TEST AGA GAFRB PASSING SCORE - GAFRB FREE SAMPLE

Test AGA GAFRB Passing Score - GAFRB Free Sample

Test AGA GAFRB Passing Score - GAFRB Free Sample

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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q17-Q22):

NEW QUESTION # 17
Which of the following fund types would be used to collect water utility user fees?

  • A. enterprise fund
  • B. capital projects fund
  • C. pension fund
  • D. special revenue fund

Answer: A

Explanation:
Enterprise funds are a type of proprietary fund used by governments to account for operations that are financed and operated in a manner similar to private business enterprises. These include activities like water, sewer, and electricity utilities, where user fees or charges for services are the primary revenue source.
In this case, a water utility charging users is best accounted for using an enterprise fund.
Relevant References:
GASB Codification Section 1300 - Fund Types
GASB Statement No. 34 - Fund Classification
GFOA Best Practices - Utility and Enterprise Fund Accounting
D). enterprise fund


NEW QUESTION # 18
Which of the following events is an example of an expenditure but not an expense?

  • A. At the end of the fiscal year, the government pays for ten vehicles which will be depreciated over five years.
  • B. At the end of the fiscal year, the government signs a contract to buy office furniture.
  • C. At the end of the fiscal year, the government pays its employees for work performed.
  • D. At the end of the fiscal year, the government receives and pays its electric bill for the previous month.

Answer: A

Explanation:
Comprehensive Detailed Explanation:
In governmental funds (using the modified accrual basis), expenditures are recorded when financial resources are used - typically when cash is disbursed. However, in government-wide statements (accrual basis), only the portion of the asset's cost consumed in the period is recorded as an expense (i.e., depreciation).
Paying for capital assets such as vehicles is an expenditure in the governmental funds, but not an expense in the accrual-based government-wide financials. Instead, the cost is capitalized and depreciated over time.
Relevant References:
GASB Statement No. 34 - Government-wide vs. Fund Financial Reporting
GASB Codification Section 1300 - Modified Accrual Accounting
GFOA Best Practices - Capital Asset Reporting
C). At the end of the fiscal year, the government pays for ten vehicles which will be depreciated over five years.


NEW QUESTION # 19
A federal entity would record a payment of a payable in which of the following journal entries?

  • A. Debit Unapportioned Authorities
    Credit Delivered Orders-Obligations, Paid Debit Accounts Payable
    Credit Fund Balance with Treasury
  • B. Debit Delivered Orders-Obligations. Unpaid
    Credit Delivered Orders-Obligations, Paid Debit Accounts Payable
    Credit Fund Balance with Treasury
  • C. Debit Undelivered Order-Obligations, Unpaid
    Credit Delivered Orders-Obligations, Paid Debit Accounts Payable
    Credit Fund Balance with Treasury
  • D. Debit Commitments
    Credit Delivered Orders-Obligations, Unpaid Debit Accounts Payable
    Credit Fund Balance with Treasury

Answer: B

Explanation:
When a federal entity pays off a payable:
Budgetary accounting moves the status of the obligation from unpaid to paid Proprietary accounting reduces the payable and cash (Fund Balance with Treasury) The correct journal entry is:
Budgetary:
Debit Delivered Orders - Obligations, Unpaid
Credit Delivered Orders - Obligations, Paid
Proprietary:
Debit Accounts Payable
Credit Fund Balance with Treasury
This reflects the transition from an unpaid liability to a disbursed payment, complying with federal financial reporting.
Relevant References:
Treasury Financial Manual (TFM) Vol. I, Part 2, Chapter 4700
FASAB SFFAS No. 1 and No. 7 - Accounting for Liabilities and Budgetary Resources USSGL (U.S. Standard General Ledger) - Posting Logic for Obligation Transactions D). Debit Delivered Orders - Obligations, Unpaid; Credit Delivered Orders - Obligations, Paid; Debit Accounts Payable; Credit Fund Balance with Treasury


NEW QUESTION # 20
An idle facility cost is an allowable expense to charge to federal grants when a

  • A. fluctuation in workload is reasonably expected.
  • B. facility cannot be used while it is being repaired.
  • C. facility is not currently needed by the agency.
  • D. facility will sit idle for over one year.

Answer: A

Explanation:
Comprehensive Detailed Explanation:
Under 2 CFR § 200.446 of the OMB Uniform Guidance, idle facilities (or idle capacity) costs are generally unallowable. However, exceptions exist. One allowable condition is when the idleness results from fluctuations in workload that are considered normal for the type of operation.
Other allowable cases include those due to reorganization, restraint, or repair/maintenance needs - but only within reasonable limits and duration.
Relevant References:
2 CFR § 200.446 - Idle Facilities and Idle Capacity
OMB Uniform Guidance (2 CFR Part 200) - Cost Principles
GAO Red Book - Allowable Grant Expenditures
A). fluctuation in workload is reasonably expected
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NEW QUESTION # 21
Purchase orders are issued in the amount of $427,000. The general ledger entry to record the encumbrance should be

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

Answer: C

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 # 22
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