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GAFRB Reliable Exam Braindumps, Sample GAFRB Test Online

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As practice makes perfect, we offer three different formats of AGA GAFRB exam study material to practice and prepare for the Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) (GAFRB) exam. Our AGA GAFRB practice test simulates the real GAFRBexam and helps applicants kill exam anxiety. These GAFRB practice exams provide candidates with an accurate assessment of their readiness for the GAFRB test.

AGA GAFRB Exam Syllabus Topics:

Topic
Details

Topic 1

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 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

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.

AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q66-Q71):

NEW QUESTION # 66
Who is responsible for making apportionments and allotments?

A. apportionments are made by Congress, OMB makes allotments
B. apportionments are made by agencies, Congress makes allotments
C. apportionments are made by OMB, agencies make allotments
D. apportionments are made by committees, OMB 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 # 67
Which of the following fund types would be used to collect water utility user fees?

A. pension fund
B. capital projects fund
C. special revenue fund
D. enterprise fund

Answer: D

Explanation:
Enterprise funds are a type of proprietary fund used by governments to account for operations that are financed and operated in a manner similar to private business enterprises. These include activities like water, sewer, and electricity utilities, where user fees or charges for services are the primary revenue source.
In this case, a water utility charging users is best accounted for using an enterprise fund.
Relevant References:
GASB Codification Section 1300 - Fund Types
GASB Statement No. 34 - Fund Classification
GFOA Best Practices - Utility and Enterprise Fund Accounting
D). enterprise fund

NEW QUESTION # 68
The PAR includes all of the following elements EXCEPT the

A. financial section.
B. demographic section.
C. performance section.
D. agency-head message.

Answer: B

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 # 69
Which of the following situations may cause contingent liabilities?

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

Answer: C

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 # 70
All the following are required financial statement reporting on governmental funds EXCEPT

A. the balance sheet.
B. statement of cash flows.
C. the operating statement.
D. expenditures and changes in fund balance.

Answer: B

Explanation:
The governmental funds (e.g., general fund, special revenue fund, capital projects fund) are reported using the modified accrual basis and current financial resources measurement focus. Required financial statements for governmental funds include:
Balance Sheet
Statement of Revenues, Expenditures, and Changes in Fund Balances
There is no requirement for a statement of cash flows for governmental funds. The statement of cash flows is only required for proprietary funds (e.g., enterprise and internal service funds) and is prepared using the direct method.
Relevant References:
GASB Statement No. 34 - Basic Financial Statements
GASB Codification Section 2200
GFOA Governmental Fund Reporting Guidelines
D). statement of cash flows

NEW QUESTION # 71
......

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