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[General] GAFRB Valid Test Topics - GAFRB Exam Quick Prep

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【General】 GAFRB Valid Test Topics - GAFRB Exam Quick Prep

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AGA GAFRB Exam Syllabus Topics:
TopicDetails
Topic 1
  • 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 2
  • 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 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.

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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q12-Q17):NEW QUESTION # 12
A federal agency received utility bills before the end of the fiscal year. It is the agency's policy to obligate funds upon receipt of the utility bills and to pay the bills immediately upon receipt. Which set of entries would be made to the budgetary accounts?
  • A. Debit Allotment Available for Commitment/Obligation
    Credit Undelivered Orders Unpaid
  • B. Debit Unobligated Funds Credit Expended Appropriation
  • C. Debit Expended Appropriation
    Credit Allotment Available for Commitment/Obligation
  • D. Debit Allotment Available for Commitment/Obligation
    Credit Fund Balance with Treasury
Answer: A
Explanation:
In federal accounting, upon receipt of utility bills (and before payment), a government agency records an obligation. Since the service has already been received and payment is imminent, the budgetary accounting entry reduces available allotments and records the obligation.
The entry would look like:
Debit: Allotment Available for Commitment/Obligation
Credit: Undelivered Orders - Unpaid (or potentially Delivered Orders - Unpaid, depending on agency policy) In the case of immediate payment, the next step would move from obligation to expenditure, but the initial obligation entry affects the budgetary accounts as described above.
Relevant References:
FASAB SFFAS No. 7 - Budgetary Accounting
Treasury Financial Manual (TFM) - Budgetary Transactions
OMB Circular A-11
A). Debit Allotment Available for Commitment/Obligation / Credit Undelivered Orders Unpaid

NEW QUESTION # 13
Entity receivables are described as amounts that
  • A. the entity collects on behalf of the U.S. government or other entities that the entity is not authorized to spend.
  • B. the entity anticipates receiving via appropriate warrant from the U.S. Department of the Treasury.
  • C. the entity collects on behalf of other federal entities and deposits directly with the U.S. Department of the Treasury.
  • D. a federal entity claims from other federal or non-federal entities that the federal entity is authorized to spend.
Answer: D
Explanation:
Entity receivables refer to amounts due to a federal agency that it has legal claim over and is authorized to spend or retain. These include:
Claims to cash from other agencies or external entities (e.g., reimbursements, fees for services) Amounts expected to be collected and available for the agency's own operations This contrasts with non-entity receivables, which are collected on behalf of other federal agencies or the general fund and are not available for the collecting agency's use.
Relevant References:
FASAB SFFAS No. 1 - Accounting for Selected Assets and Liabilities
Treasury Financial Manual (TFM), Vol. I, Part 2 - Definitions of Entity vs. Non-Entity Assets OMB Circular A-136 - Reporting of Receivables C). a federal entity claims from other federal or non-federal entities that the federal entity is authorized to spend

NEW QUESTION # 14
The capitalization of interest begins when all of the following conditions are met EXCEPT
  • A. interest cost is being incurred.
  • B. the contract is signed for purchasing the asset.
  • C. outlays for the asset have been made.
  • D. activities are in progress to get the asset ready for its intended use.
Answer: B
Explanation:
Comprehensive Detailed Explanation:
Capitalization of interest begins when three conditions are met:
Expenditures for the asset have been made (i.e., costs are being incurred) Activities necessary to prepare the asset for use are in progress Interest cost is being incurred Signing a contract does not trigger capitalization - the actual incurrence of costs and activities must begin.
This rule is based on GAAP and FASB/GASB guidance for capital asset construction.
Relevant References:
GASB Statement No. 62 - Capitalization of Interest
FASB ASC 835-20 - Interest Capitalization
GFOA - Capital Asset Accounting Guidelines
A). the contract is signed for purchasing the asset

NEW QUESTION # 15
When an accounting principle established by GASB conflicts with an accounting principle established by FASB. the preparer of financial statements for a local government should observe
  • A. the principle established by GASB.
  • B. the principle established by FASB.
  • C. either the principle established by GASB or FASB, without additional disclosure.
  • D. either the principle established by GASB or FASB, with additional disclosure required if the FASB principle is observed.
Answer: A
Explanation:
For state and local governments, GASB (Governmental Accounting Standards Board) is the authoritative standard-setting body. If a GASB principle exists, it must be followed, even if a FASB (Financial Accounting Standards Board) principle suggests a different approach.
FASB guidance may only be used in the absence of applicable GASB guidance - and even then, only when it does not conflict with governmental accounting objectives.
Relevant References:
GASB Statement No. 76 - The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments GASB Concepts Statements GAO and GFOA Reporting Manuals A). the principle established by GASB

NEW QUESTION # 16
Interest accrued on the public debt is reported as
  • A. an outlay.
  • B. a receipt.
  • C. a tax expenditure.
  • D. a cost of goods sold.
Answer: A
Explanation:
Interest accrued on the public debt (e.g., Treasury securities) is considered a government expenditure. In federal financial reporting and budgeting, this is classified as an outlay, representing a payment made to meet an obligation.
It is not a receipt (revenues collected), a cost of goods sold (used in commercial accounting), or a tax expenditure (which refers to revenue foregone due to deductions, credits, etc.).
Relevant References:
OMB Circular A-11 - Budgetary Definitions
Treasury Financial Manual (TFM) - Federal Outlay Reporting
GAO Glossary - Public Debt Interest Treatment
B). an outlay

NEW QUESTION # 17
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