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Free PDF Quiz Newest GAFRB - Valid Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Vce Dumps

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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

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 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 (Q44-Q49):

NEW QUESTION # 44
The process in the budget where OMB communicates to agencies what it will recommend to the president is called

A. allotment
B. apportionment.
C. rescission.
D. pass back.

Answer: D

Explanation:
The "pass back" is a step in the federal budget process during which the Office of Management and Budget (OMB) communicates to federal agencies what parts of their budget requests it has approved or rejected. It precedes the preparation of the President's Budget and gives agencies a chance to appeal decisions before final submission.
Other options:
Allotment: An internal division of an appropriation.
Rescission: A cancellation of budget authority.
Apportionment: OMB's formal distribution of funds over time, typically quarterly.
Relevant References:
OMB Circular A-11 - Preparation, Submission, and Execution of the Budget GAO Glossary of Budgetary Terms Congressional Budget Office (CBO) - Federal Budget Process A). pass back

NEW QUESTION # 45
A governmental financial reporting entity is comprised of all of the following EXCEPT

A. the primary government.
B. other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity's financial statements to be misleading or incomplete.
C. organizations for which the primary government is financially accountable.
D. any organization for which records are kept by the primary government.

Answer: D

Explanation:
A governmental financial reporting entity includes:
The primary government
Legally separate organizations for which the primary government is financially accountable Other organizations whose exclusion would render the financial statements misleading or incomplete (per GASB Statement No. 14 and No. 61) Merely keeping records for an organization does not make it part of the financial reporting entity unless there is financial accountability or a significant relationship.
Relevant References:
GASB Statement No. 14 - The Financial Reporting Entity
GASB Statement No. 61 - Omnibus Amendments to GASB No. 14
GASB Codification Section 2100 - Reporting Entity
B). any organization for which records are kept by the primary government
##################################

NEW QUESTION # 46
Which account is used to temporarily hold general, special or trust fund federal government collections or disbursements pending clearance to the applicable receipt or expenditure accounts?

A. Deposit Fund Account
B. Suspense Account
C. Transfer Allocation Account
D. Clearing Account

Answer: D

Explanation:
Clearing accounts are used to temporarily record collections or disbursements of the federal government until they can be correctly classified into the appropriate account (e.g., receipt or expenditure accounts).
Suspense accounts are similar but typically used when the agency cannot immediately identify the appropriate account for a transaction. Clearing accounts have known destinations, but require short-term holding for classification purposes.
Relevant References:
Treasury Financial Manual (TFM) - Volume I, Part 2, Chapter 5100
USSGL (U.S. Standard General Ledger) - Account Definitions
GAO Red Book - Federal Appropriation Terms
D). Clearing Account
######################

NEW QUESTION # 47
Interest accrued on the public debt is reported as

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

Answer: D

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 # 48
A state had problems with its cash reconciliation resulting in a difference between the total cash per books versus cash balance with banks. The possible loss could only be estimated within a range of $100 million to
$300 million with no amount within the range considered a better estimate than any other. The state should recognize a minimum liability of

A. $300 million with no additional disclosure required.
B. $100 million and disclose in the notes the exposure to an additional $200 million loss.
C. an amount to be determined by external auditors.
D. $200 million and disclose in the notes the exposure to an additional $100 million loss.

Answer: B

Explanation:
GASB Statement No. 62 (based on FASB ASC 450-20) provides guidance on recognizing loss contingencies.
If a loss is probable and the amount can only be estimated as a range, and no single amount within the range is better, the minimum amount in the range should be accrued.
The remainder of the range should be disclosed in the notes to the financial statements.
Thus:
Accrue: $100 million
Disclose: Additional exposure up to $200 million
Relevant References:
GASB Statement No. 62 - Paragraph 96
GAAP Implementation Guide - Loss Contingencies
AICPA Audit Guide - Government Auditing Standards
A). $100 million and disclose in the notes the exposure to an additional $200 million loss

NEW QUESTION # 49
......

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