REAL AGA GAFRB QUESTIONS WITH FREE UPDATES–BUY NOW

Real AGA GAFRB Questions with Free Updates–BUY NOW

Real AGA GAFRB Questions with Free Updates–BUY NOW

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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q37-Q42):

NEW QUESTION # 37
Which of the following revenue sources is an exchange-like transaction?

  • A. fines
  • B. grants
  • C. operating permits
  • D. income taxes

Answer: C

Explanation:
Exchange and exchange-like transactions occur when each party receives and gives up essentially equal value.
In the case of operating permits (e.g., business licenses or environmental permits), the payer receives a direct and proportional benefit in exchange for the fee paid, making this an exchange-like transaction.
In contrast:
Income taxes and fines are non-exchange revenues.
Grants may or may not be exchange-like, depending on stipulations, but generally are non-exchange.
Relevant Standards and References:
GASB Statement No. 33, Accounting and Financial Reporting for Nonexchange Transactions GASB Codification Section N50, Nonexchange Transactions GFOA Best Practices - Revenue Recognition Therefore, Option B is correct.


NEW QUESTION # 38
The capitalization of interest begins when all of the following conditions are met EXCEPT

  • A. interest cost is being incurred.
  • B. outlays for the asset have been made.
  • C. the contract is signed for purchasing the asset.
  • D. activities are in progress to get the asset ready for its intended use.

Answer: C

Explanation:
Comprehensive Detailed Explanation:
Capitalization of interest begins when three conditions are met:
Expenditures for the asset have been made (i.e., costs are being incurred) Activities necessary to prepare the asset for use are in progress Interest cost is being incurred Signing a contract does not trigger capitalization - the actual incurrence of costs and activities must begin.
This rule is based on GAAP and FASB/GASB guidance for capital asset construction.
Relevant References:
GASB Statement No. 62 - Capitalization of Interest
FASB ASC 835-20 - Interest Capitalization
GFOA - Capital Asset Accounting Guidelines
A). the contract is signed for purchasing the asset


NEW QUESTION # 39
The major difference in applying the accrual concept in governmental fund accounting, as opposed to private- sector accounting, is that revenues are

  • A. recognized in the accounting period in which they are received.
  • B. recorded when collectability occurs or can be reasonably estimated.
  • C. recognized when they become measurable and available.
  • D. recognized when an encumbrance order is prepared.

Answer: C

Explanation:
Governmental fund accounting uses the modified accrual basis of accounting. Under this basis, revenues are recognized when:
They are measurable (amount can be reasonably determined)
They are available (collectible within the current period or soon enough thereafter to pay current liabilities - typically within 60 days) This is the key difference from full accrual accounting, which recognizes revenue when it is earned, regardless of when received.
Relevant References:
GASB Statement No. 33 - Accounting and Financial Reporting for Nonexchange Transactions GASB Statement No. 34 - Fund Accounting and Modified Accrual Basis GASB Codification Section 1600 - Fund Financial Reporting C). recognized when they become measurable and available


NEW QUESTION # 40
Which type of cost is generally allowed for a grant under the OMB Uniform Guidance?

  • A. lobbying expenses
  • B. general government expenses
  • C. materials and supplies
  • D. interest payments

Answer: C

Explanation:
Under OMB's Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), allowable costs under federal grants must be:
Necessary and reasonable for program performance
Allocable to the grant
In accordance with generally accepted accounting principles
Not otherwise unallowable
Materials and supplies directly benefiting the grant are generally allowable. In contrast, lobbying, interest payments, and general governmental costs not tied to the grant are explicitly unallowable.
Relevant References:
2 CFR Part 200 - Uniform Guidance (Subpart E - Cost Principles)
2 CFR §200.403 - Factors affecting allowability of costs
2 CFR §200.422 - Lobbying
2 CFR §200.449 - Interest
C). materials and supplies


NEW QUESTION # 41
OMB Circular A-136 requires that all of the following be included in an AFR EXCEPT

  • A. the performance section.
  • B. the MD&A.
  • C. a message from the head of the agency.
  • D. the financial section.

Answer: A

Explanation:
OMB Circular A-136 specifies the required components of the Agency Financial Report (AFR), which include:
A Message from the Head of the Agency
Management's Discussion and Analysis (MD&A)
Financial Section (including statements and notes)
Other Information (e.g., improper payments, internal controls)
The Performance Section is not included in the AFR but is instead part of the alternative Performance and Accountability Report (PAR) or included separately in an Annual Performance Report (APR).
Relevant References:
OMB Circular A-136 - Financial Reporting Requirements (Section II)
GPRA Modernization Act of 2010
CFO Act of 1990
D). the performance section


NEW QUESTION # 42
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