Most Recent GFOA CPFO Exam Questions & Answers

Prepare for the GFOA Certified Public Finance Officer exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.

QA4Exam focus on the latest syllabus and exam objectives, our practice Q&A are designed to help you identify key topics and solidify your understanding. By focusing on the core curriculum, These Questions & Answers helps you cover all the essential topics, ensuring you're well-prepared for every section of the exam. Each question comes with a detailed explanation, offering valuable insights and helping you to learn from your mistakes. Whether you're looking to assess your progress or dive deeper into complex topics, our updated Q&A will provide the support you need to confidently approach the GFOA CPFO exam and achieve success.

The questions for CPFO were last updated on Nov 18, 2024.

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Question No. 1

The internal control structure is designed to assist managers in:

Apreparing consistent financial statements in accordance with applicable standards.

Bguaranteeing the success of an organization's program and preventing fraud, waste and mismanagement of resources.

Censuring that physical security controls prevent unauthorized individuals from accessing sensitive information.

Dachieving agency program objectives and ensuring that functions are efficiently and effectively performed.

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Correct Answer: D

Question No. 2

Using purchasing cards for contract purchases creates efficiencies for all of the following

EXCEPT:

Adetection of fraudulent purchases.

Bsavings in transaction costs.

Cimproved cash flow for the vendor.

Dstreamlining payment in the accounts payable system.

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Correct Answer: A

Question No. 3

The Unites Way receives $1,500,000 in funds in a lump sum at the beginning of the year and has constant cost and predictable annual cash outlays. Eight percent is estimated to be earned at securities with each security transaction costing $40 plus 0.5 percent of the dollar amount received. What will be the optimum security scale using Baumol Model?

A$38700

B$38730

C$38830

DNone of these

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Correct Answer: B

Question No. 4

Based upon the information below, for a governmental fund calculate the amount of revenues for the year using the modified accrual basis of accounting, assuming all deferred revenues are related to receivables.

A$278,000

B$245,000

C$247,000

D$253,000

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Correct Answer: C

Question No. 5

The principal advantage of a CIP (Capital improvement Program) is that______________, including their project designs, land acquisition, permitting, and acquiring financing.

AIt provides for sufficient lead time to plan for projects.

Bensures the orderly replacement of capital facilities

CMinimal costs of putting the asset in operating conditions

DNone of these

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Correct Answer: A

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