AGA GAFRB ONLINE TEST | GAFRB TEST QUESTIONS

AGA GAFRB Online Test | GAFRB Test Questions

AGA GAFRB Online Test | GAFRB Test Questions

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Tags: GAFRB Online Test, GAFRB Test Questions, Hot GAFRB Spot Questions, GAFRB Pass Test, Valid GAFRB Exam Online

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GAFRB Test Questions | Hot GAFRB Spot Questions

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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q61-Q66):

NEW QUESTION # 61
In exchange and exchange-like transactions the government

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

Answer: C

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 # 62
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 Unobligated Funds Credit Expended Appropriation
  • B. Debit Expended Appropriation
    Credit Allotment Available for Commitment/Obligation
  • C. Debit Allotment Available for Commitment/Obligation
    Credit Undelivered Orders Unpaid
  • D. Debit Allotment Available for Commitment/Obligation
    Credit Fund Balance with Treasury

Answer: C

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 # 63
What is the entry when rent of $500 is paid?

  • A. debit cash $500, credit payables $500
  • B. debit cash $500, credit expense $500
  • C. debit expense $500, credit cash $500
  • D. debit expense S500, credit payables $500

Answer: C

Explanation:
When a payment is made for rent, an expense is incurred and cash is reduced. The correct journal entry is:
Debit Rent Expense $500 # to recognize the cost
Credit Cash $500 # to reflect the cash outflow
D). debit expense $500, credit cash $500
Relevant References:
FASAB SFFAS No. 4 - Managerial Cost Accounting Concepts and Standards
Basic governmental and commercial accounting journal entry conventions


NEW QUESTION # 64
of the following are integral parts of state governments* formal financial statements EXCEPT the

  • A. RSI.
  • B. notes.
  • C. auditors letter.
  • D. basic financial statements.

Answer: C

Explanation:
The formal financial statements of a state or local government include:
Basic Financial Statements (government-wide and fund statements)
Notes to the Financial Statements
Required Supplementary Information (RSI), including MD&A and pension data The auditor's letter (i.e., Independent Auditor's Report) is included in the financial section of the ACFR but is not technically part of the financial statements themselves. It is a separate document providing the auditor's opinion.
Relevant References:
GASB Statement No. 34
GFOA ACFR Reporting Guide
AICPA Governmental Audit Guide
D). auditor's letter


NEW QUESTION # 65
The PAR includes all of the following elements EXCEPT the

  • A. agency-head message.
  • B. demographic section.
  • C. financial section.
  • D. performance section.

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 # 66
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