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AGA GAFRB Exam Syllabus Topics:

Topic	Details
Topic 1	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.
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	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.

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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q48-Q53):

NEW QUESTION # 48
The federal budget baseline forecast reflects the estimated

A. receipts, outlays, and deficit or surplus under the President's Budget.
B. effects of current law on recipients of federal benefits.
C. receipts, outlays, and deficit or surplus that would result from continuing current law or policies.
D. effects of enacting Congressional appropriations bills on federal receipts and spending.

Answer: C

Explanation:
The federal budget baseline is a projection of federal spending, revenues, deficits, and debt assuming no changes to current laws and policies. It serves as a neutral benchmark to compare the fiscal impact of proposed legislation or budget changes.
It is typically prepared by the Congressional Budget Office (CBO) and assumes continuation of current tax and spending laws without new legislation.
Relevant References:
Congressional Budget Act of 1974
Congressional Budget Office (CBO) - Baseline Concepts
OMB Circular A-11 - Section 80: Baseline Budget Estimates
C). receipts, outlays, and deficit or surplus that would result from continuing current law or policies

NEW QUESTION # 49
The four general government auditing standards are

A. planning, internal controls, independence and irregularities.
B. supervision, planning, management controls and evidence.
C. compliance, timeliness, qualifications and due professional care.
D. qualifications, independence, due professional care and quality control.

Answer: D

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 # 50
A city pays a bond payable as well as interest. The journal entry to record this in the debt service fund would be to credit cash and debit

A. bonds payable and expenditures - interest.
B. principal expense and interest expense.
C. expenditures - principal and expenditures - interest.
D. bonds payable and interest expense.

Answer: C

Explanation:
In the governmental fund (such as the debt service fund), modified accrual accounting is used. Under this basis:
Payment of principal and interest is recorded as expenditures, not reductions of liabilities or interest expense.
No long-term liabilities (e.g., bonds payable) are recorded in governmental funds.
So, the correct journal entry is:
Debit: Expenditures - Principal
Debit: Expenditures - Interest
Credit: Cash
Relevant References:
GASB Codification Section 1300 - Fund Accounting and Modified Accrual Basis GASB Statement No. 34 - Fund-Level Reporting GFOA Accounting and Reporting for Debt Service Funds A). expenditures - principal and expenditures - interest

NEW QUESTION # 51
Separate fund financial statements should be presented for

A. capital assets.
B. net assets and activities.
C. governmental and proprietary funds.
D. long-term debt.

Answer: C

Explanation:
Separate fund financial statements are required for:
Governmental Funds (e.g., general fund, special revenue)
Proprietary Funds (e.g., enterprise, internal service funds)
Fiduciary Funds (reported separately but not combined with government-wide statements) Long-term debt and capital assets are components within the financial statements-not fund types.
Relevant References:
GASB Statement No. 34 - Financial Reporting Model
GASB Codification Section 2200 - Financial Reporting
GFOA Fund Reporting Framework
B). governmental and proprietary funds

NEW QUESTION # 52
Purchase orders are issued in the amount of $427,000. The general ledger entry to record the encumbrance should be

A. Debit Encumbrances $427,000 Credit Budgetary Fund Balance $427,000
B. Debit Fund Balance $427,000 Credit Encumbrances $427,000
C. Debit Appropriations $427,000 Credit Encumbrances $427,000
D. Debit Encumbrances $427,000 Credit Expenditures $427,000

Answer: A

Explanation:
When a government issues purchase orders, it records encumbrances to reflect commitments against appropriations. This helps track budgetary commitments and avoid overspending.
The entry is recorded in the budgetary accounts (not proprietary accounts) as follows:
Debit Encumbrances: Recognizes the commitment
Credit Budgetary Fund Balance (or Reserve for Encumbrances): Reflects that part of the fund balance is committed This is consistent with modified accrual accounting and standard governmental fund practice.
Relevant References:
GASB Codification Section 1300 - Budgetary Accounting
GFOA Best Practices - Encumbrance Accounting
GAO Principles of Appropriation Law - Encumbrance Controls
D). Debit Encumbrances $427,000; Credit Budgetary Fund Balance $427,000

NEW QUESTION # 53
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Valid Dumps GAFRB Free & Latest GAFRB Test Report

AGA GAFRB Exam Syllabus Topics:

Valid Dumps GAFRB Free - Pass Guaranteed Quiz 2025 GAFRB: Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) First-grade Latest Test Report

AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q48-Q53):

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