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GAFRB Valid Braindumps Ebook | Exam GAFRB Review

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AGA GAFRB Exam Syllabus Topics:

Topic
Details

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

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 3

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.

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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q78-Q83):

NEW QUESTION # 78
What organization establishes GAAP for federal agencies?

A. FASAB
B. OMB
C. GAO
D. FASB

Answer: A

Explanation:
The Federal Accounting Standards Advisory Board (FASAB) establishes Generally Accepted Accounting Principles (GAAP) for federal government entities. FASAB is recognized by the American Institute of Certified Public Accountants (AICPA) as the authoritative source of GAAP for federal agencies.
Other agencies:
OMB: Issues financial reporting guidance and formats (e.g., A-136), but does not set GAAP.
GAO: Audits financial statements and issues internal control guidance.
FASB: Sets GAAP for private sector and some not-for-profit organizations-not federal.
Relevant References:
FASAB Memorandum of Understanding (GAO, Treasury, OMB)
AICPA Rule 203 Designation of FASAB as the GAAP Authority
SFFAS No. 34 - The Hierarchy of GAAP
A). FASAB

NEW QUESTION # 79
Which of the following situations may cause contingent liabilities?

A. loss on the sale of an asset
B. unrealized loss
C. impairment of an asset
D. building with asbestos

Answer: D

Explanation:
Comprehensive Detailed Explanation:
A contingent liability is a potential obligation that may arise depending on the outcome of a future event. A building containing asbestos represents a situation where a liability may be incurred if the asbestos must be removed due to safety regulations, public health concerns, or legal requirements.
Unlike realized losses (e.g., from asset sales or impairments), contingent liabilities depend on future events and uncertainty.
Relevant References:
FASAB SFFAS No. 5 - Accounting for Liabilities of the Federal Government GASB Statement No. 62 - Codification of Accounting and Financial Reporting Guidance GAO Red Book - Contingent Liabilities Examples B). building with asbestos

NEW QUESTION # 80
A federal agency should recognize an accounts receivable when

A. orders are accepted for goods that are to be provided.
B. taxes are expected to be received at a future date.
C. agreements to provide services are received.
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 # 81
Interest accrued on the public debt is reported as

A. a cost of goods sold.
B. a tax expenditure.
C. an outlay.
D. a receipt.

Answer: C

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 # 82
An idle facility cost is an allowable expense to charge to federal grants when a

A. fluctuation in workload is reasonably expected.
B. facility is not currently needed by the agency.
C. facility cannot be used while it is being repaired.
D. facility will sit idle for over one year.

Answer: A

Explanation:
Comprehensive Detailed Explanation:
Under 2 CFR § 200.446 of the OMB Uniform Guidance, idle facilities (or idle capacity) costs are generally unallowable. However, exceptions exist. One allowable condition is when the idleness results from fluctuations in workload that are considered normal for the type of operation.
Other allowable cases include those due to reorganization, restraint, or repair/maintenance needs - but only within reasonable limits and duration.
Relevant References:
2 CFR § 200.446 - Idle Facilities and Idle Capacity
OMB Uniform Guidance (2 CFR Part 200) - Cost Principles
GAO Red Book - Allowable Grant Expenditures
A). fluctuation in workload is reasonably expected
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NEW QUESTION # 83
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Studying from an updated practice material is necessary to get success in the AGA GAFRB certification test on the first try. If you don't adopt this strategy, you will not be able to clear the Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) (GAFRB) examination. Failure in the Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) (GAFRB) test will lead to loss of confidence, time, and money.

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