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GAFRB Übungsfragen: Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) & GAFRB Dateien Prüfungsunterlagen

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AGA GAFRB Prüfungsplan:

Thema
Einzelheiten

Thema 1

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 2

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 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 (Q14-Q19):

14. Frage
What fund category traditionally accounts for the general services to the public such as public safety, health, transportation, social services and the administration of the government?

A. fiduciary
B. governmental
C. proprietary
D. general

Antwort: B

Begründung:
The governmental fund category is used to account for the core services of a government that are primarily supported by taxes and other non-exchange revenues. These services include public safety, education, health, transportation, and social services. It includes the general fund, special revenue funds, capital projects funds, debt service funds, and permanent funds.
While option D (general fund) is technically a fund within the governmental category, the broader and more accurate classification is "governmental." Relevant References:
GASB Statement No. 34 - Basic Financial Statements for State and Local Governments GASB Codification Section 1300 - Fund Types GFOA Fund Structure Guidance B). governmental
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15. Frage
The measurement focus of the governmental fund level financial statements is

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

Antwort: B

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

16. Frage
In state and local financial audits, material weaknesses must be reported to the

A. taxpayers.
B. legislature.
C. local media.
D. governing body.

Antwort: D

Begründung:
What Are Material Weaknesses?
* Amaterial weaknessin internal control is a deficiency or combination of deficiencies that creates a reasonable possibility of a material misstatement in the financial statements that would not be prevented or detected in a timely manner.
* In the context of state and local financial audits, material weaknesses must be reported to those charged with governance, as they are responsible for oversight and corrective actions.
Why Is the Governing Body the Correct Answer?
* Thegoverning body(e.g., city council, county board, or state commission) is directly responsible for overseeing the entity's financial operations and ensuring accountability. Reporting material weaknesses to them ensures that corrective actions can be implemented to strengthen internal controls.
* Auditors communicate such findings through anaudit reportor amanagement letteraddressed to the governing body.
Why Other Options Are Incorrect:
* A. Legislature:The legislature may have oversight of state budgets and appropriations but is not the direct governing body for financial audits.
* C. Taxpayers:While transparency is important, material weaknesses are not directly reported to taxpayers. They may be disclosed in public audit reports, but taxpayers are not the primary audience.
* D. Local media:Material weaknesses are not formally reported to the media; their disclosure depends on the entity's public reporting processes.
References and Documents:
* GAO Yellow Book (GAGAS):Requires auditors to report material weaknesses to those charged with governance.
* GASB (Governmental Accounting Standards Board):Emphasizes the importance of communicating significant audit findings to governing bodies.
* AICPA Audit Standards (AU-C 265):Requires auditors to communicate material weaknesses to management and those charged with governance.

17. Frage
To capitalize a research and development asset, it must

A. be used for a federal research project.
B. have alternative future use.
C. have acquisition value of at least $100.000.
D. be approved by the agency head.

Antwort: B

Begründung:
Research and development (R&D) costs are generally expensed when incurred. However, capitalization may occur only if the asset has an "alternative future use." This means it can be used in other projects or for other purposes beyond the specific R&D effort.
This principle aligns with both federal and private-sector accounting under FASAB and FASB standards.
Relevant References:
FASAB SFFAS No. 10 - Accounting for Internal Use Software
FASB ASC 730 - Research and Development
GAO Red Book - Capitalization Guidelines
D). have alternative future use

18. Frage
What is the maximum period of subscription-based information technology agreement (SBITA), including any options to extend, that is classified as short term?

A. 18 months
B. 12 months
C. 24 months
D. 6 months

Antwort: B

Begründung:
According to GASB Statement No. 96 (Subscription-Based Information Technology Arrangements or SBITAs), a subscription agreement is considered "short-term" if the maximum possible term (including renewal options) is 12 months or less.
Short-term SBITAs are not reported as subscription liabilities and are accounted for as outflows (expenses or expenditures) when incurred.
Relevant References:
GASB Statement No. 96 - SBITAs (Issued May 2020)
GASB Implementation Guide No. 2021-1 - Q&A on SBITAs
GFOA Advisory - Cloud Computing and Subscription Agreements
B). 12 months

19. Frage
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Oliver Gray Oliver Gray

Biography

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