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Pass Guaranteed AGA GAFRB - Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Updated Latest Exam Labs

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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

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

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.

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Quiz AGA - GAFRB - Valid Latest Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Exam Labs

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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q64-Q69):

NEW QUESTION # 64
State and local governments account for budgeted and actual expenditures to ensure that

A. actual expenditures are used to formulate next year's budget.
B. cash is available to pay bills when they come due.
C. spending conforms to legal requirements.
D. GASB standards are met when producing the basic financial statements.

Answer: C

Explanation:
State and local governments adopt legally binding budgets and are required to monitor compliance with those budgets. Budget-to-actual comparisons help ensure that public funds are spent only as authorized by the legislative body. This supports the core accountability principle of public sector financial reporting.
While budgets can also support planning and cash flow, the primary purpose of tracking budgeted vs. actual expenditures is legal compliance.
Relevant References:
GASB Statement No. 34 - Budgetary Comparison Schedules
GFOA - Budget Monitoring and Compliance
GAO Red Book - Legal Requirements for Public Spending
D). spending conforms to legal requirements.

NEW QUESTION # 65
Which entity assists the president in overseeing the preparation of the President's Budget?

A. OMB
B. the U.S. Department of the Treasury
C. Congressional Budget Office
D. GAO

Answer: A

Explanation:
The OMB assists the President in preparing the President's Budget, which is submitted annually to Congress.
OMB coordinates budget instructions, evaluates agency requests, and ensures alignment with presidential policies.
Other roles:
GAO: Supports Congress and performs audits
CBO: Provides nonpartisan budget analysis to Congress
U).S. Treasury: Manages federal finances but does not oversee budget preparation Relevant References:
OMB Circular A-11 - Role in Budget Formulation
U).S. Code Title 31 - Role of OMB
GAO Budget Glossary
C). OMB

NEW QUESTION # 66
Which of the following fund types would be used to collect water utility user fees?

A. capital projects fund
B. pension 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 # 67
A city utilizing a 60-day availability period has a June 30 year-end. It levies property taxes in January that are due in March, which are used to finance the general fund. The city levied S15 million in taxes in the current fiscal year, collecting $12 million during the fiscal year. In addition, the following amounts were collected in the months after year-end:
July $1,000,000
August $ 500,000
September $ 250,000
How much revenue should the general fund recognize for the fiscal year?

A. $13 million
B. $13.5 million
C. $15 million
D. $12 million

Answer: A

Explanation:
The city has a June 30 fiscal year-end and applies the 60-day availability rule, which is standard under modified accrual accounting for governmental funds like the general fund.
Total collections within:
Fiscal year: $12 million
60-day window (July + August): $1 million + $500,000 = $1.5 million
Revenue recognized = $12 million + $1.5 million = $13.5 million
However, under GASB Interpretation No. 5 and GASB Statement No. 33, only amounts expected to be collected within 60 days after year-end should be recognized as revenue in the general fund. The city uses the
60-day rule.
Thus, the correct amount to recognize is:
$12 million (collected during fiscal year)
$1 million (July)
$500,000 (August) = $13.5 million
C). $13.5 million
Relevant References:
GASB Statement No. 33 - Accounting and Financial Reporting for Nonexchange Transactions GASB Interpretation No. 5 - Property Tax Revenue Recognition GASB Codification Section 1600.115 (Modified Accrual Basis)
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NEW QUESTION # 68
To capitalize a research and development asset, it must

A. be used for a federal research project.
B. have acquisition value of at least $100.000.
C. be approved by the agency head.
D. have alternative future use.

Answer: D

Explanation:
Research and development (R&D) costs are generally expensed when incurred. However, capitalization may occur only if the asset has an "alternative future use." This means it can be used in other projects or for other purposes beyond the specific R&D effort.
This principle aligns with both federal and private-sector accounting under FASAB and FASB standards.
Relevant References:
FASAB SFFAS No. 10 - Accounting for Internal Use Software
FASB ASC 730 - Research and Development
GAO Red Book - Capitalization Guidelines
D). have alternative future use

NEW QUESTION # 69
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