
* Proper inventory management minimizes disruptions to operations, including work stoppages due to lack of necessary materials or supplies.
Why Is Fewer Instances of Work Stoppage the Correct Answer?
* Efficient inventory management ensures that required inventory is available when needed, reducing the risk of work delays or stoppages caused by inventory shortages.
Why Other Options Are Incorrect:
* A. A low inventory turnover ratio:A low turnover ratio often indicates overstocking or slow-moving inventory, which is not a sign of efficiency.
* B. High write-offs of obsolete inventory:Efficient management reduces obsolete inventory, leading to fewer write-offs, not more.
* D. High total asset turnover:While efficient inventory management may contribute to overall asset efficiency, it does not directly result in a high total asset turnover ratio.
References and Documents:
* GAO Guide on Inventory Management:Emphasizes the role of inventory management in avoiding operational disruptions.
* Best Practices for Inventory Management (AGA):Highlights reduced work stoppages as a key benefit of effective inventory control.


NEW QUESTION # 65
Based on the data below, what can be concluded about outsourcing print job?

  • A. ABC Printing should be awarded the outsourcing contract.
  • B. Outsourcing printing is feasible.
  • C. Outsourcing printing is necessary.
  • D. It is better to keep the printing in-house.

Answer: B

Explanation:
* Understanding the Scenario:The table compares the costs of four printing jobs performed by an
"Internal Print Shop" versus three external vendors (Ace Printing, ABC Printing, and Printing, Inc.).
Eachvendor's pricing varies by print job type. The task is to evaluate whether outsourcing (hiring external vendors) is a reasonable alternative to keeping the work in-house.
* Key Considerations in Outsourcing:According to governmental accounting principles and budgeting practices outlined by theAssociation of Government Accountants (AGA), the decision to outsource should consider:
* Cost-effectiveness: Does outsourcing reduce costs without compromising quality or service delivery?
* Operational efficiency: Can outsourcing free up internal resources for other priorities?
* Comparative pricing: How do external vendor rates compare to internal costs for identical services?
* Analysis of the Print Jobs:Let's break down the cost comparison for each print job:
* Zone Map:Internal cost = $4.23.Cheapest vendor = Printing, Inc., at $4.00.Outsourcing is cheaper for this job.
* Agenda Packet:Internal cost = $23.18.Cheapest vendor = Printing, Inc., at $22.00.Outsourcing is cheaper for this job.
* Budget Cover:Internal cost = $840.00.Cheapest vendor = ABC Printing, at $624.30.Outsourcing is significantly cheaper for this job.
* Employee Benefit Brochure:Internal cost = $6.14.Cheapest vendor = ABC Printing, at $4.90.
Outsourcing is cheaper for this job.
* Conclusion Based on Analysis:
* Across all four print jobs, the lowest-cost external vendor always beats the Internal Print Shop's costs.
* From abudgetary perspective, outsourcing is feasible as it offers cost savings across all jobs.
* Why Not A, C, or D?:
* Option A(Keep printing in-house): Incorrect, as in-house costs are consistently higher than the cheapest external vendor.
* Option C(Outsourcing is necessary): Incorrect, as feasibility doesn't mean necessity; internal printing is still an option if other factors (like quality or control) outweigh costs.
* Option D(Award contract to ABC Printing): Incorrect, since the best vendor depends on the job (e.g., Printing, Inc. is cheaper for Zone Map and Agenda Packet).
References:
* Association of Government Accountants (AGA),Government Financial Manager Certification Study Guide: Budgeting, Cost Accounting, and Auditing Principles.
* Government Finance Officers Association (GFOA),Best Practices in Outsourcing and Procurement.
* Federal Accounting Standards Advisory Board (FASAB),Cost Accounting Standards for Governmental Operations.


NEW QUESTION # 66
An ISF has the following capital equipment in service for the stated time. Based upon the information below, using the straight-line method, what should be charged for depreciation at year-end?

  • A. $6,438
  • B. $4,267
  • C. $2,171
  • D. $8,155

Answer: A


NEW QUESTION # 67
The modified accrual basis of accounting is characterized by:

  • A. assets included in the general fixed asset account group.
  • B. revenues being recognized when realized.
  • C. expenditures recorded when warrants are paid.
  • D. revenues being recognized when measurable and available.

Answer: D


NEW QUESTION # 68
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