Free PDF GAFRB - Efficient New Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Test Practice
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AGA GAFRB Exam Syllabus Topics:
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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q72-Q77):
NEW QUESTION # 72
Depreciation is measured on the statewide financial statements using the
Answer: C
Explanation:
In the statewide financial statements, which represent the government-wide financial reporting model, depreciation is reported using the full accrual basis of accounting. This means long-term assets and liabilities are recognized, and depreciation is recorded systematically over the useful lives of capital assets.
The modified accrual basis (used in governmental funds) does not report depreciation because capital assets are not reported in those funds.
Relevant References:
GASB Statement No. 34 - Depreciation Reporting
GASB Concept Statement No. 1 - Measurement Focus and Basis of Accounting GFOA - Capital Asset and Depreciation Policies D). accrual basis
NEW QUESTION # 73
Which of the following events requires both a proprietary and a budgetary accounting entry?
Answer: D
Explanation:
This is the point when a proprietary entry and a budgetary entry must both be recorded:
Proprietary entry: To record the asset (e.g., equipment) and recognize the payable Budgetary entry: To move from unpaid obligation (Undelivered Orders) to paid obligation (Delivered Orders) Receiving goods/services triggers both the accrual of the expense and the update of the obligation's status in the budgetary accounts.
Relevant References:
FASAB SFFAS No. 1 - Accounting for Selected Assets and Liabilities
Treasury Financial Manual, Part 2, Ch. 4700 - Proprietary vs. Budgetary Accounting GAO Red Book - Appropriations Law B). A contracting officer's representative receives delivery of previously ordered printers.
NEW QUESTION # 74
A federal agency received utility bills before the end of the fiscal year. It is the agency's policy to obligate funds upon receipt of the utility bills and to pay the bills immediately upon receipt. Which set of entries would be made to the budgetary accounts?
Answer: A
Explanation:
In federal accounting, upon receipt of utility bills (and before payment), a government agency records an obligation. Since the service has already been received and payment is imminent, the budgetary accounting entry reduces available allotments and records the obligation.
The entry would look like:
Debit: Allotment Available for Commitment/Obligation
Credit: Undelivered Orders - Unpaid (or potentially Delivered Orders - Unpaid, depending on agency policy) In the case of immediate payment, the next step would move from obligation to expenditure, but the initial obligation entry affects the budgetary accounts as described above.
Relevant References:
FASAB SFFAS No. 7 - Budgetary Accounting
Treasury Financial Manual (TFM) - Budgetary Transactions
OMB Circular A-11
A). Debit Allotment Available for Commitment/Obligation / Credit Undelivered Orders Unpaid
NEW QUESTION # 75
The PAR includes all of the following elements EXCEPT the
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 # 76
The unobligated balance of an appropriation is equal to the total unexpended appropriation, less the total amounts
Answer: B
Explanation:
The unobligated balance of an appropriation refers to the portion of the total appropriation authority that has not yet been committed (obligated) through contracts, purchase orders, or other legally binding agreements.
Formula:
Unobligated Balance = Total Appropriation - Total Obligations
This is a key control metric in federal and state financial management, used to determine how much funding remains legally available for future obligations.
Relevant Standards and References:
OMB Circular A-11, Section 20.3
GAO Principles of Federal Appropriations Law (Red Book)
FASAB SFFAS No. 7: Reporting on Budgetary Resources
Therefore, Option A is correct.
NEW QUESTION # 77
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