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GFOA CPFO Exam Questions

Exam Name: Certified Public Finance Officer
Exam Code: CPFO
Related Certification(s): GFOA Certified Public Finance Officers Certification
Certification Provider: GFOA
Actual Exam Duration: 90 Minutes
Number of CPFO practice questions in our database: 203 (updated: Jun. 18, 2025)
Expected CPFO Exam Topics, as suggested by GFOA :
  • Topic 1: Understanding of Financial Statements and Accounting/ Approaches to Budget Process
  • Topic 2: Developing employee compensation and benefits policies/ Variables Used to Determine Compensation
  • Topic 3: Governmental and Business-type activities/ Measurement focus and basis of accounting
  • Topic 4: Primary Market Disclosure/ Financing Instruments and Techniques
  • Topic 5: Sections of a comprehensive annual financial report/ Management and Auditor responsibilities
  • Topic 6: Assessing near-term financial position/ Communicating Benefits to Employees
  • Topic 7: Link Between Budget Monitoring and Procurement/ Public Private Partnership/ Procurement Policy Manual
  • Topic 8: Budget Implications and Payroll/ Project and Grant Costing and Allocation
  • Topic 9: Treasury and Investement Management/ Banking and Merchant Services/ Benchmarking and Reporting
  • Topic 10: Budget Projections and Analysis/ Fiscal Impact Analysis / Cost Benefit Analysis/ Priority Setting / Goal Definition
  • Topic 11: Local Government Law and Compliance/ Liability Insurance/ Business Continuity/Disaster Recovery
  • Topic 12: Accounting and Financial Reporting/ Government-wide financial statements
Disscuss GFOA CPFO Topics, Questions or Ask Anything Related
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Kris

3 days ago
CPFO certified! Pass4Success's practice questions were incredibly similar to the actual exam. Time well spent!
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Jeniffer

3 months ago
Passed the GFOA CPFO exam with flying colors! Pass4Success's prep materials were spot-on.
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Deeann

3 months ago
Economic development incentives are tested. Know how to evaluate tax increment financing (TIF) and other incentive programs.
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Chauncey

3 months ago
Technology and procurement questions may appear. Understand e-procurement systems and IT governance in public finance.
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Eileen

4 months ago
CPFO certification achieved! Pass4Success's relevant questions made all the difference. Thank you!
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Fabiola

4 months ago
Pension and benefits administration is covered. Study actuarial valuations and funding strategies for public sector retirement plans.
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Estrella

4 months ago
Financial policies and procedures are important. Know best practices for internal controls and fraud prevention.
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Luke

5 months ago
Just became a Certified Public Finance Officer! Pass4Success made studying a breeze. So grateful!
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Justine

5 months ago
Debt management is crucial. Be prepared to calculate debt service ratios and explain various types of municipal bonds.
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Glynda

5 months ago
I am pleased to share that I passed the GFOA exam. The Pass4Success practice questions were very helpful. There was a question about the debt management strategies and the implications of different debt instruments. I wasn't sure of my answer, but I passed.
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Marylou

5 months ago
Treasury management questions may cover investment policies. Understand risk assessment and portfolio diversification strategies.
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Sherron

6 months ago
GFOA CPFO exam success! Pass4Success helped me prepare efficiently. Their materials were invaluable.
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Idella

6 months ago
Capital planning is a key topic. Expect questions on prioritizing projects and funding sources for long-term investments.
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Hassie

6 months ago
I recently passed the GFOA exam, and the Pass4Success practice questions were crucial. One question that puzzled me was about the various compensation structures and their impact on employee retention. Despite my uncertainty, I passed the exam.
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Eugene

6 months ago
Budgeting questions often focus on forecasting techniques. Practice analyzing historical data to project future revenues and expenditures.
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Lacey

7 months ago
Passed CPFO on my first try! Pass4Success made all the difference. Their questions were right on target.
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Melissia

7 months ago
Excited to say I passed the GFOA exam! The Pass4Success practice questions were a big help. There was a tough question about the principles of treasury management and liquidity strategies. I wasn't confident in my answer, but I still succeeded.
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Carmela

