GFOA certification practice

CPFO Practice Questions

Try 10 free CPFO exam-style questions for GFOA's Certified Public Finance Officer Program. Check each answer and review the explanation and source references.

Exam code
CPFO
Provider
GFOA
Free questions
10
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203 questions
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Try these free Certified Public Finance Officer CPFO Practice Questions with detailed answer explanations from Cert Mage. The GFOA CPFO program uses seven examinations to assess knowledge across the major disciplines of government finance, so focused practice is useful for identifying which areas need more attention. After completing the quiz, review your score, revisit incorrect responses, and study the explanations to strengthen your understanding of public-finance standards, practices, and decision-making responsibilities.

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An ISF has the following capital equipment in service for the stated time. Based upon the information below, using the straight-line method, what should be charged for depreciation at year-end? GFOA CPFO question
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A Stabile economy is defined as? I. An equilibrium in the international balance of payments II. Full employment III. Economist growth IV. Frequent changes in Price

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GAAP do not specify how much fund balance to set aside, but the_________ recommends that local governments maintain a reserve of (1) 5% to 15% of general fund reserves or (2) at least 1-2 months general fund operating expenditures.
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Pension trust, investment trust, private-purpose trust, and agency are the types of:
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Assume an invoice with credit terms of 2%/10, net30. The interest charge is 2% of $1000, or $20; the principal is $980; and the days of principal borrowed are the 20 days of credit. What is the interest rate offered if the discount is taken?
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Revenue bonds are a liability limited to the pledged revenue. The issuer is thus not obligated _________ to repay the debt.
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GAAP requires that the fees for enterprise fund services like water, sewer, and electricity offset costs. As a policy decision, governing board members choose among four water and sewer rate structures. Those are all EXCEPT:
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The financial adviser:
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The CAFR includes all of the following EXCEPT the:
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The auditor(s) should: I- Adequately plan the work and properly supervise assistants II- Properly study internal accounting controls to determine their reliability These points are the part of
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