Achademia Kromeidon |

Rob Fox Rob Fox

0 Iscritto al Corso • 0 Corso completato

Biografia

Latest GAFRB Test Sample | Best GAFRB Preparation Materials

Someone asked, where is success? Then I tell you, success is in GuideTorrent. Select GuideTorrent is to choose success. GuideTorrent's AGA GAFRB exam training materials can help all candidates to pass the IT certification exam. Through the use of a lot of candidates, GuideTorrent's AGA GAFRB Exam Training materials is get a great response aroud candidates, and to establish a good reputation. This is turn out that select GuideTorrent's AGA GAFRB exam training materials is to choose success.

AGA GAFRB Exam Syllabus Topics:

Topic
Details

Topic 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.

Topic 2

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 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.

>> Latest GAFRB Test Sample <<

2025 Latest GAFRB Test Sample - Trustable AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) - Best GAFRB Preparation Materials

Our company can provide the anecdote for you--our GAFRB study materials. Under the guidance of our GAFRB exam practice, you can definitely pass the exam as well as getting the related certification with the minimum time and efforts. We would like to extend our sincere appreciation for you to browse our website, and we will never let you down. The advantages of our GAFRB Guide materials are too many to count and you can free download the demos to have a check before purchase.

AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q86-Q91):

NEW QUESTION # 86
The Federal Financial Management Improvement Act of 1996 formally recognized which of the following organizations as the standard-setting body for federal accounting and reporting standards?

A. GAO
B. FASAB
C. OMB
D. FASB

Answer: B

Explanation:
The Federal Financial Management Improvement Act (FFMIA) of 1996 established the requirement for federal agencies to implement and maintain financial systems that comply with federal accounting standards.
It formally recognized the Federal Accounting Standards Advisory Board (FASAB) as the source of GAAP for federal agencies.
FASAB's standards are authoritative for federal entities, much like GASB for state and local governments and FASB for private-sector entities.
Relevant References:
Federal Financial Management Improvement Act of 1996 (Public Law 104-208, Title VIII) FASAB Handbook - Introduction & Authority GAO Federal Accounting Standards Overview D). FASAB

NEW QUESTION # 87
A municipality would establish an internal service fund to capture the activities of a data processing center, in order to account for

A. financing of services provided to other governmental units on a cost reimbursement basis.
B. proceeds of revenue sources restricted to expenditure for specified purposes.
C. services rendered to the general public on a fee basis.
D. financial resources to be used for acquisition of facilities.

Answer: A

Explanation:
Comprehensive Detailed Explanation:
Internal service funds are proprietary funds used to account for the operations of departments or functions that provide goods or services to other departments within the same government on a cost-reimbursement basis.
Examples include:
Centralized IT/data processing
Fleet management
Print shops or mail centers
These are not used for general public services, capital acquisitions, or restricted revenues (which belong in special revenue or capital projects funds).
Relevant References:
GASB Statement No. 34 - Fund Types
GASB Codification Section 1300 - Internal Service Funds
GFOA Fund Accounting Best Practices
D). financing of services provided to other governmental units on a cost reimbursement basis.

NEW QUESTION # 88
Funds collected and spent to carry out an unemployment program established by federal statute are deposited in

A. revolving funds.
B. trust funds.
C. enterprise funds.
D. general funds.

Answer: B

Explanation:
Unemployment programs, such as those established by federal law (e.g., Unemployment Insurance), are typically funded through employment taxes and administered through federal trust funds. These funds are earmarked for specific purposes and are deposited into trust fund accounts, which are fiduciary in nature and maintained to provide benefits under the terms of a law or trust agreement.
The Unemployment Trust Fund is a specific example maintained by the U.S. Department of the Treasury.
Relevant References:
FASAB SFFAS No. 27 - Identifying and Reporting Earmarked Funds
Treasury Financial Manual - Trust Fund Accounts
GAO Glossary - Trust Fund Definition
C). trust funds

NEW QUESTION # 89
The Prompt Payment Act requires federal agencies to

A. pay invoices when received.
B. take discounts when economically justified.
C. pay invoices no later than sixty days from receiving the invoice.
D. pay invoices by the invoice due date.

Answer: D

Explanation:
The Prompt Payment Act (31 U.S.C. Chapter 39) mandates that federal agencies pay vendors on time.
Specifically, if a contract specifies a due date for payment, agencies are required to pay by that date. If no specific due date is mentioned, payment must be made within 30 days after the later of either:
Receipt of a proper invoice, or
Acceptance of goods/services.
If agencies fail to pay by the due date, they must automatically calculate and pay interest penalties to the vendor.
Relevant Standards and References:
31 U.S.C. § 3903 (Prompt Payment Act): "A payment is timely if it is made by the due date prescribed by the contract or within 30 days after receipt of a proper invoice or acceptance of goods or services." OMB Circular A-125, "Prompt Payment," Section 7(a) Treasury Financial Manual (TFM), Volume I, Part 6, Chapter 8040 Therefore, Option D is correct.

NEW QUESTION # 90
In an ACFR. the Independent Auditor's Report should be included in the

A. financial section before the basic financial statements.
B. introductory section after the Letter of Transmittal.
C. statistical section before the Information on Debt Capacity.
D. financial section before the MD&A.

Answer: A

Explanation:
In an Annual Comprehensive Financial Report (ACFR), the Independent Auditor's Report is part of the Financial Section. It is placed immediately before the basic financial statements and after the Management's Discussion and Analysis (MD&A), not before it.
The proper sequence within the Financial Section of the ACFR is:
Independent Auditor's Report
Management's Discussion and Analysis (MD&A)
Basic Financial Statements
Required Supplementary Information (RSI)
Other Supplementary Information (as applicable)
Relevant References:
GASB Statement No. 34 - Basic Financial Statements and MD&A
GFOA's Governmental Accounting, Auditing, and Financial Reporting (GAAFR) GFOA Checklist for ACFR Preparation B). financial section before the basic financial statements

NEW QUESTION # 91
......

AGA GAFRB Exam is a very hot exam. Although it is difficult to pass the exam, the identification of entry point will make you easy to pass your exam. GuideTorrent practice test dumps are your best choice and hit rate is up to 100%. And our exam dumps can help you solve any questions of GAFRB exam. As long as you carefully study the questions in the dumps, all problems can be solved. Purchasing GuideTorrent certification training dumps, we provide you with free updates for a year. Within a year, as long as you want to update the dumps you have, you can get the latest version. Try it and see for yourself.

Best GAFRB Preparation Materials: https://www.guidetorrent.com/GAFRB-pdf-free-download.html