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CPFO-Accounting-and-Financial-Reporting exam Format | CPFO-Accounting-and-Financial-Reporting Course Contents | CPFO-Accounting-and-Financial-Reporting Course Outline | CPFO-Accounting-and-Financial-Reporting exam Syllabus | CPFO-Accounting-and-Financial-Reporting exam Objectives

Exam Name: Certified Public Finance Officer (CPFO): Accounting and Financial Reporting

Exam Administered by: Government Finance Officers Association (GFOA)

Number of Questions: 100 multiple-choice questions

Question Format: Each question has a stem with four possible answers; only one answer is correct or best. Each question is worth one point.

Time Allotted: Typically, the full CPFO exams allow up to 3.5 hours, but specific timing for the Accounting and Financial Reporting exam is not explicitly stated; candidates are expected to complete within the allotted exam session time.

Passing Score: Candidates must correctly answer at least 80% of the questions to pass the exam.



Accounting: 30%

Auditing: 25%

Financial Reporting: 25%

Interpretations and Analysis of Financial Statements: 10%

Internal Controls: 10%



1. Accounting



- Fund Accounting:

- Structure and use of governmental, proprietary, and fiduciary funds.

- Accounting for general funds, special revenue funds, capital projects funds, debt service funds, enterprise funds, internal service funds, and trust/agency funds.

- Modified accrual and accrual basis of accounting.



- GASB Standards:

- Application of GASB Statements and Interpretations (e.g., GASB 34, GASB 68, GASB 87).

- Accounting for pensions, other post-employment benefits (OPEB), and leases.

- Recognition of deferred inflows and outflows of resources.



- Budgetary Accounting:

- Integration of budgets into accounting systems.

- Encumbrance accounting and its impact on financial records.

- Budgetary control and reporting.

- Revenue and Expenditure Recognition:

- Criteria for recognizing revenues and expenditures under modified accrual accounting.

- Accounting for grants, intergovernmental revenues, and tax revenues.

- Treatment of non-exchange transactions (e.g., grants, donations).



- Capital Assets and Long-Term Liabilities:

- Accounting for general property, plant, and equipment (PP&E).

- Depreciation and impairment of capital assets.

- Recording long-term debt, including bonds and leases.



- Journal Entries and Ledger Reconciliation:

- Preparation of journal entries for governmental transactions.

- Reconciling general ledger accounts to subsidiary ledgers.

- Adjusting entries for accruals, deferrals, and reclassifications.



- Fund Balance (Nonspendable, Restricted, Committed, Assigned, Unassigned)

- Governmental Accounting Standards Board (GASB)

- Modified Accrual Basis

- Full Accrual Basis

- Encumbrances

- Deferred Inflows/Outflows of Resources

- Net Position (Net Investment in Capital Assets, Restricted, Unrestricted)

- Capital Assets

- Long-Term Liabilities

- Non-Exchange Transactions

- Interfund Transfers

- Chart of Accounts



2. Auditing



- Governmental Auditing Standards:

- Application of Generally Accepted Government Auditing Standards (GAGAS, or Yellow Book).

- Differences between financial audits, performance audits, and attestation engagements.



- Compliance Auditing:

- Auditing compliance with federal and state regulations (e.g., Uniform Guidance for federal grants).

- Single Audit Act requirements for entities receiving federal funds.

- Testing compliance with laws, regulations, and grant agreements.



- Performance Auditing:

- Evaluating economy, efficiency, and effectiveness of government programs.

- Developing audit objectives, scope, and methodology for performance audits.

- Reporting findings and recommendations.



- Audit Planning and Execution:

- Risk exam and materiality in audit planning.

- Developing an audit plan and program.

- Gathering and evaluating audit evidence.



- Audit Reporting:

- Structure and content of audit reports (e.g., unmodified, qualified, adverse, or disclaimer opinions).

- Reporting on internal control deficiencies and noncompliance.

- Management letters and recommendations.



- Generally Accepted Government Auditing Standards (GAGAS)

- Single Audit

- Uniform Guidance (2 CFR Part 200)

- Materiality

- Audit Risk

- Internal Control Deficiencies

- Unmodified Opinion

- Qualified Opinion

- Adverse Opinion

- Disclaimer of Opinion

- Audit Evidence

- Performance Audit

- Compliance Audit



3. Financial Reporting



- Comprehensive Annual Financial Report (CAFR):

- Structure of a CAFR: introductory, financial, and statistical sections.

