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GAFRB Test Dumps - Reliable GAFRB Cram Materials

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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 (Q101-Q106):

NEW QUESTION # 101
When determining the full costs of a specific product or service, if the costs cannot be directly traced to the product or service, the costs should be assigned based upon

A. a direct labor relationship.
B. an incremental or marginal relationship.
C. an opportunity cost approach.
D. a cause-and-effect relationship between resource costs and outputs.

Answer: D

Explanation:
When full costs cannot be directly traced to a product or service, indirect costs must be allocated using a rational and systematic basis. The preferred method is to use a cause-and-effect relationship between the resource consumed and the output generated. This aligns with cost accounting principles under FASAB SFFAS No. 4 and managerial accounting frameworks.
Other options, such as direct labor or opportunity cost approaches, may be helpful in specific settings but do not meet the standard requirement for full cost allocation.
Relevant References:
FASAB SFFAS No. 4 - Managerial Cost Accounting Standards
OMB Circular A-136 - Full Cost Accounting
GAO Cost Estimating and Assessment Guide
D). a cause-and-effect relationship between resource costs and outputs

NEW QUESTION # 102
The footnotes to audited financial statements disclose

A. the accounting principles used to prepare the financial statements.
B. a summary of significant accounting policies.
C. information about the auditor's opinion on the financial statements.
D. the agency's performance metrics.

Answer: B

Explanation:
Footnotes (Notes to the Financial Statements) serve to clarify and provide additional detail about the financial statements. Key components include:
Summary of significant accounting policies (e.g., measurement focus, basis of accounting) Details on capital assets, long-term liabilities, commitments, contingencies Pension/OPEB disclosures Not performance metrics or audit opinions (those are in MD&A and audit reports) Relevant References:
GASB Codification Section 2300 - Notes to Financial Statements
GFOA Best Practices - Financial Reporting and Disclosure
C). a summary of significant accounting policies.

NEW QUESTION # 103
What role do the U.S. Department of the Treasury, GAO and OMB have in the standard-setting activities of FASAB?

A. They are all sponsors and voting members of FASAB.
B. They are all members with authority to veto any standard approved by FASAB.
C. They are all members whose agencies may be exempt from FASAB standards.
D. They are all non-voting advisory board members of FASAB.

Answer: A

Explanation:
The Federal Accounting Standards Advisory Board (FASAB) was established in 1990 by the U.S. Department of the Treasury, the Office of Management and Budget (OMB), and the Government Accountability Office (GAO). These three entities are collectively known as the "sponsors" of FASAB. Each has a representative who serves as a voting member of the board.
FASAB is responsible for establishing GAAP for federal entities. The sponsor organizations appoint board members and have authority over standard-setting governance, but do not individually veto standards. Final standards are issued only after due process, including public comment and sponsor approval.
Relevant Standards and References:
FASAB Memorandum of Understanding (MOU) Among Treasury, OMB, and GAO (as amended): "These three agencies are the sponsors of FASAB and each appoints one voting member to the Board." FASAB Governance Manual (2023 Edition), Section 2: Identifies Treasury, OMB, and GAO as sponsors and voting members.
AGA's "CGFM Study Guide 2," Chapter 2: Highlights the role of sponsors in the standard-setting process.
Therefore, Option D is correct.

NEW QUESTION # 104
Who is responsible for making apportionments and allotments?

A. apportionments are made by OMB, agencies make allotments
B. apportionments are made by Congress, OMB makes allotments
C. apportionments are made by committees, OMB makes allotments
D. apportionments are made by agencies, Congress makes allotments

Answer: A

Explanation:
In the federal budget execution process:
The Office of Management and Budget (OMB) makes apportionments. These divide appropriated funds into quarterly or program-specific portions to prevent premature spending.
Agencies then make allotments, which further subdivide apportioned funds internally by responsibility centers or programs.
Relevant References:
OMB Circular A-11 - Section 120: Apportionments
Treasury Financial Manual - Fund Control
GAO Red Book - Budget Execution Terminology
B). apportionments are made by OMB, agencies make allotments

NEW QUESTION # 105
What is a law that authorizes the expenditure of funds for a given purpose?

A. allotment
B. budget authority
C. appropriation
D. apportionment

Answer: C

Explanation:
An appropriation is a statutory authority from Congress that allows federal agencies to incur obligations and make payments (outlays) for specific purposes. It is the most common and formal type of budget authority.
Other terms:
Budget authority: General term for permission to spend
Allotment: Internal allocation by an agency
Apportionment: Control mechanism used by OMB
Relevant References:
U).S. Code Title 31 - § 1301 et seq.
GAO Red Book - Appropriations Law
OMB Circular A-11 - Budget Authority Definitions
D). appropriation

NEW QUESTION # 106
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