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[Hardware] Formal GAFRB Test - GAFRB Updated Dumps

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【Hardware】 Formal GAFRB Test - GAFRB Updated Dumps

Posted at 1/25/2026 10:57:47      View：66 | Replies：1        Print      Only Author   [Copy Link] 1#
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AGA GAFRB Exam Syllabus Topics:
TopicDetails
Topic 1
  • Governmental Financial Accounting, Reporting and Budgeting: General Knowledge:This section of the exam measures skills of government financial analysts and covers the unique aspects of governmental accounting that distinguish it from private sector practices, such as service over profit and the critical role of the budget. It emphasizes the objectives of financial reporting in the public sector, the role of standard-setting bodies like GASB, FASB, FASAB, and IPSASB, and the due process for setting accounting standards. It also includes knowledge of interperiod equity, budgetary compliance, sustainability, and the characteristics of quality financial information.
Topic 2
  • Federal Financial Accounting and Reporting: This section of the exam measures skills of government financial analysts and covers the roles of FASAB, OMB, Treasury, and GAO in federal accounting. It includes an understanding of federal budgetary terminology and the federal budgetary equation. The section differentiates between budgetary and proprietary accounting and outlines the structure and use of various federal fund types. It explains how to record key budgetary transactions like appropriations and obligations and proprietary transactions such as payroll and depreciation.
Topic 3
  • State and Local Financial Accounting and Reporting: This section of the exam measures skills of public sector accountants and focuses on applying GASB standards to define reporting entities and component units. It explores the structure and purpose of various fund types and the basis of accounting for each. Candidates must understand the format and content of the Annual Comprehensive Financial Report and the purpose of popular reports for public transparency.

AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q29-Q34):NEW QUESTION # 29
If a capital project has an estimated life of 30 years, which financing method is designed to impose the cost of the project on the generation who benefits from it?
  • A. 30-year zero-coupon bonds, without a sinking fund
  • B. 30-year term bonds, without a sinking fund
  • C. pay-as-you-go financing
  • D. 30-year serial bonds
Answer: D
Explanation:
Serial bonds mature in installments over the life of the bond (e.g., every year or every few years). This structure allows the cost of repaying the debt to align more closely with the periods in which the capital asset is used - achieving intergenerational equity by spreading the cost over the same span as the asset's useful life.
Term bonds, zero-coupon bonds, and pay-as-you-go do not align costs with benefits across multiple years in the same way.
Relevant References:
GFOA Best Practices - Debt Management and Capital Planning
GASB Concepts Statement No. 1 - Interperiod Equity
MSRB Educational Materials on Bond Types
A). 30-year serial bonds

NEW QUESTION # 30
If an internal service fund needs to develop an hourly billing rate, the calculation should include
  • A. the replacement cost of equipment purchased during the year.
  • B. all materials purchased during the year, even if the materials were not consumed.
  • C. the acquisition cost of equipment purchased during the year.
  • D. all materials consumed during the year.
Answer: D
Explanation:
An internal service fund is used to account for goods or services provided by one department or agency to other departments or agencies of the governmental unit, typically on a cost-reimbursement basis.
To establish accurate billing rates (e.g., hourly rates), the fund must use actual costs of providing services.
This includes materials consumed, labor, depreciation, and overhead. Materials purchased but not used should not be included in the rate calculation for the current period.
Relevant Standards and References:
FASAB SFFAS No. 4, Managerial Cost Accounting
GASB Codification Section 1800, Internal Service Funds
GFOA Best Practices - Internal Service Fund Rate Setting
Therefore, Option A is correct.

NEW QUESTION # 31
Which one of the following statements is true with regard to external reporting of major funds for state and local governments?
  • A. Special revenue funds that have expenditures in excess of 5% of total governmental expenditures are required to be reported as major funds.
  • B. Internal service funds that have assets and deferred outflows of resources in excess of 10% of total proprietary assets and deferred outflows of resources are required to be reported as major funds.
  • C. The general fund is presented as major only if it meets the major fund criteria.
  • D. Management can elect to present any governmental or enterprise fund as a major fund.
Answer: D
Explanation:
GASB Statement No. 34 provides the criteria for determining major funds, primarily based on quantitative thresholds (e.g., 10% of total assets, liabilities, revenues, or expenditures/expenses).
However, GASB also allows management to designate any governmental or enterprise fund as a major fund if, in its judgment, it is particularly important to users of the financial statements-even if it doesn't meet the quantitative criteria.
Other options are incorrect:
The general fund is always presented as a major fund regardless of criteria.
Internal service funds are never reported as major funds in the fund financial statements.
Relevant References:
GASB Statement No. 34 - Paragraph 76
GASB Codification Section 2200 - Fund Reporting Requirements
GFOA ACFR Preparation Guide
C). Management can elect to present any governmental or enterprise fund as a major fund

NEW QUESTION # 32
A city pays a bond payable as well as interest. The journal entry to record this in the debt service fund would be to credit cash and debit
  • A. principal expense and interest expense.
  • B. bonds payable and expenditures - interest.
  • C. expenditures - principal and expenditures - interest.
  • D. bonds payable and interest expense.
Answer: C
Explanation:
In the governmental fund (such as the debt service fund), modified accrual accounting is used. Under this basis:
Payment of principal and interest is recorded as expenditures, not reductions of liabilities or interest expense.
No long-term liabilities (e.g., bonds payable) are recorded in governmental funds.
So, the correct journal entry is:
Debit: Expenditures - Principal
Debit: Expenditures - Interest
Credit: Cash
Relevant References:
GASB Codification Section 1300 - Fund Accounting and Modified Accrual Basis GASB Statement No. 34 - Fund-Level Reporting GFOA Accounting and Reporting for Debt Service Funds A). expenditures - principal and expenditures - interest

NEW QUESTION # 33
An agency operates out of a building that is on the Register of Historic Places; the building is classified as a multi-use federal asset. If the agency recently paid to renovate the office space in the building, the cost for the renovation should be treated as a
  • A. stewardship investment.
  • B. general property, plant and equipment expense.
  • C. mission property.
  • D. heritage asset.
Answer: B
Explanation:
Although the building is listed on the National Register of Historic Places (a heritage asset), renovations that support current operations and serve general purposes (e.g., office upgrades) are considered capitalizable or expensed under general property, plant, and equipment (G-PP&E), not stewardship or heritage classifications.
Stewardship or heritage classifications apply to assets whose primary purpose is historical preservation, not ongoing operations.
Relevant References:
FASAB SFFAS No. 29 - Heritage Assets and Stewardship Land
FASAB SFFAS No. 6 - General PP&E Accounting
OMB Circular A-136 - Capital Asset Guidance
D). general property, plant and equipment expense

NEW QUESTION # 34
......
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Posted at 2/5/2026 08:27:46        Only Author  2#
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