GAFRB Cert Guide & Valid GAFRB Study Notes

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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.

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High-quality GAFRB Cert Guide, Valid GAFRB Study Notes

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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q26-Q31):

NEW QUESTION # 26
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 and statement of activities
C. statement of net position and statement of changes in net position
D. statement of net position, statement of activities, and statement of cash flows

Answer: B

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 # 27
What is the term used to describe categories that present obligations by the items or services purchased by the federal government?

A. object classes
B. programs
C. general ledger accounts
D. treasury fund accounts

Answer: A

Explanation:
Comprehensive Detailed Explanation:
Object classes categorize federal government obligations by the type of goods or services purchased, such as personnel compensation, equipment, travel, etc. These are standardized in OMB Circular A-11, Section 83.
This classification supports budgeting, analysis, and reporting.
Relevant References:
OMB Circular A-11, Section 83 - Object Classification
USSGL (U.S. Standard General Ledger) Glossary
GAO Glossary of Budget Terms
B). object classes

NEW QUESTION # 28
In an ACFR. the Independent Auditor's Report should be included in the

A. financial section before the basic financial statements.
B. introductory section after the Letter of Transmittal.
C. statistical section before the Information on Debt Capacity.
D. financial section before the MD&A.

Answer: A

Explanation:
In an Annual Comprehensive Financial Report (ACFR), the Independent Auditor's Report is part of the Financial Section. It is placed immediately before the basic financial statements and after the Management's Discussion and Analysis (MD&A), not before it.
The proper sequence within the Financial Section of the ACFR is:
Independent Auditor's Report
Management's Discussion and Analysis (MD&A)
Basic Financial Statements
Required Supplementary Information (RSI)
Other Supplementary Information (as applicable)
Relevant References:
GASB Statement No. 34 - Basic Financial Statements and MD&A
GFOA's Governmental Accounting, Auditing, and Financial Reporting (GAAFR) GFOA Checklist for ACFR Preparation B). financial section before the basic financial statements

NEW QUESTION # 29
A federal agency should recognize an accounts receivable when

A. taxes are expected to be received at a future date.
B. orders are accepted for goods that are to be provided.
C. agreements to provide services are received.
D. claims to cash against other entities are established.

Answer: D

Explanation:
Comprehensive Detailed Explanation:
According to FASAB Statement of Federal Financial Accounting Standards (SFFAS) No. 1, an accounts receivable should be recognized when a legal claim to cash exists - that is, when the federal agency has provided goods or services or an enforceable claim to payment has arisen.
This typically occurs after performance has occurred, not merely when an agreement or order is received.
Relevant References:
FASAB SFFAS No. 1 - Accounting for Selected Assets and Liabilities
Treasury Financial Manual (TFM) - Receivables Accounting
OMB Circular A-136 - Financial Reporting Requirements
A). claims to cash against other entities are established

NEW QUESTION # 30
To capitalize a research and development asset, it must

A. have acquisition value of at least $100.000.
B. have alternative future use.
C. be used for a federal research project.
D. be approved by the agency head.

Answer: B

Explanation:
Research and development (R&D) costs are generally expensed when incurred. However, capitalization may occur only if the asset has an "alternative future use." This means it can be used in other projects or for other purposes beyond the specific R&D effort.
This principle aligns with both federal and private-sector accounting under FASAB and FASB standards.
Relevant References:
FASAB SFFAS No. 10 - Accounting for Internal Use Software
FASB ASC 730 - Research and Development
GAO Red Book - Capitalization Guidelines
D). have alternative future use

NEW QUESTION # 31
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