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AGA CGFM Exam Questions

Exam Name: Certified Government Financial Manager
Exam Code: CGFM
Related Certification(s): AGA Certified Government Financial Manager CGFM Certification
Certification Provider: AGA
Actual Exam Duration: 135 Minutes
Number of CGFM practice questions in our database: 115 (updated: Feb. 20, 2025)
Expected CGFM Exam Topics, as suggested by AGA :
  • Topic 1: Governmental Financial Accounting
  • Topic 2: Reporting and Budgeting: General Knowledge
  • Topic 3: Demonstrate an Understanding of State and Local Financial Accounting and Reporting
  • Topic 4: Demonstrate an Understanding of Federal Financial Accounting and Reporting.
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Leota

12 days ago
Passed CGFM! Thanks Pass4Success for the exam prep. Focus on cost accounting – understand cost allocation methods and their applications.
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Lorrine

19 days ago
Successfully passed the CGFM exam! Pass4Success's practice questions were incredibly helpful. Grateful for the quick turnaround!
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Mary

27 days ago
CGFM success! Pass4Success questions were a great help. Ethics was a big topic – study the ethical standards for government financial managers.
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Stephaine

1 months ago
Excited to share that I passed the AGA Certified Government Financial Manager exam. The Pass4Success practice questions were extremely helpful. There was a question on the legally-based implications of the government financial environment that asked about the impact of federal regulations on state budgets. I found it difficult but still passed.
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Erinn

1 months ago
CGFM conquered! Pass4Success materials were invaluable. Lots on governmental accounting – be ready to handle fund accounting scenarios.
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Ilona

2 months ago
CGFM certification achieved! Pass4Success's questions were key to my success. Thanks for the time-saving prep!
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Leanna

2 months ago
CGFM done! Pass4Success prep was spot-on. Government auditing standards were heavily tested – know the Yellow Book requirements inside out.
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Elvera

2 months ago
Passed CGFM, thanks to Pass4Success! Brush up on federal grant management – expect questions on compliance requirements and reporting.
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Pearlie

2 months ago
I successfully passed the AGA Certified Government Financial Manager exam, thanks to Pass4Success practice questions. One question that puzzled me was about providing government services and information electronically. It asked about the challenges and benefits of e-government initiatives. I wasn't sure of my answer, but I passed.
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Jennifer

3 months ago
Passed my CGFM! Pass4Success's exam questions were a lifesaver. Couldn't have done it without their focused material.
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Wenona

3 months ago
CGFM in the bag! Pass4Success questions were key. Performance measurement was crucial – understand different types of performance indicators and how to use them.
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Anisha

3 months ago
Happy to announce that I passed the AGA Certified Government Financial Manager exam. The Pass4Success practice questions were invaluable. There was a question on ethics in the government environment that asked about the ethical considerations in financial decision-making. I was a bit uncertain, but I managed to pass.
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Kenneth

3 months ago
I passed the AGA Certified Government Financial Manager exam, and the Pass4Success practice questions were a great help. One question that caught me off guard was about the government management system cycle. It asked about the stages of the budget cycle and their significance. I wasn't entirely sure, but I still passed.
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Lashawna

3 months ago
Aced the CGFM! Pass4Success was a lifesaver. Lots of questions on financial reporting standards – make sure you're up to date on GASB pronouncements.
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Sabrina

4 months ago
Aced the CGFM exam! Pass4Success's prep was invaluable. Thanks for helping me succeed in such a short time!
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Carin

4 months ago
Thrilled to share that I passed the AGA Certified Government Financial Manager exam. The Pass4Success practice questions were spot on. There was a question on public accountability that asked about the principles of transparency and how they apply to government financial reporting. I found it tough but managed to get through.
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Kenneth

4 months ago
CGFM success! Thanks Pass4Success for the prep materials. Internal controls were a big focus – be ready to identify weaknesses in control systems and suggest improvements.
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Chantell

4 months ago
I did it! I passed the AGA Certified Government Financial Manager exam, thanks to Pass4Success practice questions. One challenging question was about the government financing process. It inquired about the different types of government bonds and their purposes. I wasn't confident in my answer, but I passed nonetheless.
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Slyvia

