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AGA GAFRB Exam Simulations & GAFRB Practice Test Online

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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

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.

Topic 3

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.

AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q65-Q70):

NEW QUESTION # 65
Entity receivables are described as amounts that

A. the entity collects on behalf of other federal entities and deposits directly with the U.S. Department of the Treasury.
B. the entity collects on behalf of the U.S. government or other entities that the entity is not authorized to spend.
C. the entity anticipates receiving via appropriate warrant from the U.S. Department of the Treasury.
D. a federal entity claims from other federal or non-federal entities that the federal entity is authorized to spend.

Answer: D

Explanation:
Entity receivables refer to amounts due to a federal agency that it has legal claim over and is authorized to spend or retain. These include:
Claims to cash from other agencies or external entities (e.g., reimbursements, fees for services) Amounts expected to be collected and available for the agency's own operations This contrasts with non-entity receivables, which are collected on behalf of other federal agencies or the general fund and are not available for the collecting agency's use.
Relevant References:
FASAB SFFAS No. 1 - Accounting for Selected Assets and Liabilities
Treasury Financial Manual (TFM), Vol. I, Part 2 - Definitions of Entity vs. Non-Entity Assets OMB Circular A-136 - Reporting of Receivables C). a federal entity claims from other federal or non-federal entities that the federal entity is authorized to spend

NEW QUESTION # 66
What organization establishes GAAP for federal agencies?

A. FASB
B. FASAB
C. GAO
D. OMB

Answer: B

Explanation:
The Federal Accounting Standards Advisory Board (FASAB) establishes Generally Accepted Accounting Principles (GAAP) for federal government entities. FASAB is recognized by the American Institute of Certified Public Accountants (AICPA) as the authoritative source of GAAP for federal agencies.
Other agencies:
OMB: Issues financial reporting guidance and formats (e.g., A-136), but does not set GAAP.
GAO: Audits financial statements and issues internal control guidance.
FASB: Sets GAAP for private sector and some not-for-profit organizations-not federal.
Relevant References:
FASAB Memorandum of Understanding (GAO, Treasury, OMB)
AICPA Rule 203 Designation of FASAB as the GAAP Authority
SFFAS No. 34 - The Hierarchy of GAAP
A). FASAB

NEW QUESTION # 67
According to GAAP, all of the following should be addressed in the MD&A EXCEPT

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

Answer: A

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 # 68
The roles of GASB and FASAB are to

A. follow FASB accounting standards.
B. promulgate accounting standards.
C. establish auditing standards.
D. issue joint accounting standards.

Answer: B

Explanation:
The Governmental Accounting Standards Board (GASB) and the Federal Accounting Standards Advisory Board (FASAB) are both responsible for promulgating (i.e., formally establishing and issuing) accounting standards:
GASB: for state and local governments
FASAB: for federal entities
They do not establish auditing standards (that is the role of GAO and AICPA), nor do they issue joint standards or follow FASB unless no applicable guidance exists.
Relevant References:
GASB Statement No. 1 - Authoritative Status of GASB Pronouncements
FASAB Mission and Responsibilities
GAO Yellow Book (Government Auditing Standards)
C). promulgate accounting standards

NEW QUESTION # 69
A municipality would establish an internal service fund to capture the activities of a data processing center, in order to account for

A. financing of services provided to other governmental units on a cost reimbursement basis.
B. financial resources to be used for acquisition of facilities.
C. services rendered to the general public on a fee basis.
D. proceeds of revenue sources restricted to expenditure for specified purposes.

Answer: A

Explanation:
Comprehensive Detailed Explanation:
Internal service funds are proprietary funds used to account for the operations of departments or functions that provide goods or services to other departments within the same government on a cost-reimbursement basis.
Examples include:
Centralized IT/data processing
Fleet management
Print shops or mail centers
These are not used for general public services, capital acquisitions, or restricted revenues (which belong in special revenue or capital projects funds).
Relevant References:
GASB Statement No. 34 - Fund Types
GASB Codification Section 1300 - Internal Service Funds
GFOA Fund Accounting Best Practices
D). financing of services provided to other governmental units on a cost reimbursement basis.

NEW QUESTION # 70
......

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