- Government-wide financial statements (Statement of Net Position, Statement of Activities).

- Fund financial statements for governmental, proprietary, and fiduciary funds.



- GASB Reporting Requirements:

- GASB 34: Basic financial statements and managements discussion and analysis (MD&A).

- GASB 68: Pension reporting and net pension liability.

- GASB 87: Lease accounting and disclosures.



- Financial Statement Elements:

- Reporting assets, liabilities, deferred inflows/outflows, and net position.

- Presentation of revenues, expenditures, and changes in fund balance.

- Reconciliation between government-wide and fund financial statements.



- Notes to Financial Statements:

- Disclosure requirements for significant accounting policies, commitments, and contingencies.

- Notes on pensions, OPEB, and debt obligations.



- Supplementary Information:

- Required supplementary information (RSI), such as budgetary comparison schedules.

- Combining and individual fund statements.



- External Reporting Requirements:

- Compliance with Securities and Exchange Commission (SEC) requirements for municipal bonds.

- Reporting to the Electronic Municipal Market Access (EMMA) system.



- Comprehensive Annual Financial Report (CAFR)

- Government-Wide Financial Statements

- Fund Financial Statements

- Managements Discussion and Analysis (MD&A)

- Net Pension Liability

- Required Supplementary Information (RSI)

- Notes to Financial Statements

- Reconciliation

- Electronic Municipal Market Access (EMMA)

- Fiduciary Activities

- Component Units

- Blended vs. Discretely Presented Component Units



4. Interpretations and Analysis of Financial Statements



- Financial Statement Analysis:

- Analyzing government-wide and fund financial statements.

- Assessing liquidity, solvency, and operational efficiency.

- Evaluating trends in revenues, expenditures, and fund balances.



- Ratio Analysis:

- Calculating and interpreting financial ratios (e.g., debt-to-asset ratio, current ratio, operating margin).

- Comparing ratios to industry benchmarks or historical trends.

- Limitations of ratio analysis in the public sector.



- Performance Metrics:

- Measuring financial performance for governmental and proprietary funds.

- Assessing cost efficiency and service delivery outcomes.

- Using key performance indicators (KPIs) for decision-making.



- Cost Analysis and Allocation:

- Allocating costs across programs and funds.

- Analyzing direct and indirect costs in government operations.

- Cost-benefit analysis for public projects.



- Long-Term Financial Planning:

- Evaluating capital budgeting decisions and their impact on financial statements.

- Assessing financial sustainability and long-term liabilities.

- Forecasting revenues and expenditures for multi-year planning.



- Liquidity Ratios

- Solvency Ratios

- Debt-to-Asset Ratio

- Current Ratio

- Operating Margin

- Fund Balance Analysis

- Cost Allocation

- Direct vs. Indirect Costs

- Key Performance Indicators (KPIs)

- Financial Sustainability

- Capital Budgeting

- Trend Analysis



5. Internal Controls



- Internal Control Frameworks:

- Application of the COSO (Committee of Sponsoring Organizations) framework.

- Five components of internal control: control environment, risk exam, control activities, information and communication, and monitoring.



- Control Activities:

- Segregation of duties in financial processes.

- Authorization and approval procedures for transactions.

- Physical controls over assets and records.



- Risk Assessment:

- Identifying financial and operational risks in government entities.

- Assessing the likelihood and impact of risks.

- Mitigating risks through control activities.



- Compliance with Regulations:

- Ensuring compliance with federal and state laws (e.g., Uniform Guidance, Sarbanes-Oxley for public entities).

- Internal controls over federal grant funds.



- Monitoring and Evaluation:

- Continuous monitoring of internal control effectiveness.

- Performing internal audits to evaluate controls.

- Correcting identified deficiencies.



- Technology and Internal Controls:

- Role of information systems in financial controls.

- Safeguarding financial data through IT controls.

- Addressing cybersecurity risks in financial reporting.



- COSO Framework

- Control Environment

- Risk Assessment

- Control Activities

- Segregation of Duties

- Authorization Controls

- Physical Controls

- Monitoring Activities

- Internal Audit

- Uniform Guidance

- Cybersecurity Controls

- Control Deficiencies

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