HOW TO GET SUCCESS IN AGA CGFM EXAM WITH FLYING COLORS?

How to Get Success in AGA CGFM Exam With Flying Colors?

How to Get Success in AGA CGFM Exam With Flying Colors?

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q36-Q41):

NEW QUESTION # 36
In claim management, insurance policies should specify what should be reported, including the nature of the alleged wrongful act, the alleged damages, and the names of claimants. Which of the following steps is included in this?

  • A. Express concern for the individual, but not offer to pay any damages
  • B. All of these
  • C. Take snapshots of the area, if possible
  • D. Record the names, addresses, and phone numbers of all involved in the incident.

Answer: B


NEW QUESTION # 37
The basic steps in fraud audits include all of the following EXCEPT

  • A. follow-up on control weaknesses.
  • B. reporting the results.
  • C. considering political ramifications.
  • D. consulting legal counsel.

Answer: C

Explanation:
* Fraud Audit Objective:Fraud audits aim to detect and investigate fraudulent activities, strengthen internal controls, and report findings to stakeholders.
* Basic Steps in Fraud Audits:
* Consulting Legal Counsel: Ensures compliance with legal requirements and protects the organization.
* Reporting the Results: Essential to inform stakeholders of findings and corrective actions.
* Follow-up on Control Weaknesses: Addresses identified vulnerabilities to prevent future fraud.
* Explanation of Incorrect Answer:
* D. Considering political ramifications: Irrelevant to fraud audits, as these audits focus on financial and legal matters rather than political considerations.
References:
* Association of Certified Fraud Examiners (ACFE),Fraud Examination Manual.
* Government Accountability Office (GAO),Fraud Risk Management Framework.


NEW QUESTION # 38
Similar accounting controls should be established over accounting for investment inventory management, cash disbursements, cash management and billing and receipt of taxes and utilities. Other effective internal control measures include which of the following?

  • A. Account for used or missing forms daily
  • B. Trusting employees too much
  • C. Cancel voided forms
  • D. All of there

Answer: D


NEW QUESTION # 39
The scope of a single audit engagement includes all of the following EXCEPT

  • A. financial statements.
  • B. performance results.
  • C. internal controls.
  • D. compliance with terms of the award.

Answer: B

Explanation:
* Scope of Single Audit:The scope includes:
* Financial Statements: Ensuring accurate reporting of financial activities.
* Internal Controls: Evaluating effectiveness in compliance with federal requirements.
* Compliance: Ensuring compliance with the terms and conditions of the award.
* Explanation of Answer Choices:
* A. Financial statements: Included in the audit.
* B. Internal controls: Included to ensure compliance.
* C. Performance results: Correct. Single audits do not assess program outcomes or effectiveness.
* D. Compliance with terms of the award: Included to ensure federal funds are used appropriately.
References:
* Uniform Guidance (2 CFR Part 200),Audit Requirements.
* Government Accountability Office (GAO),Yellow Book: Standards for Audits of Federal Awards.


NEW QUESTION # 40
extends the limits of general liability, automotive liability. And
employers' liability, usually in $1 million blocks.

  • A. Public Officials and Employment Practices Liability
  • B. Police Professional Liability
  • C. Excessive Liability
  • D. Professional Liability

Answer: C


NEW QUESTION # 41
......

These AGA CGFM Exam questions help you practice theoretical and practical skills in different aspects, making problem-solving easier. Our AGA CGFM questions PDF is a complete bundle of problems presenting the versatility and correlativity of questions observed in past exam papers. These questions are bundled into AGA CGFM PDF Questions following the official study guide.

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