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2025 100% Free GAFRB–Trustable 100% Free Latest Test Braindumps | Actual Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Tests

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AGA GAFRB Exam Syllabus Topics:

Topic
Details

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 (Q79-Q84):

NEW QUESTION # 79
A federal agency should recognize an accounts receivable when

A. agreements to provide services are received.
B. orders are accepted for goods that are to be provided.
C. taxes are expected to be received at a future date.
D. claims to cash against other entities are established.

Answer: D

Explanation:
Comprehensive Detailed Explanation:
According to FASAB Statement of Federal Financial Accounting Standards (SFFAS) No. 1, an accounts receivable should be recognized when a legal claim to cash exists - that is, when the federal agency has provided goods or services or an enforceable claim to payment has arisen.
This typically occurs after performance has occurred, not merely when an agreement or order is received.
Relevant References:
FASAB SFFAS No. 1 - Accounting for Selected Assets and Liabilities
Treasury Financial Manual (TFM) - Receivables Accounting
OMB Circular A-136 - Financial Reporting Requirements
A). claims to cash against other entities are established

NEW QUESTION # 80
At the beginning of the fiscal year a school district held the following capital assets:
What is the depreciation expense for the current year?

A. $233.333
B. $240.833
C. $200.000
D. $207.500

Answer: D

Explanation:
We calculate straight-line depreciation for each asset using the formula:
Depreciation = Cost ÷ Useful Life
Given:
Refrigerators: $150,000 ÷ 20 = $7,500
Heating system: $500,000 ÷ 15 = $33,333.33
Buses: $1,000,000 ÷ 5 = $200,000
Total Depreciation:
$7,500 (Refrigerators)
$33,333.33 (Heating system)
$200,000 (Buses)
= $240,833.33
So the correct depreciation expense (rounded to the nearest dollar) is:
D). $240,833
Note: Option B ($207,500) is incorrect because it does not reflect total depreciation based on the useful lives provided.
Relevant References:
GASB Statement No. 34 - Capital Asset Reporting
GFOA Best Practices - Capital Assets and Depreciation
FASAB SFFAS No. 6 - Accounting for Property, Plant, and Equipment
D). $240,833

NEW QUESTION # 81
The major difference in applying the accrual concept in governmental fund accounting, as opposed to private- sector accounting, is that revenues are

A. recognized when an encumbrance order is prepared.
B. recognized in the accounting period in which they are received.
C. recorded when collectability occurs or can be reasonably estimated.
D. recognized when they become measurable and available.

Answer: D

Explanation:
Governmental fund accounting uses the modified accrual basis of accounting. Under this basis, revenues are recognized when:
They are measurable (amount can be reasonably determined)
They are available (collectible within the current period or soon enough thereafter to pay current liabilities - typically within 60 days) This is the key difference from full accrual accounting, which recognizes revenue when it is earned, regardless of when received.
Relevant References:
GASB Statement No. 33 - Accounting and Financial Reporting for Nonexchange Transactions GASB Statement No. 34 - Fund Accounting and Modified Accrual Basis GASB Codification Section 1600 - Fund Financial Reporting C). recognized when they become measurable and available

NEW QUESTION # 82
Separate fund financial statements should be presented for

A. governmental and proprietary funds.
B. long-term debt.
C. net assets and activities.
D. capital assets.

Answer: A

Explanation:
Separate fund financial statements are required for:
Governmental Funds (e.g., general fund, special revenue)
Proprietary Funds (e.g., enterprise, internal service funds)
Fiduciary Funds (reported separately but not combined with government-wide statements) Long-term debt and capital assets are components within the financial statements-not fund types.
Relevant References:
GASB Statement No. 34 - Financial Reporting Model
GASB Codification Section 2200 - Financial Reporting
GFOA Fund Reporting Framework
B). governmental and proprietary funds

NEW QUESTION # 83
A private bank provides a student loan that the government has insured against default. This is an example of

A. a Pell Grant.
B. loan insurance.
C. a secured loan.
D. a loan guarantee.

Answer: D

Explanation:
When a private bank issues a student loan that is insured by the government in case of default, the federal government is acting as a guarantor-not issuing the loan directly, but promising repayment to the lender if the borrower defaults. This is a classic example of a federal loan guarantee program.
Loan guarantees are off-budget unless called, and the government only incurs a liability if the student defaults.
Relevant References:
FASAB SFFAS No. 2 - Accounting for Direct Loans and Loan Guarantees
Credit Reform Act of 1990
OMB Circular A-11, Section 185 - Federal Credit Programs
B). a loan guarantee

NEW QUESTION # 84
......

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