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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	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.
Topic 3	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.

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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q89-Q94):

NEW QUESTION # 89
Management's need for real-time access to data is facilitated when

A. data is represented visually and includes information that indirectly relates to the subject matter.
B. the prior year's financial statement data underlies the management reports used to decide on future expenditures.
C. data supporting dashboards are updated every quarter.
D. complex data sets are available on demand, presented with minimal distractions.

Answer: D

Explanation:
Why Does Management Need Real-Time Data Access?
* Real-time access to data enables managers to make timely and informed decisions.
* Complex data setspresented clearly and concisely (with minimal distractions) allow decision-makers to focus on the critical insights necessary for strategic and operational planning.
Why Is Option D Correct?
* On-demand access ensures managers can retrieve updated data whenever needed. Presenting the data in a focused and distraction-free format facilitates quick comprehension and decision-making.
Why Other Options Are Incorrect:
* A. Visual representation with indirect information:Including unrelated data can overwhelm users and detract from effective decision-making.
* B. Dashboards updated quarterly:Quarterly updates do not meet the need for real-time access.
* C. Prior year's financial data:Decisions based solely on historical data are not responsive to real-time needs.
References and Documents:
* GAO Data Analytics and Visualization Framework:Stresses the importance of real-time, actionable, and distraction-free data for decision-making.
* AICPA Dashboard Guidelines:Recommends presenting complex data sets in a clear and accessible format for management use.

NEW QUESTION # 90
Which of the following events is an example of an expenditure but not an expense?

A. At the end of the fiscal year, the government receives and pays its electric bill for the previous month.
B. At the end of the fiscal year, the government pays its employees for work performed.
C. At the end of the fiscal year, the government pays for ten vehicles which will be depreciated over five years.
D. At the end of the fiscal year, the government signs a contract to buy office furniture.

Answer: C

Explanation:
Comprehensive Detailed Explanation:
In governmental funds (using the modified accrual basis), expenditures are recorded when financial resources are used - typically when cash is disbursed. However, in government-wide statements (accrual basis), only the portion of the asset's cost consumed in the period is recorded as an expense (i.e., depreciation).
Paying for capital assets such as vehicles is an expenditure in the governmental funds, but not an expense in the accrual-based government-wide financials. Instead, the cost is capitalized and depreciated over time.
Relevant References:
GASB Statement No. 34 - Government-wide vs. Fund Financial Reporting
GASB Codification Section 1300 - Modified Accrual Accounting
GFOA Best Practices - Capital Asset Reporting
C). At the end of the fiscal year, the government pays for ten vehicles which will be depreciated over five years.

NEW QUESTION # 91
A budget document that lists the budget by social services, affordable housing and supplies includes which of the following significant elements?

A. organizational unit, program, category
B. function, category, object class
C. function, program, object class
D. program, function, category

Answer: C

Explanation:
A well-structured budget document typically categorizes spending in three key ways:
Function: Broad purpose or mission, such as public safety, social services, or housing.
Program: Specific activities or initiatives under a function (e.g., housing vouchers under affordable housing).
Object Class: The type of goods or services purchased, such as personnel, supplies, or equipment.
When a budget is organized by items like social services (function), affordable housing (program), and supplies (object class), it indicates the budget is categorized by those three significant elements.
Relevant Standards and References:
OMB Circular A-11, Preparation, Submission, and Execution of the Budget GAO Budget Glossary

NEW QUESTION # 92
A specific operation of the government is funded by 60% from the general fund, 40% from specific revenues.
This should be reported in which fund?

A. special revenue fund
B. internal service fund
C. capital projects fund
D. general fund

Answer: A

Explanation:
A special revenue fund is used to account for the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purposes (other than debt service or capital projects). In this case, 40% of the operation is funded by specific revenues, which triggers the use of a special revenue fund, provided those revenues are legally restricted or committed to the operation.
Even though 60% of the funding comes from the general fund, the existence of a dedicated revenue stream (40%) for a specific purpose qualifies it for reporting in a special revenue fund.
Relevant References:
GASB Statement No. 54 - Fund Balance Reporting and Governmental Fund Type Definitions GASB Codification Section 1300 - Fund Types GFOA - Fund Structure Guidance B). special revenue fund
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NEW QUESTION # 93
When a rural community creates a fire district to serve an area previously served by the county government, and the fire district receives no money or equipment from the county, this is an example of

A. a government merger.
B. a government acquisition.
C. a transfer of operations.
D. intergovernmental operations.

Answer: C

Explanation:
According to GASB Statement No. 69 (Government Combinations and Disposals of Government Operations), a transfer of operations occurs when one government relinquishes or ceases operations and another government assumes those operations, but no significant consideration (money, assets, or liabilities) is exchanged.
In this case, the fire district is assuming responsibility for fire protection without receiving funds or assets from the county. That aligns with the definition of a transfer of operations - not a merger or acquisition.
Relevant References:
GASB Statement No. 69 - Government Combinations and Disposals of Government Operations GASB Codification Section G60 - Combinations and Transfers GFOA Guidance on Intergovernmental Restructuring C). a transfer of operations

NEW QUESTION # 94
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AGA GAFRB Exam Syllabus Topics:

AGA GAFRB Latest Real Test & Reliable GAFRB Test Pass4sure

AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q89-Q94):

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