CGFO Study Guide 2026
Everything you need to pass the CGFO exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.
📋 CGFO Exam Format at a Glance
📚 CGFO Topics to Study (71)
✍️ Sample CGFO Questions & Answers
1. Which GASB standard first required state and local governments to disclose pension information in notes to financial statements?
GASB 27 (issued 1994) established accounting and financial reporting standards for employers' pension obligations, requiring note disclosures about pension plans.
2. Which funding ratio threshold is commonly cited as a benchmark for a 'healthy' public pension plan?
An 80% funded ratio (actuarial assets ÷ actuarial accrued liability) is commonly referenced as the minimum benchmark for a reasonably healthy pension plan, though 100% is the true goal.
3. Which metric is most useful for evaluating program effectiveness in CGFO?
Outcome-based performance indicators directly measure whether the program is achieving its intended results and goals.
4. The 'tone at the top' concept in internal controls refers primarily to:
Tone at the top describes how leadership's attitudes and actions set the ethical culture and control environment for the entire organization.
5. A zero-balance account (ZBA) structure in government banking is designed to:
A ZBA automatically sweeps funds to or from a master account to maintain a zero balance in subsidiary accounts, centralizing cash for investment and reducing idle balances.
6. A Cost-of-Living Adjustment (COLA) in a government pension plan is typically funded by:
COLAs granted in a defined benefit plan are typically projected in actuarial valuations and funded through the ongoing contribution rate-setting process.