GAFRB Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Pass4sure Zertifizierung & Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) zuverlässige Prüfung Übung

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AGA GAFRB Prüfungsplan:

Thema	Einzelheiten
Thema 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.
Thema 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.
Thema 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) GAFRB Prüfungsfragen mit Lösungen (Q53-Q58):

53. Frage
Which one of the following statements is true with regard to external reporting of major funds for state and local governments?

A. Special revenue funds that have expenditures in excess of 5% of total governmental expenditures are required to be reported as major funds.
B. Management can elect to present any governmental or enterprise fund as a major fund.
C. Internal service funds that have assets and deferred outflows of resources in excess of 10% of total proprietary assets and deferred outflows of resources are required to be reported as major funds.
D. The general fund is presented as major only if it meets the major fund criteria.

Antwort: B

Begründung:
GASB Statement No. 34 provides the criteria for determining major funds, primarily based on quantitative thresholds (e.g., 10% of total assets, liabilities, revenues, or expenditures/expenses).
However, GASB also allows management to designate any governmental or enterprise fund as a major fund if, in its judgment, it is particularly important to users of the financial statements-even if it doesn't meet the quantitative criteria.
Other options are incorrect:
The general fund is always presented as a major fund regardless of criteria.
Internal service funds are never reported as major funds in the fund financial statements.
Relevant References:
GASB Statement No. 34 - Paragraph 76
GASB Codification Section 2200 - Fund Reporting Requirements
GFOA ACFR Preparation Guide
C). Management can elect to present any governmental or enterprise fund as a major fund

54. Frage
The measurement focus of the governmental fund level financial statements is

A. modified accrual basis.
B. accrual basis.
C. economic resources.
D. current financial resources.

Antwort: D

Begründung:
Governmental fund financial statements (such as the General Fund, Special Revenue Funds, Capital Projects Funds) use the current financial resources measurement focus and the modified accrual basis of accounting.
This focus reports inflows and outflows of current financial resources and excludes long-term assets and liabilities.
This differs from the government-wide financial statements, which use the economic resources measurement focus and full accrual basis.
Relevant References:
GASB Statement No. 34 - Basic Financial Statements
GASB Codification Section 1600 - Fund Accounting
GFOA Fund Accounting Guidance
C). current financial resources

55. Frage
What must a federal agency receive from the U.S. Department of the Treasury before it can begin spending an appropriation?

A. a warrant
B. an apportionment
C. an allotment
D. an encumbrance

Antwort: A

Begründung:
A Treasury warrant is the formal notification from the U.S. Department of the Treasury that funds have been made available to a federal agency. Agencies cannot legally obligate or expend appropriated funds until a warrant has been issued.
Apportionments and allotments come afterward in the budget execution process.
Relevant References:
Treasury Financial Manual (TFM), Volume I, Part 2
OMB Circular A-11 - Budget Execution
GAO Red Book - Appropriations Law
C). a warrant

56. Frage
Which account is used to temporarily hold general, special or trust fund federal government collections or disbursements pending clearance to the applicable receipt or expenditure accounts?

A. Deposit Fund Account
B. Transfer Allocation Account
C. Suspense Account
D. Clearing Account

Antwort: D

Begründung:
Clearing accounts are used to temporarily record collections or disbursements of the federal government until they can be correctly classified into the appropriate account (e.g., receipt or expenditure accounts).
Suspense accounts are similar but typically used when the agency cannot immediately identify the appropriate account for a transaction. Clearing accounts have known destinations, but require short-term holding for classification purposes.
Relevant References:
Treasury Financial Manual (TFM) - Volume I, Part 2, Chapter 5100
USSGL (U.S. Standard General Ledger) - Account Definitions
GAO Red Book - Federal Appropriation Terms
D). Clearing Account
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57. Frage
Based on FASAB standards, calculate the full cost of 1 unit of an output using the following information:

A. $ 4,909,400
B. $ 3,989,400
C. $ 5,029,400
D. $25,147,000

Antwort: D

Begründung:
Under FASAB standards, specifically SFFAS No. 4, Managerial Cost Accounting Standards, the full cost of an output includes:
Direct costs (e.g., direct material and labor)
Indirect costs (e.g., inter-entity costs, overhead, services)
In-kind contributions
Any support service costs
Depreciation or amortization, if applicable
We will now compute the full cost of all 5 units and then divide by 5 to obtain the cost per unit.
Step 1: List and sum all relevant costs.
Direct Material: $11,267,000
Direct Labor: $5,980,000
Inter-entity Costs: $1,500,000
Accounting and Contracting Services: $500,000
Physical and Data Security: $700,000
In-kind Logistics Services: $500,000
Warehouse Lease: $1,000,000
Parking Lot Construction: $3,000,000
Equipment Installation: $600,000
New Employee Training: $100,000
Total Full Cost =
$11,267,000
$5,980,000
$1,500,000
$500,000
$700,000
$500,000
$1,000,000
$3,000,000
$600,000
$100,000
= $25,147,000
Step 2: Calculate cost per unit (based on 5 outputs):
Cost per unit = $25,147,000 ÷ 5 = $5,029,400
But the question specifically asks:
"Based on FASAB standards, calculate the full cost of 1 unit of an output..." So, the correct answer (full cost of all units) is:
D). $25,147,000
If they had asked for cost per unit, then the answer would be:
= $5,029,400 # Option C
Note: Option C is a distractor here and would only be correct if the question specifically asked for per unit cost.
Relevant Standards and References:
FASAB Statement of Federal Financial Accounting Standards (SFFAS) No. 4: Managerial Cost Accounting Concepts and Standards OMB Circular A-136: Financial Reporting Requirements Treasury Financial Manual (TFM), Volume I, Part 2, Chapter 4700 Therefore, the correct answer to the full cost (not per unit) is:
D). $25,147,000.

58. Frage
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