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Free PDF Quiz AGA - GAFRB - High Hit-Rate Exam Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Success

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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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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q81-Q86):

NEW QUESTION # 81
Accounts that are closed at year-end include

A. tax revenues.
B. unassigned fund balance.
C. taxes receivable.
D. supplies inventory.

Answer: A

Explanation:
Temporary accounts (revenues, expenditures, and transfers) are closed at the end of the fiscal year to prepare the books for the next fiscal period. Tax revenues are a temporary account and are closed at year-end by transferring balances to fund balance accounts.
In contrast:
Taxes receivable (A) is a balance sheet (permanent) account.
Supplies inventory (C) is an asset.
Unassigned fund balance (D) is an equity account.
Relevant References:
GASB Codification Section 2200 - Fund Accounting and Closing Procedures GFOA Accounting and Financial Reporting Manual GAAP Fundamentals B). tax revenues

NEW QUESTION # 82
The Department of Health and Human Services prepares a financial statement displaying costs of each major program as they relate to the department's outcomes and outputs. The title of this financial statement is the

A. Statement of Custodial Activity.
B. Statement of Budgetary Resources.
C. Statement of Changes in Net Position.
D. Statement of Net Cost.

Answer: D

Explanation:
The Statement of Net Cost is the principal financial statement used by federal agencies to report the total cost of their programs and activities. It aligns the agency's programs, outputs, and strategic objectives with the cost incurred to produce those outputs.
The Department of Health and Human Services, like all federal agencies, uses this statement to display costs by major program or responsibility segment.
Relevant References:
FASAB SFFAS No. 4 - Managerial Cost Accounting Standards
FASAB SFFAS No. 55 - Amending the Statement of Net Cost
OMB Circular A-136 - Section on Federal Financial Statements
A). Statement of Net Cost

NEW QUESTION # 83
An agency is developing a lee for services to cover all direct operating expenditures. Which of the following should be included in the fee calculation?

A. staffing, location rent, equipment depreciation
B. supplies, equipment depreciation, location rent
C. staffing, location rent, supplies
D. supplies, equipment depreciation, staffing

Answer: A

Explanation:
When an agency is developing a fee to recover costs for providing a service, it must calculate the full cost of the service. According to cost accounting standards for federal government operations, "full cost" includes:
Direct costs: staffing, supplies, materials directly used in service provision Indirect costs: facility costs (e.g., location rent), equipment depreciation, administrative support, etc.
OMB Circular A-25, "User Charges," requires that user fees for government services be based on the full cost of providing that service unless otherwise mandated by law. Therefore, staffing (a direct cost), location rent (indirect cost), and equipment depreciation (a capital asset cost) are all appropriate to include.
Relevant Standards and References:
OMB Circular A-25, "User Charges," Section 6(d): "Full cost includes all direct and indirect costs to any part of the Federal Government of providing a good, resource, or service." FASAB SFFAS No. 4, Managerial Cost Accounting Concepts and Standards: Defines full cost components, including depreciation.
GAO "Principles of Federal Appropriations Law," Red Book, Vol. I: Cost recovery practices in federal user fee settings.
Therefore, Option B is correct.

NEW QUESTION # 84
The Government Management Reform Act of 1994 amended the CFO Act of 1990 to require

A. OMB approval of executive department financial statements.
B. quarterly financial statements of executive departments.
C. audited financial statements of the executive departments.
D. unmodified audit opinions of the executive department financial statements.

Answer: C

Explanation:
The Government Management Reform Act (GMRA) of 1994 amended the Chief Financial Officers (CFO) Act of 1990 to require each executive agency to prepare and submit audited financial statements covering all accounts and associated activities.
This extended the audit requirement beyond the pilot CFO agencies and laid the groundwork for the Financial Report of the U.S. Government.
Relevant References:
Government Management Reform Act of 1994 (Public Law 103-356)
CFO Act of 1990
OMB Circular A-136 - Financial Reporting Requirements
B). audited financial statements of the executive departments
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NEW QUESTION # 85
OMB Circular A-136 requires that all of the following be included in an AFR EXCEPT

A. a message from the head of the agency.
B. the MD&A.
C. the financial section.
D. the performance section.

Answer: D

Explanation:
OMB Circular A-136 specifies the required components of the Agency Financial Report (AFR), which include:
A Message from the Head of the Agency
Management's Discussion and Analysis (MD&A)
Financial Section (including statements and notes)
Other Information (e.g., improper payments, internal controls)
The Performance Section is not included in the AFR but is instead part of the alternative Performance and Accountability Report (PAR) or included separately in an Annual Performance Report (APR).
Relevant References:
OMB Circular A-136 - Financial Reporting Requirements (Section II)
GPRA Modernization Act of 2010
CFO Act of 1990
D). the performance section

NEW QUESTION # 86
......

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