AGA AGA-CGFM Online Practice Questions and Exam Preparation

AGA AGA-CGFM Online Questions & Answers

• Question 91:

  A government borrows $20,000 for one year at a 10 percent interest rate. What will be the non-discounted loan?

  A. 11%
  B. 10%
  C. 12%
  D. None of these
  B. 10%

• Question 92:

  GASB has responsibility for:

  A. researching and developing accounting and reporting principles for state and local governments.
  B. ensuring that FASB standards are implemented by state and local governments.
  C. developing standards for federal and state governments.
  D. ensuring that federal and state governments implement FASB standards.
  A. researching and developing accounting and reporting principles for state and local governments.

• Question 93:

  Which of the following is NOT included in RFPs (Request for proposals) regarding audit?

  A. Scope of work
  B. Compensations and Terms of payment
  C. Selection Criteria
  D. Services furnished to the Auditor
  C. Selection Criteria

• Question 94:

  All of the following are core banking services EXCEPT:

  A. Investment management
  B. Security services
  C. Reconciliation Services
  D. Concentration and Zero balance
  A. Investment management

• Question 95:

  The CAFR includes all of the following EXCEPT the:

  A. basic financial statements.
  B. MDandA.
  C. RSI.
  D. PAR.
  D. PAR.

• Question 96:

  Which of the following is not included in general guidelines for a diversified investment portfolio?

  A. Do not over-concentrate securities from a specific issue or business sector
  B. Invest in securities that have varying maturities
  C. Limited investment in securities with higher credit risk
  D. never invest in readily liquid securities
  D. never invest in readily liquid securities

• Question 97:

  QPL is a specification based on:

  A. Manufacturers' names
  B. Brand names or model numbers that have been examined and approved for purchase by the government or nonprofit.
  C. None of these
  D. Both of these
  D. Both of these

• Question 98:

  GAAP do not specify how much fund balance to set aside, but the_________ recommends that local governments maintain a reserve of (1) 5% to 15% of general fund reserves or (2) at least 1-2 months general fund operating expenditures.

  A. GFUA (Government Finance officers Association)
  B. State bank
  C. Federal reserves Board
  D. All of there
  A. GFUA (Government Finance officers Association)

• Question 99:

  Governments and non-profits obtain services from Three Types of banks. Which one of the following id not out those banks?

  A. National Tier
  B. Regional Tier
  C. Federal Tier
  D. Local Tier
  C. Federal Tier

• Question 100:

  A state legislature wants to determine if the non-profit agency that received revenue from personalized license plates fees used the money appropriately. To make this assessment the legislature should request:

  A. a financial audit.
  B. a performance audit.
  C. an attestation.
  D. an internal control review.
  B. a performance audit.