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First-hand AGA Test GAFRB Cram Review - GAFRB Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB)

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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 (Q96-Q101):

NEW QUESTION # 96
Which of the following government-wide financial statements are required for state and local governments?

A. balance sheet and operating statement
B. statement of net position, statement of activities, and statement of cash flows
C. statement of net position and statement of activities
D. statement of net position and statement of changes in net position

Answer: C

Explanation:
The government-wide financial statements required by GASB Statement No. 34 include:
Statement of Net Position (similar to a balance sheet)
Statement of Activities (similar to an income statement)
These financial statements provide a consolidated view of the government's financial position and activities using the economic resources measurement focus and accrual basis of accounting.
There is no requirement under GASB for a government-wide statement of cash flows.
Relevant Standards and References:
GASB Statement No. 34, Basic Financial Statements-and Management's Discussion and Analysis-for State and Local Governments GASB Codification Section 2200: Financial Reporting GFOA Budgeting Best Practices Therefore, Option C is correct.

NEW QUESTION # 97
State Medicaid caseloads have been exceeding projections for the past two months. Review of the data indicates the increase is likely to continue, leading to the need for significant supplemental appropriations before the end of the fiscal year. Based upon this information, what is the first action the state director of Medicaid should take?

A. Confer with the chairmen or staff directors of the House and Senate appropriations committees concerning the need to call a legislative special session.
B. Inform the governor of the situation and options for addressing the shortfall.
C. Impose a hiring freeze and hold all spending approvals for contracts and purchases on the affected departments.
D. Inform the legislative counsel bureau about the potential over-expenditure.

Answer: B

Explanation:
The first and most appropriate action for the state Medicaid director is to inform the governor. This ensures that executive leadership is aware of the fiscal shortfall early and can weigh in on how to proceed. The governor plays a central role in budget planning and proposing supplemental appropriations.
While informing legislators or freezing spending may be necessary later, those steps should occur after executive leadership has been notified and involved in decision-making.
Relevant References:
GFOA Best Practices - Budget Monitoring and Adjustment
State Budget Procedures Manuals (varies by state, but consistent in escalation path) National Association of State Budget Officers (NASBO) Guidance A). Inform the governor of the situation and options for addressing the shortfall

NEW QUESTION # 98
Which one of the following statements is true with regard to external reporting of major funds for state and local governments?

A. Management can elect to present any governmental or enterprise fund as a major fund.
B. The general fund is presented as major only if it meets the major fund criteria.
C. Internal service funds that have assets and deferred outflows of resources in excess of 10% of total proprietary assets and deferred outflows of resources are required to be reported as major funds.
D. Special revenue funds that have expenditures in excess of 5% of total governmental expenditures are required to be reported as major funds.

Answer: A

Explanation:
GASB Statement No. 34 provides the criteria for determining major funds, primarily based on quantitative thresholds (e.g., 10% of total assets, liabilities, revenues, or expenditures/expenses).
However, GASB also allows management to designate any governmental or enterprise fund as a major fund if, in its judgment, it is particularly important to users of the financial statements-even if it doesn't meet the quantitative criteria.
Other options are incorrect:
The general fund is always presented as a major fund regardless of criteria.
Internal service funds are never reported as major funds in the fund financial statements.
Relevant References:
GASB Statement No. 34 - Paragraph 76
GASB Codification Section 2200 - Fund Reporting Requirements
GFOA ACFR Preparation Guide
C). Management can elect to present any governmental or enterprise fund as a major fund

NEW QUESTION # 99
In exchange and exchange-like transactions the government

A. provides service at no cost to the user.
B. receives value without directly giving up value in return.
C. neither gives up nor receives assets.
D. receives value and gives up essentially the same value.

Answer: D

Explanation:
Comprehensive Detailed Explanation:
In governmental accounting, an exchange transaction occurs when each party receives and gives up essentially equal value. Exchange-like transactions are similar but may lack one or more of the characteristics of a pure exchange (e.g., pricing may not be market-based).
Examples:
A city charges fees for utilities: the user pays for services and the city provides equivalent value.
Grants and taxes are nonexchange transactions because the payer does not receive a direct, equivalent benefit in return.
Relevant References:
GASB Statement No. 33 - Accounting and Financial Reporting for Nonexchange Transactions GASB Concepts Statement No. 4 - Elements of Financial Statements B). receives value and gives up essentially the same value.

NEW QUESTION # 100
Which federal agency activities would most likely use a trust fund to account for funds received and paid?

A. business-type operations financed by exchange revenues
B. general government programs receiving annual appropriations
C. provisions of benefits, goods or services financed by specific revenue sources
D. grant programs distributing funds awarded in prior years

Answer: C

Explanation:
Comprehensive Detailed Explanation:
Trust funds in the federal government are used to account for assets held in a fiduciary capacity for specific purposes. These funds typically involve revenue dedicated by law for particular programs and purposes, such as:
Social Security Trust Fund
Medicare Trust Fund
Unemployment Trust Fund
These involve collections from earmarked taxes or contributions and are used to provide specific benefits or services.
Relevant References:
FASAB SFFAS No. 27 - Identifying and Reporting Earmarked Funds
Treasury Financial Manual - Trust Fund Accounts
OMB Circular A-11, Section 20 - Federal Fund and Trust Fund Definitions B). provisions of benefits, goods or services financed by specific revenue sources

NEW QUESTION # 101
......

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