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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	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	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.

AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q70-Q75):

NEW QUESTION # 70
According to GAAP, all of the following should be addressed in the MD&A EXCEPT

A. computation of legal debt margins.
B. a discussion of the basic financial statements.
C. condensed comparative data.
D. an overall analysis.

Answer: A

Explanation:
Management's Discussion and Analysis (MD&A) is a required part of Required Supplementary Information (RSI) under GASB standards. It includes:
An overview and analysis of financial activities
Condensed comparative financial data
A discussion of the basic financial statements
An explanation of significant changes from the prior year
However, computation of legal debt margins is not required in the MD&A. This type of information is typically included in the statistical section of the ACFR (Annual Comprehensive Financial Report), not in MD&A.
Relevant References:
GASB Statement No. 34 - Basic Financial Statements and Management's Discussion and Analysis GASB Codification Section 2200 - MD&A Requirements GFOA ACFR Checklist C). computation of legal debt margins

NEW QUESTION # 71
The Federal Financial Management Improvement Act of 1996 formally recognized which of the following organizations as the standard-setting body for federal accounting and reporting standards?

A. FASAB
B. GAO
C. FASB
D. OMB

Answer: A

Explanation:
The Federal Financial Management Improvement Act (FFMIA) of 1996 established the requirement for federal agencies to implement and maintain financial systems that comply with federal accounting standards.
It formally recognized the Federal Accounting Standards Advisory Board (FASAB) as the source of GAAP for federal agencies.
FASAB's standards are authoritative for federal entities, much like GASB for state and local governments and FASB for private-sector entities.
Relevant References:
Federal Financial Management Improvement Act of 1996 (Public Law 104-208, Title VIII) FASAB Handbook - Introduction & Authority GAO Federal Accounting Standards Overview D). FASAB

NEW QUESTION # 72
Which of the following situations may cause contingent liabilities?

A. loss on the sale of an asset
B. impairment of an asset
C. building with asbestos
D. unrealized loss

Answer: C

Explanation:
Comprehensive Detailed Explanation:
A contingent liability is a potential obligation that may arise depending on the outcome of a future event. A building containing asbestos represents a situation where a liability may be incurred if the asbestos must be removed due to safety regulations, public health concerns, or legal requirements.
Unlike realized losses (e.g., from asset sales or impairments), contingent liabilities depend on future events and uncertainty.
Relevant References:
FASAB SFFAS No. 5 - Accounting for Liabilities of the Federal Government GASB Statement No. 62 - Codification of Accounting and Financial Reporting Guidance GAO Red Book - Contingent Liabilities Examples B). building with asbestos

NEW QUESTION # 73
The process in the budget where OMB communicates to agencies what it will recommend to the president is called

A. apportionment.
B. rescission.
C. allotment
D. pass back.

Answer: D

Explanation:
The "pass back" is a step in the federal budget process during which the Office of Management and Budget (OMB) communicates to federal agencies what parts of their budget requests it has approved or rejected. It precedes the preparation of the President's Budget and gives agencies a chance to appeal decisions before final submission.
Other options:
Allotment: An internal division of an appropriation.
Rescission: A cancellation of budget authority.
Apportionment: OMB's formal distribution of funds over time, typically quarterly.
Relevant References:
OMB Circular A-11 - Preparation, Submission, and Execution of the Budget GAO Glossary of Budgetary Terms Congressional Budget Office (CBO) - Federal Budget Process A). pass back

NEW QUESTION # 74
The summary of significant accounting policies in the notes to the financial statements includes all of the following information EXCEPT

A. disclosure of receipt of budget authority from the entity.
B. summary of accounting principles followed by the entity, and methods followed applying those principles.
C. a description of the reporting entity and major components.
D. summary of changes to the GAAP impacting the financial statements.

Answer: A

Explanation:
The Summary of Significant Accounting Policies (SSAP), included in the notes to the financial statements, typically includes:
Description of the reporting entity
Basis of presentation and accounting principles
Methods used to apply those principles
Policy changes from prior years
However, disclosures regarding receipt or use of budget authority are not included in the SSAP. Budget authority and execution are typically addressed in the Required Supplementary Information (RSI) or other budgetary sections of federal financial reports.
Relevant References:
FASAB SFFAS No. 34 - Notes to the Financial Statements
OMB Circular A-136 - Section II.4.4: Summary of Significant Accounting Policies GAO Federal Accounting Handbook C). disclosure of receipt of budget authority from the entity

NEW QUESTION # 75
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GAFRB Latest Material & GAFRB Test Dump

GAFRB Test Dump & GAFRB Online Tests

AGA GAFRB Exam Syllabus Topics:

AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q70-Q75):

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