CGFM Trivia 2

Question 1

Which federal law established the Chief Financial Officers (CFO) Act of 1990?

Accepted Answer

Public Law 101-576

Answer

The CFO Act of 1990 was enacted as Public Law 101-576, requiring major federal agencies to appoint CFOs and produce audited financial statements.

Question 2

What does the acronym 'CAFR' stand for in governmental accounting?

Accepted Answer

Comprehensive Annual Financial Report

Answer

CAFR stands for Comprehensive Annual Financial Report, the complete set of financial statements prepared by a state or local government.

Question 3

The Government Accountability Office (GAO) is headed by whom?

Accepted Answer

The Comptroller General of the United States

Answer

The GAO is led by the Comptroller General of the United States, who is appointed by the President for a 15-year, non-renewable term.

Question 4

Which governmental accounting standard addresses pension accounting for state and local governments?

Accepted Answer

GASB Statement No. 68

Answer

GASB Statement No. 68 established accounting and financial reporting requirements for pensions provided by state and local governmental employers.

Question 5

What is the primary mission of the Association of Government Accountants (AGA)?

Accepted Answer

Advancing government accountability professionals

Answer

The AGA's mission is to advance government accountability professionals by providing education, certification (including the CGFM), and leadership opportunities.

CGFM - Certified Government Financial Manager Practice Test

CGFM - Certified Government Financial Manager Practice Test

CGFM Trivia 2