CGFO EXAM QUESTIONS WITH COMPLETE SOLUTIONS

CGFO EXAM QUESTIONS WITH COMPLETE
SOLUTIONS

10 Standards issued by SAS Correct Answers General
Standards (3)
Field Work Standards (3)
Reporting Standards (4)

3 Concepts of Financial Audit Correct Answers 1. Fairly
Presented - in conformity with GAAP
2. Reasonable Assurance
3. Materiality

3 Field Work Standards issued by SAS Correct Answers 1.
Adequate planning/supervision
2. Understand entity - study of internal control
3. Sufficient competent evidential matter (basis of opinion)

3 Fund Classifications Correct Answers Governmental Funds
Proprietary Funds
Fiduciary Funds

3 General Standards issued by SAS Correct Answers 1.
Adequate training/proficiency
2. Independence in mental attitude
3. Due professional care

3 Reasons for Debt Refunding Correct Answers 1. Lower
market interest rate
2. eliminate onerous bond covenants
3. free up current pledged revenues

, 3 types of basis of accounting Correct Answers 1. Accural
2. Modified Accrual
3. Cash

3 types of financial reporting Correct Answers External
Special Purpose - grantors, state agencies
Internal - does not follow GAAP/GASB

4 Reporting Standards by SAS Correct Answers 1. Fin Stmts
presented in accord w/ GAAP
2. GAAP consistently observed (current/preceding period)
3. Informative disclosures adequate
4. Expression of opinion and why

4 types of budgets Correct Answers operating, capital, project,
cash

Accounting treatment - Bond Issuance in Govt Funds Correct
Answers Face Value of Bond - other financing source
Discount/Premium - other financing source
Bond Insurance - Expenditure
Bond Issuance Cost - Expenditure

Accrual Basis Accounting Correct Answers regardless of timing
of cash flows

Revenues - when earned
Expenses - when incurred