Free Practice AGA CGFM Exam Questions 2026

Stay ahead with 100% Free Certified Government Financial Manager CGFM Dumps Practice Questions

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Total 117 Questions | Updated On: May 22, 2026

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Question 1

A capital asset transferred to another department within the same government should be

A : recorded with the original department to maximize receipts.

B : recorded with the second department to minimize costs.

C : retained in the government's fixed asset tracking system with no change in book value to either department.

D : retained in the government's fixed asset tracking system showing the book value of the asset transferred to the receiving department.

Answer: D

Question 2

The first step in assessing an agency's internal control program's compliance with applicable laws and regulations is to

A : review legal actions against the agency for noncompliance with laws and regulations.

B : contact the legislature to secure its views on any areas of regulatory noncompliance.

C : develop an inventory of the applicable laws and regulations.

D : request a compliance review from the agency's chief legal officer.

Answer: C

Question 3

What is the formal tam for the listing and assessment of an agency's top risks?

A : risk profile

B : risk management plan

C : risk assessment

D : risk register

Answer: A

Question 4

Management shoulg consider the cost of internal controls in relationship to

A : the available budget.

B : inherent risks.

C : benefits provided.

D : risk of collusion.

Answer: C

Question 5

Which of the following acts requires federal agencies to pay interest to state government funds for entitlements that are not provided in a timely manner?

A : Debt Collection Improvement Act

B : CFO Act

C : Accountability for Tax Dollars Act

D : Cash Management Improvement Act

Answer: D

Page: 1 / 24

Total 117 Questions | Updated On: May 22, 2026

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