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100% Pass Quiz AGA - GAFRB - High-quality Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Valid Braindumps Ppt

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

NEW QUESTION # 66
Which federal agency activities would most likely use a trust fund to account for funds received and paid?

A. provisions of benefits, goods or services financed by specific revenue sources
B. business-type operations financed by exchange revenues
C. general government programs receiving annual appropriations
D. grant programs distributing funds awarded in prior years

Answer: A

Explanation:
Comprehensive Detailed Explanation:
Trust funds in the federal government are used to account for assets held in a fiduciary capacity for specific purposes. These funds typically involve revenue dedicated by law for particular programs and purposes, such as:
Social Security Trust Fund
Medicare Trust Fund
Unemployment Trust Fund
These involve collections from earmarked taxes or contributions and are used to provide specific benefits or services.
Relevant References:
FASAB SFFAS No. 27 - Identifying and Reporting Earmarked Funds
Treasury Financial Manual - Trust Fund Accounts
OMB Circular A-11, Section 20 - Federal Fund and Trust Fund Definitions B). provisions of benefits, goods or services financed by specific revenue sources

NEW QUESTION # 67
A special-purpose government is considered a primary government when it has any of the following characteristics EXCEPT that it

A. relies on revenue projections from another government entity.
B. provides an ongoing financial benefit to another government entity.
C. has a board determined via general election.
D. has the ability to levy taxes.

Answer: A

Explanation:
A special-purpose government (e.g., a school district, utility authority) is considered a primary government when it meets at least one of the following conditions:
Has a separately elected governing body
Is legally separate
Is fiscally independent of other governments
The reliance on revenue projections from another entity does not preclude a government from being a primary government. What matters is legal and fiscal independence.
Relevant References:
GASB Statement No. 14 - The Financial Reporting Entity
GASB Statement No. 39 and No. 61 (Amendments to Statement 14)
GASB Codification Section 2100 - Defining the Financial Reporting Entity A). relies on revenue projections from another government entity

NEW QUESTION # 68
Which one of the following statements is true with regard to external reporting of major funds for state and local governments?

A. Internal service funds that have assets and deferred outflows of resources in excess of 10% of total proprietary assets and deferred outflows of resources are required to be reported as major funds.
B. Special revenue funds that have expenditures in excess of 5% of total governmental expenditures are required to be reported as major funds.
C. The general fund is presented as major only if it meets the major fund criteria.
D. Management can elect to present any governmental or enterprise fund as a major fund.

Answer: D

Explanation:
GASB Statement No. 34 provides the criteria for determining major funds, primarily based on quantitative thresholds (e.g., 10% of total assets, liabilities, revenues, or expenditures/expenses).
However, GASB also allows management to designate any governmental or enterprise fund as a major fund if, in its judgment, it is particularly important to users of the financial statements-even if it doesn't meet the quantitative criteria.
Other options are incorrect:
The general fund is always presented as a major fund regardless of criteria.
Internal service funds are never reported as major funds in the fund financial statements.
Relevant References:
GASB Statement No. 34 - Paragraph 76
GASB Codification Section 2200 - Fund Reporting Requirements
GFOA ACFR Preparation Guide
C). Management can elect to present any governmental or enterprise fund as a major fund

NEW QUESTION # 69
According to GAAP, all of the following should be addressed in the MD&A EXCEPT

A. condensed comparative data.
B. a discussion of the basic financial statements.
C. an overall analysis.
D. computation of legal debt margins.

Answer: D

Explanation:
Management's Discussion and Analysis (MD&A) is a required part of Required Supplementary Information (RSI) under GASB standards. It includes:
An overview and analysis of financial activities
Condensed comparative financial data
A discussion of the basic financial statements
An explanation of significant changes from the prior year
However, computation of legal debt margins is not required in the MD&A. This type of information is typically included in the statistical section of the ACFR (Annual Comprehensive Financial Report), not in MD&A.
Relevant References:
GASB Statement No. 34 - Basic Financial Statements and Management's Discussion and Analysis GASB Codification Section 2200 - MD&A Requirements GFOA ACFR Checklist C). computation of legal debt margins

NEW QUESTION # 70
Information is reported in the notes to the financial statements to support all of the following goals EXCEPT to

A. provide narrative information.
B. satisfy disclosure requirements.
C. provide information in a timely and comparable format.
D. provide detailed information that is not described in the basic financial statements.

Answer: C

Explanation:
Comprehensive Detailed Explanation:
The notes to the financial statements serve the purpose of:
Providing narrative explanations for items presented in the financial statements Offering additional disclosures to comply with GASB/GAAP requirements Presenting detailed information not conveyed in the basic financial statements themselves While comparability and timeliness are important qualitative characteristics of financial reporting, they are not the direct purpose of note disclosures. That responsibility lies more broadly with the financial reporting system as a whole.
Relevant References:
GASB Concepts Statement No. 1 - Objectives of Financial Reporting
GASB Codification Section 2300 - Notes to the Financial Statements
FASAB Handbook - Disclosure Objectives
D). provide information in a timely and comparable format

NEW QUESTION # 71
......

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Ray Morgan Ray Morgan

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