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GAFRB Reliable Exam Braindumps - Valid GAFRB Exam Labs

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GAFRB Reliable Exam Braindumps - Valid GAFRB Exam Labs

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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q49-Q54):NEW QUESTION # 49
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 # 50
A state grant will reimburse a city for 40% of the architectural, construction and project management costs to build an annex to a city building. A city employee, who is paid salary and benefits of 510,000 a month, works half-time on the project for six months.
The city reports the following project budgeted and actual costs:
Purpose Budget Actual
Architectural fees $ 100.000 $ 90,000
Construction costs $10,500,000 $10,000,000
Based upon the above information, what is the amount of allowable costs that the state will reimburse the city on the grant?
  • A. $4,252,000
  • B. $4.060.000
  • C. $4.048.000
  • D. $4.264.000
Answer: C
Explanation:
First, we calculate total eligible project costs:
Eligible categories (architectural, construction, project management):
Architectural (actual): $90,000
Construction (actual): $10,000,000
Project management (city employee at 50% time for 6 months):
$10,000/month × 6 months × 50% = $30,000
Total eligible cost = $90,000 + $10,000,000 + $30,000 = $10,120,000
State reimburses 40% of eligible cost:
0.40 × $10,120,000 = $4,048,000
Relevant References:
OMB Uniform Guidance (2 CFR § 200) - Cost Principles
GFOA Best Practices - Grant Compliance
State grant agreements outlining cost-sharing requirements
A). $4,048,000

NEW QUESTION # 51
The Office of Personnel Management provides employee pension benefits for an agency's employees and bills the agency for a portion of the costs. The portion of costs not billed to the agency is an
  • A. imputed cost to be recognized by the agency.
  • B. imputed cost to be recognized by the Office of Personnel Management.
  • C. inferred cost to be recognized by the agency.
  • D. inferred cost to be recognized by the Office of Personnel Management.
Answer: A
Explanation:
When a federal agency participates in a pension plan administered by another government entity (such as the Office of Personnel Management, OPM), and OPM bills the agency for a portion of the cost while covering the remainder itself, the portion not billed is considered an "imputed cost" to the agency. This imputed cost represents the agency's share of employee pension benefits that are financed on its behalf by another entity.
Accounting guidance requires that the employing agency recognize both the amount billed and the amount covered by OPM as a pension expense, recordingthe imputed cost as an expense and as an imputed financing source in its own financial statements.This treatment ensures full recognition of the economic cost of employing personnel, even if part of that cost is not directly paid by the agency.
Key references and standards:
* Federal Accounting Standards Advisory Board (FASAB) SFFAS No. 5, "Accounting for Liabilities of the Federal Government":
"Employing entities should recognize the cost of pensions and other postemployment benefits during their employees' active years of service. The cost recognized includes the amount contributed by the employing entity and the portion contributed by other entities on the entity's behalf, which is called an imputed cost."
* FASAB SFFAS No. 4, "Managerial Cost Accounting Standards and Concepts":
"Costs that are incurred by one entity but paid by another entity, and that benefit the reporting entity, should be recognized by the reporting entity as imputed costs and imputed financing."
* OMB Circular A-136, Section II.2.7.3:
"Imputed costs are to be recognized for the costs of goods and services received from other federal entities at no or reduced cost, such as pension and postretirement health benefits..." Therefore, answer choice C is correct: the agency recognizes the imputed cost.
Disclaimer: This custom GPT is continuously improving, but it may not always provide accurate information and can make mistakes. Validate important information for relevancy, completeness and accuracy with your subject matter experts (SMEs).

NEW QUESTION # 52
In state and local financial audits, material weaknesses must be reported to the
  • A. taxpayers.
  • B. legislature.
  • C. governing body.
  • D. local media.
Answer: C
Explanation:
What Are Material Weaknesses?
* Amaterial weaknessin internal control is a deficiency or combination of deficiencies that creates a reasonable possibility of a material misstatement in the financial statements that would not be prevented or detected in a timely manner.
* In the context of state and local financial audits, material weaknesses must be reported to those charged with governance, as they are responsible for oversight and corrective actions.
Why Is the Governing Body the Correct Answer?
* Thegoverning body(e.g., city council, county board, or state commission) is directly responsible for overseeing the entity's financial operations and ensuring accountability. Reporting material weaknesses to them ensures that corrective actions can be implemented to strengthen internal controls.
* Auditors communicate such findings through anaudit reportor amanagement letteraddressed to the governing body.
Why Other Options Are Incorrect:
* A. Legislature:The legislature may have oversight of state budgets and appropriations but is not the direct governing body for financial audits.
* C. Taxpayers:While transparency is important, material weaknesses are not directly reported to taxpayers. They may be disclosed in public audit reports, but taxpayers are not the primary audience.
* D. Local media:Material weaknesses are not formally reported to the media; their disclosure depends on the entity's public reporting processes.
References and Documents:
* GAO Yellow Book (GAGAS):Requires auditors to report material weaknesses to those charged with governance.
* GASB (Governmental Accounting Standards Board):Emphasizes the importance of communicating significant audit findings to governing bodies.
* AICPA Audit Standards (AU-C 265):Requires auditors to communicate material weaknesses to management and those charged with governance.

NEW QUESTION # 53
A legally separate organization for which the elected officials of the primary government are financially accountable describes a
  • A. fiscally dependent organization.
  • B. joint venture entity.
  • C. component unit.
  • D. jointly governed organization.
Answer: C
Explanation:
A component unit is a legally separate entity for which the elected officials of the primary government are financially accountable. This accountability may arise if the primary government:
Appoints a majority of the governing board, and
Is able to impose its will or has the potential to receive financial benefits or bear financial burdens.
Component units are reported in the financial statements of the primary government, either as blended or discretely presented entities.
Relevant Standards and References:
GASB Statement No. 14, The Financial Reporting Entity
GASB Statement No. 61, The Financial Reporting Entity: Omnibus
GASB Codification Section 2100: Defining the Financial Reporting Entity Therefore, Option B is correct.

NEW QUESTION # 54
......
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