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AGA - GAFRB - Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB)–The Best Latest Exam Simulator

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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 (Q77-Q82):

NEW QUESTION # 77
Based on FASAB standards, calculate the full cost of 1 unit of an output using the following information:

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

Answer: A

Explanation:
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.

NEW QUESTION # 78
In exchange and exchange-like transactions the government

A. provides service at no cost to the user.
B. receives value and gives up essentially the same value.
C. receives value without directly giving up value in return.
D. neither gives up nor receives assets.

Answer: B

Explanation:
Comprehensive Detailed Explanation:
In governmental accounting, an exchange transaction occurs when each party receives and gives up essentially equal value. Exchange-like transactions are similar but may lack one or more of the characteristics of a pure exchange (e.g., pricing may not be market-based).
Examples:
A city charges fees for utilities: the user pays for services and the city provides equivalent value.
Grants and taxes are nonexchange transactions because the payer does not receive a direct, equivalent benefit in return.
Relevant References:
GASB Statement No. 33 - Accounting and Financial Reporting for Nonexchange Transactions GASB Concepts Statement No. 4 - Elements of Financial Statements B). receives value and gives up essentially the same value.

NEW QUESTION # 79
If an internal service fund needs to develop an hourly billing rate, the calculation should include

A. the replacement cost of equipment purchased during the year.
B. all materials consumed during the year.
C. all materials purchased during the year, even if the materials were not consumed.
D. the acquisition cost of equipment purchased during the year.

Answer: B

Explanation:
An internal service fund is used to account for goods or services provided by one department or agency to other departments or agencies of the governmental unit, typically on a cost-reimbursement basis.
To establish accurate billing rates (e.g., hourly rates), the fund must use actual costs of providing services.
This includes materials consumed, labor, depreciation, and overhead. Materials purchased but not used should not be included in the rate calculation for the current period.
Relevant Standards and References:
FASAB SFFAS No. 4, Managerial Cost Accounting
GASB Codification Section 1800, Internal Service Funds
GFOA Best Practices - Internal Service Fund Rate Setting
Therefore, Option A is correct.

NEW QUESTION # 80
Which entity assists the president in overseeing the preparation of the President's Budget?

A. the U.S. Department of the Treasury
B. OMB
C. GAO
D. Congressional Budget Office

Answer: B

Explanation:
The OMB assists the President in preparing the President's Budget, which is submitted annually to Congress.
OMB coordinates budget instructions, evaluates agency requests, and ensures alignment with presidential policies.
Other roles:
GAO: Supports Congress and performs audits
CBO: Provides nonpartisan budget analysis to Congress
U).S. Treasury: Manages federal finances but does not oversee budget preparation Relevant References:
OMB Circular A-11 - Role in Budget Formulation
U).S. Code Title 31 - Role of OMB
GAO Budget Glossary
C). OMB

NEW QUESTION # 81
The budget office for the county has been tasked with identifying the full costs of its vehicle fleet program.
Twenty percent of indirect staff time is spent on the vehicle fleet program. Budget staff has gathered the following data from all agencies that support the fleet program:
Fleet personnel costs $ 80,000
Annual fuel costs $ 10,000
Annual fleet depreciation $ 50,000
Procurement personnel costs $200,000
Accounting personnel costs $100,000
Fleet garage rent $ 40,000
Based on this information, the budget office identifies the full cost of this fleet program as

A. $240.000.
B. $430.000.
C. $480.000.
D. $190.000.

Answer: B

Explanation:
To calculate the full cost of the vehicle fleet program, we must include:
#Direct costs
#Indirect costs (pro-rated)
Given:
Fleet personnel costs: $80,000 (direct)
Fuel: $10,000 (direct)
Fleet depreciation: $50,000 (direct)
Fleet garage rent: $40,000 (direct)
Subtotal direct costs: $180,000
Now calculate 20% of indirect personnel costs:
Procurement personnel: 20% of $200,000 = $40,000
Accounting personnel: 20% of $100,000 = $20,000
Subtotal indirect support: $60,000
Total full cost: $180,000 (direct) + $60,000 (indirect) = $240,000
Correction: This contradicts the initial selection of "C. $430,000." Let's recheck:
Ah! The earlier subtotal missed summing all elements:
Corrected breakdown:
Fleet personnel: $80,000
Fuel: $10,000
Fleet depreciation: $50,000
Fleet garage rent: $40,000
20% of procurement ($200,000): $40,000
20% of accounting ($100,000): $20,000
= Total: $80,000 + $10,000 + $50,000 + $40,000 + $40,000 + $20,000 = $240,000
#Correct answer: B. $240,000
Relevant References:
FASAB SFFAS 4 - Managerial Cost Accounting
OMB Circular A-136 - Full Cost Definition
GAO Cost Estimating Guide
B). $240,000

NEW QUESTION # 82
......

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