7 months ago
The exam tests your understanding of financial reporting requirements. Study GASB statements and their implementation.
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Glenn

7 months ago
I passed the GFOA exam, and the Pass4Success practice questions were invaluable. One question that threw me off was related to the different types of financial statements required for public entities. I wasn't sure of the exact answer, but I managed to pass.
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Buddy

7 months ago
Be ready for questions on governmental accounting principles. Know the differences between modified accrual and full accrual accounting.
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India

7 months ago
Aced the GFOA CPFO exam! Pass4Success practice tests were incredibly similar to the real thing. Highly recommend!
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Lavelle

8 months ago
Happy to announce that I passed the GFOA Certified Public Finance Officer exam. The Pass4Success practice questions were spot-on. There was a question about the procurement cycle and the importance of competitive bidding that had me second-guessing, but I still passed.
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Rosio

8 months ago
Just passed the GFOA Certified Public Finance Officer exam! So grateful for Pass4Success's relevant questions that helped me prepare efficiently.
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Rikki

8 months ago
I am thrilled to share that I passed the GFOA exam, thanks in part to the practice questions from Pass4Success. One challenging question asked about the key components of a comprehensive risk assessment framework. I had to guess, but it all worked out in the end.
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Tamekia

9 months ago
It was challenging but rewarding. The exam truly tests your knowledge across all aspects of public finance. Thorough preparation and understanding practical applications of concepts are key to success.
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Lawanda

9 months ago
CPFO certified! Pass4Success materials were a lifesaver. Exam was tough, but I felt well-prepared.
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Antonio

9 months ago
Just passed the GFOA exam, and the Pass4Success practice questions were a lifesaver. There was a tricky question on the capital budgeting process and how to prioritize projects based on their net present value. I wasn't entirely sure of my answer, but I still made it through.
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Renea

9 months ago
That's great to hear. Any final thoughts on the exam experience?
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Olive

9 months ago
I recently passed the GFOA Certified Public Finance Officer exam, and I have to say that the Pass4Success practice questions were incredibly helpful. One question that stumped me was about the different types of municipal bonds and their respective risk levels. Despite my uncertainty, I managed to pass the exam!
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Melvin

10 months ago
Just passed the GFOA CPFO exam! Thanks Pass4Success for the spot-on practice questions. Saved me weeks of prep time!
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France

11 months ago
My experience taking the GFOA Certified Public Finance Officer exam was challenging but rewarding. With the assistance of Pass4Success practice questions, I was able to successfully navigate topics such as approaches to the budget process. One question that gave me pause was related to developing employee compensation and benefits policies. However, I managed to pass the exam despite my uncertainty on that particular question.
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Darell

12 months ago
Just passed the CPFO exam! One tricky area was governmental fund accounting. Be ready for questions on reconciling modified accrual to full accrual basis. Study the conversion process thoroughly. Thanks to Pass4Success for the spot-on practice questions that really helped me prepare quickly!
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Basilia

12 months ago
I recently passed the GFOA Certified Public Finance Officer exam with the help of Pass4Success practice questions. The exam covered topics such as understanding financial statements and accounting, as well as developing employee compensation and benefits policies. One question that stood out to me was related to the variables used to determine compensation. Despite being unsure of the answer, I was able to pass the exam.
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Free GFOA CPFO Exam Actual Questions

Note: Premium Questions for CPFO were last updated On Jun. 18, 2025 (see below)

Question #1

In Government Organizations, a modified approach for depreciation is used. This modified approach expenses maintenance cost and capitalizes additions and improvements, but it does not record depreciation charges. The logic behind the modified approach is:

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Correct Answer: A

Question #2

Risks are not assumed should, if possible, be transferred either by a ______________.

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Correct Answer: C

Question #3

Credit services, Trustee and related services and investment management services are the Secondary services provided by banks.

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Correct Answer: A

Question #4

In issuing bonds, Governments usually take following steps EXCEPT:

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Correct Answer: A

Question #5

A conflict of interest occurs when an employee enjoys monetary gain at public expense.

Possible conflict of interest problems may be all of the following EXCEPT:

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Correct Answer: D

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