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[General] AGA GAFRB Latest Exam Preparation & GAFRB Test Dates

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【General】 AGA GAFRB Latest Exam Preparation & GAFRB Test Dates

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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q74-Q79):NEW QUESTION # 74
When a rural community creates a fire district to serve an area previously served by the county government, and the fire district receives no money or equipment from the county, this is an example of
  • A. a transfer of operations.
  • B. a government merger.
  • C. intergovernmental operations.
  • D. a government acquisition.
Answer: A
Explanation:
According to GASB Statement No. 69 (Government Combinations and Disposals of Government Operations), a transfer of operations occurs when one government relinquishes or ceases operations and another government assumes those operations, but no significant consideration (money, assets, or liabilities) is exchanged.
In this case, the fire district is assuming responsibility for fire protection without receiving funds or assets from the county. That aligns with the definition of a transfer of operations - not a merger or acquisition.
Relevant References:
GASB Statement No. 69 - Government Combinations and Disposals of Government Operations GASB Codification Section G60 - Combinations and Transfers GFOA Guidance on Intergovernmental Restructuring C). a transfer of operations

NEW QUESTION # 75
The measurement focus of the governmental fund level financial statements is
  • A. economic resources.
  • B. current financial resources.
  • C. accrual basis.
  • D. modified accrual basis.
Answer: B
Explanation:
Governmental fund financial statements (such as the General Fund, Special Revenue Funds, Capital Projects Funds) use the current financial resources measurement focus and the modified accrual basis of accounting.
This focus reports inflows and outflows of current financial resources and excludes long-term assets and liabilities.
This differs from the government-wide financial statements, which use the economic resources measurement focus and full accrual basis.
Relevant References:
GASB Statement No. 34 - Basic Financial Statements
GASB Codification Section 1600 - Fund Accounting
GFOA Fund Accounting Guidance
C). current financial resources

NEW QUESTION # 76
Which type of cost is generally allowed for a grant under the OMB Uniform Guidance?
  • A. lobbying expenses
  • B. materials and supplies
  • C. general government expenses
  • D. interest payments
Answer: B
Explanation:
Under OMB's Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), allowable costs under federal grants must be:
Necessary and reasonable for program performance
Allocable to the grant
In accordance with generally accepted accounting principles
Not otherwise unallowable
Materials and supplies directly benefiting the grant are generally allowable. In contrast, lobbying, interest payments, and general governmental costs not tied to the grant are explicitly unallowable.
Relevant References:
2 CFR Part 200 - Uniform Guidance (Subpart E - Cost Principles)
2 CFR §200.403 - Factors affecting allowability of costs
2 CFR §200.422 - Lobbying
2 CFR §200.449 - Interest
C). materials and supplies

NEW QUESTION # 77
Wasteful year-end spending may be discouraged by including which of the following in the appropriation law?
  • A. multi-year appropriation authority
  • B. impoundment controls
  • C. delimiting contracting procedures
  • D. annual appropriations
Answer: A
Explanation:
Comprehensive Detailed Explanation:
Year-end wasteful spending (also known as "use-it-or-lose-it" spending) often occurs because agencies rush to obligate funds before they expire at fiscal year-end. Providing multi-year appropriations reduces this pressure by allowing agencies to obligate funds over a longer period, thus promoting better planning and reducing unnecessary or rushed spending.
Relevant References:
GAO Red Book - Appropriations Law
OMB Circular A-11 - Budget Execution
Congressional Budget Office (CBO) Reports on Year-End Spending
D). multi-year appropriation authority

NEW QUESTION # 78
A specific operation of the government is funded by 60% from the general fund, 40% from specific revenues.
This should be reported in which fund?
  • A. internal service fund
  • B. capital projects fund
  • C. special revenue fund
  • D. general fund
Answer: C
Explanation:
A special revenue fund is used to account for the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purposes (other than debt service or capital projects). In this case, 40% of the operation is funded by specific revenues, which triggers the use of a special revenue fund, provided those revenues are legally restricted or committed to the operation.
Even though 60% of the funding comes from the general fund, the existence of a dedicated revenue stream (40%) for a specific purpose qualifies it for reporting in a special revenue fund.
Relevant References:
GASB Statement No. 54 - Fund Balance Reporting and Governmental Fund Type Definitions GASB Codification Section 1300 - Fund Types GFOA - Fund Structure Guidance B). special revenue fund
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