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【General】 Reliable GAFRB Exam Labs | GAFRB Exam Practice

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AGA GAFRB Exam Syllabus Topics:
TopicDetails
Topic 1
  • 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.
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
  • 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.

AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q70-Q75):NEW QUESTION # 70
An idle facility cost is an allowable expense to charge to federal grants when a
  • A. facility cannot be used while it is being repaired.
  • B. facility is not currently needed by the agency.
  • C. facility will sit idle for over one year.
  • D. fluctuation in workload is reasonably expected.
Answer: D
Explanation:
Comprehensive Detailed Explanation:
Under 2 CFR § 200.446 of the OMB Uniform Guidance, idle facilities (or idle capacity) costs are generally unallowable. However, exceptions exist. One allowable condition is when the idleness results from fluctuations in workload that are considered normal for the type of operation.
Other allowable cases include those due to reorganization, restraint, or repair/maintenance needs - but only within reasonable limits and duration.
Relevant References:
2 CFR § 200.446 - Idle Facilities and Idle Capacity
OMB Uniform Guidance (2 CFR Part 200) - Cost Principles
GAO Red Book - Allowable Grant Expenditures
A). fluctuation in workload is reasonably expected
##################################

NEW QUESTION # 71
GASB establishes standards through a
  • A. unanimous vote of the board members, after discussing the results of written and oral comments offered by interested parties on an exposure draft submitted by GASB staff.
  • B. vote of the majority of board members, after discussing the written and oral comments offered by interested parties on an exposure draft of a statement of proposed standards.
  • C. vote of the majority of board members, after discussing the results of a preliminary views document submitted by GASB staff.
  • D. unanimous vote of the board members, confirming that the standards would improve the usefulness of financial reports.
Answer: B
Explanation:
The Governmental Accounting Standards Board (GASB) issues accounting standards after a structured due process that includes:
Publication of a Discussion Document (e.g., Preliminary Views)
Publication of an Exposure Draft
Solicitation and analysis of public comments (written/oral)
Deliberation by the full Board
A majority vote (not unanimous) of the GASB board members is required to approve and issue a final standard.
Relevant References:
GASB Rules of Procedure
GASB Due Process Manual
GASB Website - Standard-Setting Process
D). vote of the majority of board members, after discussing the written and oral comments offered by interested parties on an exposure draft of a statement of proposed standards

NEW QUESTION # 72
The four general government auditing standards are
  • A. planning, internal controls, independence and irregularities.
  • B. supervision, planning, management controls and evidence.
  • C. compliance, timeliness, qualifications and due professional care.
  • D. qualifications, independence, due professional care and quality control.
Answer: D
Explanation:
What Are the Four General Government Auditing Standards?
* These standards, as defined in theGAO Yellow Book (Government Auditing Standards):
* Qualifications:Auditors must have the necessary professional skills and competence to perform their work.
* Independence:Auditors must remain free from personal, external, and organizational impairments to maintain objectivity.
* Due Professional Care:Auditors must exercise care and diligence, adhering to professional standards and ethical requirements.
* Quality Control:Auditors must establish and maintain a system of quality control to ensure audit work meets professional standards.
Why Is Option D Correct?
* These four elements are explicitly outlined in the GAO Yellow Book as the core principles of government auditing standards.
Why Other Options Are Incorrect:
* A. Compliance, timeliness, qualifications, and due professional care:Timeliness and compliance are not part of the four general standards; they are components of audit objectives.
* B. Supervision, planning, management controls, and evidence:These are aspects of audit performance, not general standards.
* C. Planning, internal controls, independence, and irregularitieslanning and internal controls are part of the audit process, not general standards.
References and Documents:
* GAO Yellow Book (Generally Accepted Government Auditing Standards - GAGAS)ists qualifications, independence, due professional care, and quality control as the four general standards.
* AICPA Audit Standards:Aligns with GAGAS in emphasizing these four principles.

NEW QUESTION # 73
A county is projecting a $7 million budget deficit in the upcoming fiscal year, so the county board, who acts as the highest level of authority for the county, sets aside $7 million in fund balance to close this gap. How should the $7 million be classified on the financial statement?
  • A. Assigned Fund Balance
  • B. Restricted Fund Balance
  • C. Committed Fund Balance
  • D. Nonspendable Fund Balance
Answer: C
Explanation:
A committed fund balance is established when the highest level of decision-making authority (e.g., county board or city council) formally sets aside resources for a specific purpose through resolution or ordinance before the end of the fiscal year.
Since the county board - the highest authority - has set aside $7 million specifically to address a projected budget deficit, the classification should be committed fund balance.
Assigned fund balance (Option B) is typically used when intent is expressed by a lower level of authority (e.
g., finance director).
Relevant References:
GASB Statement No. 54 - Fund Balance Reporting
GASB Codification Section 1800.176 - Fund Balance Classifications
GFOA Guidance on Fund Balance Policies
D). Committed Fund Balance

NEW QUESTION # 74
The federal budget baseline forecast reflects the estimated
  • A. effects of enacting Congressional appropriations bills on federal receipts and spending.
  • B. receipts, outlays, and deficit or surplus that would result from continuing current law or policies.
  • C. effects of current law on recipients of federal benefits.
  • D. receipts, outlays, and deficit or surplus under the President's Budget.
Answer: B
Explanation:
The federal budget baseline is a projection of federal spending, revenues, deficits, and debt assuming no changes to current laws and policies. It serves as a neutral benchmark to compare the fiscal impact of proposed legislation or budget changes.
It is typically prepared by the Congressional Budget Office (CBO) and assumes continuation of current tax and spending laws without new legislation.
Relevant References:
Congressional Budget Act of 1974
Congressional Budget Office (CBO) - Baseline Concepts
OMB Circular A-11 - Section 80: Baseline Budget Estimates
C). receipts, outlays, and deficit or surplus that would result from continuing current law or policies

NEW QUESTION # 75
......
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