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Reliable CGFM Dumps Files, CGFM Actual Test

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q19-Q24):

NEW QUESTION # 19
Initially Line item budgets were used by the local governments but afterwards more reformed practices has taken its place and grouped its purpose. Those refined and more manageable categories are all EXCEPT:

A. Supplies
B. Equipment
C. Salaries
D. Loans

Answer: D

NEW QUESTION # 20
A purchasing officer is asked to select a vendor to provide office supplies. Which of the following vendors should beselected?

A. the mayor's high school classmate's company with the lowest qualified bid
B. the highest priced qualified bidder with the highest quality products
C. the third lowest priced qualified bidder who is pending state disbarment
D. the second lowest priced qualified bidder

Answer: A

Explanation:
Why Select the Lowest Qualified Bidder?
* Procurement rules in government require selecting thelowest qualified bidderto 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.
References 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.

NEW QUESTION # 21
Other factors being equal, when the cost of inventory has increased over several financial statement periods, an agency using LIFO will:

A. need to restate their financial statements after five years of cost increases.
B. reflect lower net income than an agency that uses the average cost inventory method.
C. show a higher value of ending inventory than a similar agency that uses FIFO.
D. need to increase the audit frequency.

Answer: B

NEW QUESTION # 22
The Financial institution should adjust the collateral (related to securities) daily in response to market value changes known as:

A. Marketing securities
B. None of these
C. Market to market
D. Marketing to market

Answer: D

NEW QUESTION # 23
A state transfers cagh to a broker and the broker transfers securities to the state, promising to repay the cash plus interest in exchange for the return of the same securities. This transaction is an example of

A. a reverse repurchase agreement.
B. a mutual buy-sell agreement.
C. a repurchase agreement.
D. an arbitrage agreement.

Answer: C

Explanation:
* Definition of a Repurchase Agreement (Repo):A repurchase agreement is a short-term financial transaction where one party sells securities to another with an agreement to repurchase them at a later date for a specified price, which includes interest. It functions as a secured loan.
* Transaction Description:
* The state transfers cash to a broker.
* The broker provides securities as collateral and agrees to repay the cash plus interest in exchange for the return of the same securities.This arrangement matches the definition of arepurchase agreement.
* Explanation of Answer Choices:
* A. Arbitrage agreement: Arbitrage involves exploiting price differences in markets, unrelated to this transaction.
* B. Repurchase agreement: Correct, as it fits the definition.
* C. Mutual buy-sell agreement: This involves agreements to buy and sell assets, unrelated to this financial transaction.
* D. Reverse repurchase agreement: Incorrect, as the state would be the borrower, not the lender, in a reverse repo.
References:
* U.S. Department of the Treasury,Guide to Federal Investments.
* Financial Accounting Standards Board (FASB),Accounting for Repurchase Agreements.

NEW QUESTION # 24
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