5 months ago
CGFM certified! Pass4Success made it possible with their relevant practice questions. Grateful for the efficient study material.
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Sheldon

5 months ago
Just passed the AGA Certified Government Financial Manager exam! The Pass4Success practice questions were a lifesaver. There was a tricky question on the organization, structure, and authority of government. It asked about the roles and responsibilities of different government branches in financial management. I was a bit unsure, but I still made it through.
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Ashleigh

5 months ago
Just passed the AGA CGFM exam! Grateful to Pass4Success for their spot-on practice questions. Watch out for budget execution questions – know your apportionments and allotments inside out!
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Hayley

5 months ago
I recently passed the AGA Certified Government Financial Manager exam, and I must say, the Pass4Success practice questions were incredibly helpful. One question that stumped me was about the legally-based implications of the government financial environment. It asked about the specific legal requirements for financial reporting in federal agencies. I wasn't entirely sure of the answer, but I managed to pass the exam.
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Ryann

6 months ago
Just passed the CGFM exam! Pass4Success's questions were spot-on. Thanks for the quick prep!
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Dana

6 months ago
Passing the AGA Certified Government Financial Manager exam was a huge accomplishment for me, and I couldn't have done it without the help of Pass4Success practice questions. One question that I found particularly challenging was related to Governmental Financial Accounting, specifically about the accounting treatment of long-term liabilities in a government entity. I had to recall some specific accounting principles, but I managed to select the correct answer in the end.
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Eleonore

7 months ago
My experience taking the AGA Certified Government Financial Manager exam was nerve-wracking, but ultimately rewarding as I passed with flying colors, thanks to Pass4Success practice questions. One question that gave me pause was related to Reporting and Budgeting, specifically about the differences between performance budgeting and traditional budgeting methods. I had to really think through the concepts, but in the end, I was able to select the correct answer.
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Viola

8 months ago
Just passed the CGFM exam! A key focus was on federal budgeting processes. Expect questions on budget formulation and execution cycles. Thoroughly review OMB Circular A-11 and its implications. Thanks to Pass4Success for their spot-on practice questions that helped me prepare efficiently!
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Ernie

8 months ago
I passed the AGA Certified Government Financial Manager exam with the help of Pass4Success practice questions. The exam was challenging, but I felt well-prepared thanks to the practice questions. One question that stood out to me was related to Governmental Financial Accounting, specifically regarding the treatment of grants received by a government entity. I wasn't entirely sure of the correct accounting treatment, but I made an educated guess and it turned out to be correct.
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Free AGA CGFM Exam Actual Questions

Note: Premium Questions for CGFM were last updated On Feb. 20, 2025 (see below)

Question #1

A purchasing officer is asked to select a vendor to provide office supplies. Which of the following vendors should be selected?

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Correct Answer: A

Why Select the Lowest Qualified Bidder?

Procurement rules in government require selecting the lowest qualified bidder to ensure fairness, cost-efficiency, and compliance with procurement regulations.

If the mayor's high school classmate's company meets the qualification criteria and provides the lowest bid, there is no conflict of interest unless favoritism or improper influence is proven.

Why Other Options Are Incorrect:

B . Second lowest priced qualified bidder: Selecting the second lowest bidder without justification violates the principle of fairness and cost-efficiency.

C . Third lowest bidder pending state disbarment: This vendor is not a qualified bidder due to pending disbarment.

D . Highest priced qualified bidder with the highest quality products: If quality specifications are already met by lower bidders, selecting the highest-priced bidder is unjustifiable.

Reference and Documents:

Federal Acquisition Regulation (FAR): Requires selecting the lowest qualified bidder.

GAO Guide on Procurement Standards: Emphasizes fairness and cost-effectiveness in vendor selection.


Question #2

The auditors provide _______________ of the reliability of the financial statements.

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Correct Answer: A

Question #3

Which of the following opinions is not expressed by auditors as to whether financial statements are expressed fairly in all material respects with respect to generally accepted accounting principles?

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Correct Answer: D

Question #4

The auditors provide _______________ of the reliability of the financial statements.

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Correct Answer: A

Question #5

All of the following are core banking services EXCEPT:

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Correct Answer: A

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