CERTIFIED GOVERNMENT FINANCIAL MANAGER (CGFM) EXAM
STUDY GUIDE | QUESTIONS & ANSWERS | NEW 2026/2027 UPDATE |
GRADED A+| 100% CORRECT (VERIFIED SOLUTIONS)
There is a large, one-time payment due tomorrow. -
ANSWER
When would a federal agency choose to make a payment?
FIFO -
ANSWER
A company purchased inventory on the following dates, at the following prices:
Feb. 5, 2018 - 50 units @ $25 each
March 23, 2018 - 75 units @ $20 each
April 12, 2018 - 60 units @ $25 each.
At the end of April, the company has sold 75 units of inventory, and the value of the remaining
inventory is $2,500. What valuation method is the company using?
Prompt Payment Act of 1982 -
ANSWER
A company was awarded a federal contract to perform research; payment for the first invoice is due
on or before Dec 1. The company can rely on the funds in their bank account on that date or receive
on the late payment because of the
Detection -
ANSWER
The Dept. of Ed. operates a program in which grants are provided to local school districts for special
ed programs. Grants are provided in the form of reimbursements sent each month based on actual
expenditures. Grant amounts vary from month to month based on the time of year and the types of
activities performed during the month. Because the program is long-standing, with more than 15
years of historical payment data, tools are used to isolate payment patterns and anomalies in order
to reduce improper payments. Which category used to reduce improper payments, does this fall?
Implementation -
ANSWER
, Which of the following elements, within the systems development lifecycle process, includes data
conversion, data cleanup and training?
Platform as a service -
ANSWER
Software development, storage and hosting accessed as a service over the internet represents which
cloud computing activity?
Limits on foreign exchange rates -
ANSWER
The number of years managing public funds -
ANSWER
Project manager must understand the re-engineering tools to be able to develop alternatives for
redesigning agency processes. -
ANSWER
As part of the re-engineering process when replacing a financial management system, the
The value of the inventory on hand -
ANSWER
Continuity of operations -
ANSWER
A written contingency plan that provides guidance for backing up and restoring the system after a
disruption assures
use "small purchases" procedures -
ANSWER
STUDY GUIDE | QUESTIONS & ANSWERS | NEW 2026/2027 UPDATE |
GRADED A+| 100% CORRECT (VERIFIED SOLUTIONS)
There is a large, one-time payment due tomorrow. -
ANSWER
When would a federal agency choose to make a payment?
FIFO -
ANSWER
A company purchased inventory on the following dates, at the following prices:
Feb. 5, 2018 - 50 units @ $25 each
March 23, 2018 - 75 units @ $20 each
April 12, 2018 - 60 units @ $25 each.
At the end of April, the company has sold 75 units of inventory, and the value of the remaining
inventory is $2,500. What valuation method is the company using?
Prompt Payment Act of 1982 -
ANSWER
A company was awarded a federal contract to perform research; payment for the first invoice is due
on or before Dec 1. The company can rely on the funds in their bank account on that date or receive
on the late payment because of the
Detection -
ANSWER
The Dept. of Ed. operates a program in which grants are provided to local school districts for special
ed programs. Grants are provided in the form of reimbursements sent each month based on actual
expenditures. Grant amounts vary from month to month based on the time of year and the types of
activities performed during the month. Because the program is long-standing, with more than 15
years of historical payment data, tools are used to isolate payment patterns and anomalies in order
to reduce improper payments. Which category used to reduce improper payments, does this fall?
Implementation -
ANSWER
, Which of the following elements, within the systems development lifecycle process, includes data
conversion, data cleanup and training?
Platform as a service -
ANSWER
Software development, storage and hosting accessed as a service over the internet represents which
cloud computing activity?
Limits on foreign exchange rates -
ANSWER
The number of years managing public funds -
ANSWER
Project manager must understand the re-engineering tools to be able to develop alternatives for
redesigning agency processes. -
ANSWER
As part of the re-engineering process when replacing a financial management system, the
The value of the inventory on hand -
ANSWER
Continuity of operations -
ANSWER
A written contingency plan that provides guidance for backing up and restoring the system after a
disruption assures
use "small purchases" procedures -
ANSWER
