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GAFRB Pass-Sure Braindumps: Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) & GAFRB Exam Guide

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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.

AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q52-Q57):

NEW QUESTION # 52
GAAP requires that the ACFR be accompanied by separate financial statements documenting

A. annual appropriations.
B. statistical data on the population.
C. fiduciary and proprietary funds.
D. program goals and objectives.

Answer: C

Explanation:
The Annual Comprehensive Financial Report (ACFR) includes three categories of fund financial statements:
Governmental funds
Proprietary funds (e.g., enterprise and internal service funds)
Fiduciary funds (e.g., pension trust, custodial funds)
GAAP (specifically GASB Statement No. 34) requires separate financial statements for proprietary and fiduciary funds because they use different accounting bases (full accrual) than governmental funds (modified accrual). These are included in the basic financial statements section of the ACFR.
Relevant References:
GASB Statement No. 34 - Basic Financial Statements
GASB Codification Section 2200 - Financial Reporting
GFOA Governmental Reporting Guidelines
B). fiduciary and proprietary funds

NEW QUESTION # 53
When an accounting principle established by GASB conflicts with an accounting principle established by FASB. the preparer of financial statements for a local government should observe

A. the principle established by FASB.
B. either the principle established by GASB or FASB, without additional disclosure.
C. either the principle established by GASB or FASB, with additional disclosure required if the FASB principle is observed.
D. the principle established by GASB.

Answer: D

Explanation:
For state and local governments, GASB (Governmental Accounting Standards Board) is the authoritative standard-setting body. If a GASB principle exists, it must be followed, even if a FASB (Financial Accounting Standards Board) principle suggests a different approach.
FASB guidance may only be used in the absence of applicable GASB guidance - and even then, only when it does not conflict with governmental accounting objectives.
Relevant References:
GASB Statement No. 76 - The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments GASB Concepts Statements GAO and GFOA Reporting Manuals A). the principle established by GASB

NEW QUESTION # 54
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?

A. Debit Expended Appropriation
Credit Allotment Available for Commitment/Obligation
B. Debit Allotment Available for Commitment/Obligation
Credit Undelivered Orders Unpaid
C. Debit Allotment Available for Commitment/Obligation
Credit Fund Balance with Treasury
D. Debit Unobligated Funds Credit Expended Appropriation

Answer: B

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 # 55
Separate fund financial statements should be presented for

A. capital assets.
B. governmental and proprietary funds.
C. long-term debt.
D. net assets and activities.

Answer: B

Explanation:
Separate fund financial statements are required for:
Governmental Funds (e.g., general fund, special revenue)
Proprietary Funds (e.g., enterprise, internal service funds)
Fiduciary Funds (reported separately but not combined with government-wide statements) Long-term debt and capital assets are components within the financial statements-not fund types.
Relevant References:
GASB Statement No. 34 - Financial Reporting Model
GASB Codification Section 2200 - Financial Reporting
GFOA Fund Reporting Framework
B). governmental and proprietary funds

NEW QUESTION # 56
The primary purpose of accumulating and reporting cost information is to O

A. provide a means for management to assess decision performance.
B. include specific details in external financial statements.
C. meet a SEC reporting requirement.
D. inform stockholders of detailed operational data.

Answer: A

Explanation:
The primary purpose of accumulating and reporting cost information-especially in government and nonprofit environments-is to support internal decision-making. Cost data help managers assess program efficiency, evaluate resource use, and make policy or operational decisions.
While external financial statements may incorporate summarized cost information, and stockholders and regulatory agencies may have interests in private-sector settings, the most direct and core purpose is to support management.
Relevant References:
FASAB SFFAS No. 4 - Managerial Cost Accounting Concepts and Standards
GFOA - Cost Accounting for Decision-Making
OMB Circular A-136 and A-11 (federal reporting objectives)
B). provide a means for management to assess decision performance

NEW QUESTION # 57
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