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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 (Q67-Q72):
NEW QUESTION # 67
Government, public, private and not-for-profit entities all share which common goal of financial reporting?
Answer: B
Explanation:
Despite differences in sector goals, all entities-public, private, nonprofit, or government-use financial reporting to provide information that assists stakeholders in making informed decisions.
While private-sector entities focus on profitability and governmental entities focus on accountability and stewardship, both require decision-useful financial data.
Relevant References:
FASAB SFFAC No. 1 - Objectives of Federal Financial Reporting
GASB Concepts Statement No. 1 - Objectives of Financial Reporting
FASB Statement of Financial Accounting Concepts No. 1
A). provide users with decision support
NEW QUESTION # 68
The process in the budget where OMB communicates to agencies what it will recommend to the president is called
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 # 69
Interest accrued on the public debt is reported as
Answer: C
Explanation:
Interest accrued on the public debt (e.g., Treasury securities) is considered a government expenditure. In federal financial reporting and budgeting, this is classified as an outlay, representing a payment made to meet an obligation.
It is not a receipt (revenues collected), a cost of goods sold (used in commercial accounting), or a tax expenditure (which refers to revenue foregone due to deductions, credits, etc.).
Relevant References:
OMB Circular A-11 - Budgetary Definitions
Treasury Financial Manual (TFM) - Federal Outlay Reporting
GAO Glossary - Public Debt Interest Treatment
B). an outlay
NEW QUESTION # 70
An agency offers service for a fee; bad debts have historically averaged 5% of each year's fee revenue. During the past fiscal year, $1.1 million in fee revenue was recorded and $1 million in fees was collected. What is the bad debt expense recorded for the past fiscal year?
Answer: B
Explanation:
The agency uses accrual accounting, meaning bad debt expense should be recognized based on the revenue earned, not the cash collected. The historical bad debt rate is 5%.
Fee revenue recorded = $1.1 million
Bad debt expense = 5% × $1,100,000 = $55,000
This matches the standard accounting treatment under FASAB SFFAS No. 1, where the expense is estimated and recognized in the same period as the related revenue.
Relevant References:
FASAB SFFAS No. 1 - Accounting for Selected Assets and Liabilities
GAAP treatment for allowance for doubtful accounts
Treasury Financial Manual - Accounts Receivable Accounting
C). $55,000
NEW QUESTION # 71
The four general government auditing standards are
Answer: C
Explanation:
What Are the Four General Government Auditing Standards?
* These standards, as defined in theGAO Yellow Book (Government Auditing Standards):
* Qualifications:Auditors must have the necessary professional skills and competence to perform their work.
* Independence:Auditors must remain free from personal, external, and organizational impairments to maintain objectivity.
* Due Professional Care:Auditors must exercise care and diligence, adhering to professional standards and ethical requirements.
* Quality Control:Auditors must establish and maintain a system of quality control to ensure audit work meets professional standards.
Why Is Option D Correct?
* These four elements are explicitly outlined in the GAO Yellow Book as the core principles of government auditing standards.
Why Other Options Are Incorrect:
* A. Compliance, timeliness, qualifications, and due professional care:Timeliness and compliance are not part of the four general standards; they are components of audit objectives.
* B. Supervision, planning, management controls, and evidence:These are aspects of audit performance, not general standards.
* C. Planning, internal controls, independence, and irregularities:Planning and internal controls are part of the audit process, not general standards.
References and Documents:
* GAO Yellow Book (Generally Accepted Government Auditing Standards - GAGAS):Lists qualifications, independence, due professional care, and quality control as the four general standards.
* AICPA Audit Standards:Aligns with GAGAS in emphasizing these four principles.
NEW QUESTION # 72
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