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AGA CGFM : Certified Government Financial Manager (CGFM)

CGFM real exams

Exam Code: CGFM

Exam Name: Certified Government Financial Manager (CGFM)

Updated: Aug 27, 2026

Q & A: 115 Questions and Answers

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About AGA CGFM Exam

Study Guide of AGA CGFM: Certified Government Financial Manager (CGFM) Exam

CGFM study materials are now accessible as a 6-month subscription in the VitalSource bookstore. The guidelines may be accessed on, off and through the bookshelf application. Each chapter and part of the three study guides have been reviewed. Some adjustments were editorial/clear, some represent changes in contents and some reflect changes in rules. Added material, including two new sections in Reference Book 3 and Study Guide 2, will contain fresh language on the fundamental accounting concepts, to match updated test topic outlines. The changes to the regulations include new legislative information and content updates reflect applicable advice of the GASB and the FASAB. The first chapter of the study guideline 3 (audit part) has been revised to match the 2018 Yellow Book version. Examples, pictures, references and appendices were all revised as part of the overall update. Due to the extent of the changes, we suggest that every publishing be reviewed in its completeness. Employees who are not permanently retired from AND in the area of financial management may, by contacting us, seek a modification of their status to “retired.” People should mention their retirement dates and affirm that they do not work in the area of financial management. At the time of retirement the CGFMs must be active so that their status is converted to “retired”, when the CGFM first goes dormant, the person must re-activate the designation before changing the CGFM status to “retired”. Therefore, the retired CGFMs in the second half of the year should reappoint in that year-to prevent their CGFM from becoming inactive and from adapting to a “retired” state. AGA CGFM exam dumps contain all the material which is necessary for the examination.

Reference: https://www.agacgfm.org/CGFM-Certification/About-CGFM.aspx

Certification Topics of AGA CGFM: Certified Government Financial Manager (CGFM) Exam

AGA CGFM exam dumps include the following topics:

Examination 1: Government Environment (GE)

  • Government management unicycle (16%)
  • Identifying definitions, and the notions of public accountability (12%)
  • Delivering government information and services electronically (8%)
  • Ethics as implemented to the governmental environment (10%)
  • The legally-based significance of the government financial environment (15%)
  • The organization, authority and structure of government (15%)
  • Governmental financing procedure (24%)

Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB)

  • Governmental financial reporting, accounting, and budgeting general knowledge (40%)
  • Local and State financial reporting and accounting (30%)
  • Federal financial reporting and accounting (30%)

Examination 3: Governmental Financial Management and Control (GFMC)

  • Financial management (25%)
  • Managerial and Financial Analysis Techniques (15%)
  • Performance management//service attempt and accomplishments (15%)
  • Internal dominance (25%)
  • Auditing (20%)

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Certification Path of AGA CGFM: Certified Government Financial Manager (CGFM) Exam

The CGFM is an authoritative and closed book test, given exclusively online and to all other platforms, as well as those involved in fourth-year educational programs. The four-hour evaluation includes a broad variety of CGFM exam dumps training courses that may be used to arrange multiple tests in their businesses across a whole house of screening window. Saturday is now an option for others in an effort to increase flexibility. The assessment vendor will provide technical assistance on midweek as well as on Saturdays during the screenings house window. The test is conducted by experts whose objective is to help the AGA Institute to verify that all examiners are examined on comparable issues. Educating directors to supervise chosen providers and also exclude themselves as providers. (Projectors are usually the administrative assistant or fellowship planner of the program.) Doctors are not allowed to serve as proctors. The AGA Institute will definitely give comprehensive details on programs to be used in carrying out the test in the administrative manual. The CGFM is produced by subject-matter experts who make up the CGFM Subcommittee of the AGA Institute. The Subcommittee monitors the test product and keeps an eye on it. The panel is supported by many additional volunteer doctors at the AGA Institute. All evaluation questions are evaluated in many stages before being approved for examination. CGFM has been created in conjunction with the University of Michigan, Department of Medical Education and Learning.

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Introduction to AGA CGFM: Certified Government Financial Manager (CGFM) Exam

Certified State Financial Manager is a professional certification given by AGA, showing expertise in federal, state and local government accounting, auditing, financial reporting, internal control and management. CGFM is a recognized certification that acknowledges the specific expertise and knowledge that a successful financial manager of the Government needs. You may increase your professional possibilities and differentiate yourself from the others in your industry by becoming a CGFM. AGA CGFM exam dumps is the best way to learn all the concepts of the examination.

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AGA CGFM Exam Syllabus Topics:

SectionObjectives
Topic 1: CGFM Exam 2: Governmental Accounting- Fund Accounting and Financial Reporting
  • 1. Fund types and classifications
  • 2. Financial statement preparation
  • 3. Modified accrual basis
- GASB Standards
  • 1. Financial reporting entity
  • 2. GASB conceptual framework
  • 3. Key GASB pronouncements
- State and Local Government Transactions
  • 1. Capital projects and debt service funds
  • 2. Special revenue funds
  • 3. General fund accounting
- Budgetary Accounting
  • 1. Encumbrance accounting
  • 2. Budgetary entries
  • 3. Budgetary control
- Federal Government Accounting
  • 1. Federal financial reporting
  • 2. USSGL concepts
  • 3. Federal accounting standards
- Principles of Governmental Accounting
  • 1. GAAP for governments
  • 2. Fund accounting concepts
  • 3. Governmental accounting fundamentals
Topic 2: CGFM Exam 1: Financial Management- Risk Management and Internal Controls
  • 1. Enterprise risk management
  • 2. Control activities
  • 3. Internal control frameworks
- Budgeting and Budget Preparation
  • 1. Budget preparation techniques
  • 2. Budget cycle and process
  • 3. Capital budgeting
- Government Contracting and Procurement
  • 1. Contract types and evaluation
  • 2. Procurement processes
  • 3. Contract administration
- Revenue, Expenditure, and Expense Recognition
  • 1. Revenue recognition principles
  • 2. Cost accounting concepts
  • 3. Expenditure accounting
- Financial Management and Analysis
  • 1. Cash management
  • 2. Working capital management
  • 3. Financial analysis techniques
- Strategic Planning and Performance Measurement
  • 1. Performance measurement frameworks
  • 2. Strategic planning concepts
  • 3. Balanced scorecard
Topic 3: CGFM Exam 3: Financial Reporting, Control, and Analysis- Auditing in the Government Environment
  • 1. Audit planning and reporting
  • 2. Government auditing standards (GAGAS)
  • 3. Single Audit Act
- Financial Statement Analysis
  • 1. Performance evaluation metrics
  • 2. Liquidity and solvency analysis
  • 3. Ratio analysis
- Financial Reporting
  • 1. Basic financial statements
  • 2. Comprehensive annual financial report (CAFR)
  • 3. Management's discussion and analysis (MD&A)
- Compliance and Accountability
  • 1. Legal and regulatory compliance
  • 2. Grant compliance requirements
  • 3. Accountability reporting
- Control Frameworks and Systems
  • 1. COSO internal control framework
  • 2. Monitoring activities
  • 3. IT controls and security
Related Certifications
AGA CGFM
Government Financial Manager
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