CGFM Cheat Sheet 2026

The 30 highest-yield CGFM facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. Interfund transfers of assets (such as money or goods) without repayment and _____________ are examples of non-reciprocal interfund transactions. → Interfund reimbursement
2. The following should be in a government agency's mission statement: → major functions and goals.
3. What is 'mandatory spending' in the federal budget? → Spending required by existing law for programs like Social Security and Medicare
4. Federal and state governments can have an impact on local governments in a number of ways, including: → providing block grants.
5. Which law established the modern congressional budget process, including the Budget Committees and the Congressional Budget Office (CBO)? → Congressional Budget and Impoundment Control Act of 1974
6. What is the start of the federal government's fiscal year? → October 1
7. Under GASB 54, 'Committed' fund balance is established by: → Formal action of the government's highest level of decision-making authority
8. One approach to measuring state agency accountability is as follows: → program evaluation.
9. What is 'float' in the context of government cash management? → The amount of money in transit between payer and payee
10. Which GASB statement addresses pension reporting for state and local government employers? → GASB 68
11. What does the Management's Discussion and Analysis (MD&A) section of a government's financial report provide? → An analytical overview of the government's financial activities
12. Under the Antideficiency Act, what is prohibited? → Obligating or expending funds in excess of amounts available in an appropriation
13. A Debt Service Fund is used to account for: → Accumulation of resources for payment of long-term debt principal and interest
14. What is 'fiscal transparency' as it relates to governmental financial reporting? → Providing clear, complete, and accessible financial information to stakeholders
15. What is a 'performance budget' in governmental financial management? → A budget that links resource requests to expected results and performance measures
16. Which GASB statement established the current framework for fund accounting in state and local governments? → GASB Statement No. 34
17. The CGFM certification is awarded by which organization? → Association of Government Accountants (AGA)
18. In government auditing, what does 'GAGAS' stand for? → Generally Accepted Government Auditing Standards
19. The AGA Code of Ethics states that the following would be unethical for a government agency contract manager to do: → A conflict of Interest
20. Which federal law created strong protections against retaliation for federal employee whistleblowers? → Whistleblower Protection Act of 1989
21. What is the primary purpose of the Prompt Payment Act in federal government? → Requiring federal agencies to pay vendors by specified due dates or pay interest penalties
22. All unrestricted contributions, gifts, and other sources of money that may be utilized for any purpose are collectively referred to as funds, right? → All of there
23. What is a 'sequester' in federal budgeting? → An automatic, across-the-board spending cut triggered when spending exceeds statutory caps
24. Which type of audit opinion is issued when financial statements are presented fairly in all material respects? → Unmodified opinion
25. Internal Service Funds are classified as which type of fund? → Proprietary fund
26. What is the purpose of a 'corrective action plan' following an audit finding? → To document how management will address the audit finding and timeline for remediation
27. Under GASB standards, which basis of accounting is used for governmental funds? → Modified accrual basis
28. Encumbrances in governmental accounting represent: → Commitments related to unperformed contracts for goods or services
29. The General Fund accounts for: → All financial resources not required to be accounted for in another fund
30. Which of the following is an example of a fiduciary fund? → Pension Trust Fund