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AGA GAFRB Exam Syllabus Topics:
Topic
Details
Topic 1
Topic 2
Topic 3
AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q15-Q20):
NEW QUESTION # 15
Governmental funds reported $80 million current expenditures and $2 million capital outlays. The reconciliation of the Statement of Revenues. Expenditures, and Change in Fund Balance to the Statement of Activities starts with the total net change in fund balances in the governmental fund and
Answer: B
Explanation:
In the reconciliation from the governmental fund financial statements to the government-wide Statement of Activities, capital outlays that were treated as expenditures in the governmental funds are added back. This is because the government-wide financial statements use full accrual accounting, where capital outlays are capitalized as assets and not expensed.
Thus, the $2 million in capital outlays would be added back to adjust net change in fund balances to arrive at the change in net position for governmental activities.
Relevant References:
GASB Statement No. 34 - Reporting Capital Assets and Reconciliation
GASB Codification Section 2200 - Government-wide Financial Reporting
GFOA Annual Comprehensive Financial Report Guidance
C). $2 million in capital outlays is added
NEW QUESTION # 16
A city issues S100,000 of 10-year general obligation bonds on April 1, 2024. Debt service of $10,000 must be paid each year on March 31, with 5% interest paid on the unpaid balance. Based upon this information, the interest expense reported on the government-wide statement for fiscal year ending March 31, 2025, is
Answer: D
Explanation:
The city issues $100,000 in general obligation bonds on April 1, 2024, and the first principal payment of
$10,000 is due on March 31, 2025. The interest rate is 5% annually on the unpaid principal balance.
As of April 1, 2024, the full $100,000 is outstanding. For the full fiscal year (April 1, 2024 to March 31,
2025), interest accrues on the full amount until payment is made. The interest on $100,000 for one year at 5%
=
Interest Expense = $100,000 × 5% = $5,000
Note: Interest is typically calculated on the beginning-of-period balance, and since the payment is made at the end of the year (March 31, 2025), the full $5,000 interest is recognized for that year.
Relevant Standards and References:
GASB Statement No. 34, Basic Financial Statements for State and Local Governments GASB Codification Section 2200 (Government-Wide Financial Statements) GFOA Guidance on Long-Term Debt Accounting
NEW QUESTION # 17
The unobligated balance of an appropriation is equal to the total unexpended appropriation, less the total amounts
Answer: C
Explanation:
The unobligated balance of an appropriation refers to the portion of the total appropriation authority that has not yet been committed (obligated) through contracts, purchase orders, or other legally binding agreements.
Formula:
Unobligated Balance = Total Appropriation - Total Obligations
This is a key control metric in federal and state financial management, used to determine how much funding remains legally available for future obligations.
Relevant Standards and References:
OMB Circular A-11, Section 20.3
GAO Principles of Federal Appropriations Law (Red Book)
FASAB SFFAS No. 7: Reporting on Budgetary Resources
Therefore, Option A is correct.
NEW QUESTION # 18
At the beginning of the fiscal year a school district held the following capital assets:
What is the depreciation expense for the current year?
Answer: B
Explanation:
We calculate straight-line depreciation for each asset using the formula:
Depreciation = Cost ÷ Useful Life
Given:
Refrigerators: $150,000 ÷ 20 = $7,500
Heating system: $500,000 ÷ 15 = $33,333.33
Buses: $1,000,000 ÷ 5 = $200,000
Total Depreciation:
$7,500 (Refrigerators)
$33,333.33 (Heating system)
$200,000 (Buses)
= $240,833.33
So the correct depreciation expense (rounded to the nearest dollar) is:
D). $240,833
Note: Option B ($207,500) is incorrect because it does not reflect total depreciation based on the useful lives provided.
Relevant References:
GASB Statement No. 34 - Capital Asset Reporting
GFOA Best Practices - Capital Assets and Depreciation
FASAB SFFAS No. 6 - Accounting for Property, Plant, and Equipment
D). $240,833
NEW QUESTION # 19
According to GAAP, all of the following should be addressed in the MD&A EXCEPT
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 # 20
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