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Latest AGA GAFRB Version | GAFRB Test Pattern

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Latest AGA GAFRB Version | GAFRB Test Pattern

Posted at yesterday 07:55      View：18 | Replies：1        Print      Only Author   [Copy Link] 1#
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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q19-Q24):NEW QUESTION # 19
The federal budget baseline forecast reflects the estimated
  • A. effects of enacting Congressional appropriations bills on federal receipts and spending.
  • B. effects of current law on recipients of federal benefits.
  • C. receipts, outlays, and deficit or surplus that would result from continuing current law or policies.
  • D. receipts, outlays, and deficit or surplus under the President's Budget.
Answer: C
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 # 20
Which of the following events is an example of an expenditure but not an expense?
  • A. At the end of the fiscal year, the government pays for ten vehicles which will be depreciated over five years.
  • B. At the end of the fiscal year, the government pays its employees for work performed.
  • C. At the end of the fiscal year, the government receives and pays its electric bill for the previous month.
  • D. At the end of the fiscal year, the government signs a contract to buy office furniture.
Answer: A
Explanation:
Comprehensive Detailed Explanation:
In governmental funds (using the modified accrual basis), expenditures are recorded when financial resources are used - typically when cash is disbursed. However, in government-wide statements (accrual basis), only the portion of the asset's cost consumed in the period is recorded as an expense (i.e., depreciation).
Paying for capital assets such as vehicles is an expenditure in the governmental funds, but not an expense in the accrual-based government-wide financials. Instead, the cost is capitalized and depreciated over time.
Relevant References:
GASB Statement No. 34 - Government-wide vs. Fund Financial Reporting
GASB Codification Section 1300 - Modified Accrual Accounting
GFOA Best Practices - Capital Asset Reporting
C). At the end of the fiscal year, the government pays for ten vehicles which will be depreciated over five years.

NEW QUESTION # 21
The footnotes to audited financial statements disclose
  • A. a summary of significant accounting policies.
  • B. information about the auditor's opinion on the financial statements.
  • C. the agency's performance metrics.
  • D. the accounting principles used to prepare the financial statements.
Answer: A
Explanation:
Footnotes (Notes to the Financial Statements) serve to clarify and provide additional detail about the financial statements. Key components include:
Summary of significant accounting policies (e.g., measurement focus, basis of accounting) Details on capital assets, long-term liabilities, commitments, contingencies Pension/OPEB disclosures Not performance metrics or audit opinions (those are in MD&A and audit reports) Relevant References:
GASB Codification Section 2300 - Notes to Financial Statements
GFOA Best Practices - Financial Reporting and Disclosure
C). a summary of significant accounting policies.

NEW QUESTION # 22
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. general fund
  • B. internal service fund
  • C. special revenue fund
  • D. capital projects 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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NEW QUESTION # 23
A municipality would establish an internal service fund to capture the activities of a data processing center, in order to account for
  • A. financing of services provided to other governmental units on a cost reimbursement basis.
  • B. financial resources to be used for acquisition of facilities.
  • C. proceeds of revenue sources restricted to expenditure for specified purposes.
  • D. services rendered to the general public on a fee basis.
Answer: A
Explanation:
Comprehensive Detailed Explanation:
Internal service funds are proprietary funds used to account for the operations of departments or functions that provide goods or services to other departments within the same government on a cost-reimbursement basis.
Examples include:
Centralized IT/data processing
Fleet management
Print shops or mail centers
These are not used for general public services, capital acquisitions, or restricted revenues (which belong in special revenue or capital projects funds).
Relevant References:
GASB Statement No. 34 - Fund Types
GASB Codification Section 1300 - Internal Service Funds
GFOA Fund Accounting Best Practices
D). financing of services provided to other governmental units on a cost reimbursement basis.

NEW QUESTION # 24
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Posted at yesterday 15:16        Only Author  2#
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