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GAFRB Dump File, GAFRB Latest Exam Materials

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GAFRB Dump File, GAFRB Latest Exam Materials

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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
  • 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
  • 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.

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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q101-Q106):NEW QUESTION # 101
A government issues general obligation bonds at a premium. The associated amortization would be reported on the
  • A. Statement of Activities as a component of interest expense.
  • B. Statement of Revenues, Expenditures, and Changes in Fund Balance as a component of interest expenditures.
  • C. Statement of Activities as a component of depreciation expense.
  • D. Statement of Revenues, Expenditures, and Changes in Fund Balance as a component of depreciation expenditures.
Answer: A
Explanation:
When a government issues general obligation bonds at a premium, the premium is amortized over the life of the bond. Under the full accrual basis used in the government-wide financial statements (e.g., Statement of Activities), this amortization reduces the reported interest expense over time.
The fund financial statements (e.g., Statement of Revenues, Expenditures, and Changes in Fund Balance) follow the modified accrual basis and generally do not account for amortization of bond premiums.
Relevant References:
GASB Statement No. 34 - Government-Wide Financial Reporting
GASB Statement No. 65 - Items Previously Reported as Assets and Liabilities GFOA - Debt Reporting Best Practices B). Statement of Activities as a component of interest expense

NEW QUESTION # 102
Which of the following federal collections are typically accounted for in a deposit fund?
  • A. funds held temporarily until ownership is determined (e.g., earnest money paid by bidders)
  • B. taxes dedicated to a specific purpose (e.g., gasoline taxes funding highway projects)
  • C. general tax receipts funding government operations overall (e.g., personal income taxes)
  • D. exchange revenues collected to finance a continuing cycle of business-type operations (e.g., revenue paid to service centers)
Answer: A
Explanation:
Deposit funds are a type of fiduciary fund used by federal agencies to account for monies held temporarily for others and where the government does not have ownership. These funds are not available for general government use and are excluded from budgetary resources.
Examples include:
Unidentified remittances
Bid deposits or earnest money
Collections awaiting resolution of ownership
These do not represent revenue to the federal government and are instead liabilities until disbursed.
Relevant References:
Treasury Financial Manual (TFM), Volume I, Part 2, Chapter 1500 - Deposit Fund Accounts GAO Red Book - Federal Appropriations Law FASAB SFFAS No. 1 - Accounting for Selected Assets and Liabilities C). funds held temporarily until ownership is determined

NEW QUESTION # 103
The Government Management Reform Act of 1994 amended the CFO Act of 1990 to require
  • A. quarterly financial statements of executive departments.
  • B. audited financial statements of the executive departments.
  • C. unmodified audit opinions of the executive department financial statements.
  • D. OMB approval of executive department financial statements.
Answer: B
Explanation:
The Government Management Reform Act (GMRA) of 1994 amended the Chief Financial Officers (CFO) Act of 1990 to require each executive agency to prepare and submit audited financial statements covering all accounts and associated activities.
This extended the audit requirement beyond the pilot CFO agencies and laid the groundwork for the Financial Report of the U.S. Government.
Relevant References:
Government Management Reform Act of 1994 (Public Law 103-356)
CFO Act of 1990
OMB Circular A-136 - Financial Reporting Requirements
B). audited financial statements of the executive departments
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NEW QUESTION # 104
Who is responsible for making apportionments and allotments?
  • A. apportionments are made by Congress, OMB makes allotments
  • B. apportionments are made by committees, OMB makes allotments
  • C. apportionments are made by OMB, agencies make allotments
  • D. apportionments are made by agencies, Congress makes allotments
Answer: C
Explanation:
In the federal budget execution process:
The Office of Management and Budget (OMB) makes apportionments. These divide appropriated funds into quarterly or program-specific portions to prevent premature spending.
Agencies then make allotments, which further subdivide apportioned funds internally by responsibility centers or programs.
Relevant References:
OMB Circular A-11 - Section 120: Apportionments
Treasury Financial Manual - Fund Control
GAO Red Book - Budget Execution Terminology
B). apportionments are made by OMB, agencies make allotments

NEW QUESTION # 105
The PAR includes all of the following elements EXCEPT the
  • A. agency-head message.
  • B. performance section.
  • C. financial section.
  • D. demographic section.
Answer: D
Explanation:
Comprehensive Detailed Explanation:
The Performance and Accountability Report (PAR) is a consolidated report that federal agencies are required to submit. It typically includes:
Agency Head's Message
Performance Section (performance goals/results)
Financial Section (financial statements, audit report, notes)
Other Accompanying Information (e.g., improper payments, internal control reports) There is no "demographic section" required or defined in the structure of a PAR.
Relevant References:
OMB Circular A-136 - Financial Reporting Requirements
GPRA Modernization Act of 2010
CFO Act of 1990
D). demographic section

NEW QUESTION # 106
......
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