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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 test is not explicitly stated; candidates are expected to complete within the allotted test 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 test 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