AGA GAFRB ONLINE PRACTICE TEST (AGA-GAFRB-PRACTICE-TEST)

AGA GAFRB Online Practice Test (AGA-GAFRB-Practice-Test)

AGA GAFRB Online Practice Test (AGA-GAFRB-Practice-Test)

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Tags: Exam GAFRB Pattern, GAFRB New Study Questions, GAFRB Valid Real Exam, GAFRB Sample Questions, GAFRB Valid Test Simulator

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Quiz 2025 Authoritative AGA GAFRB: Exam Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Pattern

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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q100-Q105):

NEW QUESTION # 100
Management's need for real-time access to data is facilitated when

  • A. data is represented visually and includes information that indirectly relates to the subject matter.
  • B. the prior year's financial statement data underlies the management reports used to decide on future expenditures.
  • C. data supporting dashboards are updated every quarter.
  • D. complex data sets are available on demand, presented with minimal distractions.

Answer: D

Explanation:
Why Does Management Need Real-Time Data Access?
* Real-time access to data enables managers to make timely and informed decisions.
* Complex data setspresented clearly and concisely (with minimal distractions) allow decision-makers to focus on the critical insights necessary for strategic and operational planning.
Why Is Option D Correct?
* On-demand access ensures managers can retrieve updated data whenever needed. Presenting the data in a focused and distraction-free format facilitates quick comprehension and decision-making.
Why Other Options Are Incorrect:
* A. Visual representation with indirect information:Including unrelated data can overwhelm users and detract from effective decision-making.
* B. Dashboards updated quarterly:Quarterly updates do not meet the need for real-time access.
* C. Prior year's financial data:Decisions based solely on historical data are not responsive to real-time needs.
References and Documents:
* GAO Data Analytics and Visualization Framework:Stresses the importance of real-time, actionable, and distraction-free data for decision-making.
* AICPA Dashboard Guidelines:Recommends presenting complex data sets in a clear and accessible format for management use.


NEW QUESTION # 101
A federal agency submits its budget request to which of the following?

  • A. Congress
  • B. the U.S. Department of the Treasury
  • C. GAO
  • D. OMB

Answer: D

Explanation:
Federal agencies submit their budget requests to the Office of Management and Budget (OMB), which reviews, analyzes, and makes recommendations to the President. After OMB review, the final version of the President's Budget is submitted to Congress.
Other roles:
Treasury: Manages federal finances, not budget formulation.
GAO: Audits and provides oversight to Congress.
Congress: Receives and authorizes the budget but does not initially review agency requests.
Relevant References:
OMB Circular A-11 - Preparation and Submission of Budget Estimates
GAO Budget Glossary
U).S. Code Title 31 - Role of OMB
B). OMB


NEW QUESTION # 102
A city utilizing a 60-day availability period has a June 30 year-end. It levies property taxes in January that are due in March, which are used to finance the general fund. The city levied S15 million in taxes in the current fiscal year, collecting $12 million during the fiscal year. In addition, the following amounts were collected in the months after year-end:
July $1,000,000
August $ 500,000
September $ 250,000
How much revenue should the general fund recognize for the fiscal year?

  • A. $15 million
  • B. $12 million
  • C. $13 million
  • D. $13.5 million

Answer: C

Explanation:
The city has a June 30 fiscal year-end and applies the 60-day availability rule, which is standard under modified accrual accounting for governmental funds like the general fund.
Total collections within:
Fiscal year: $12 million
60-day window (July + August): $1 million + $500,000 = $1.5 million
Revenue recognized = $12 million + $1.5 million = $13.5 million
However, under GASB Interpretation No. 5 and GASB Statement No. 33, only amounts expected to be collected within 60 days after year-end should be recognized as revenue in the general fund. The city uses the
60-day rule.
Thus, the correct amount to recognize is:
$12 million (collected during fiscal year)
$1 million (July)
$500,000 (August) = $13.5 million
C). $13.5 million
Relevant References:
GASB Statement No. 33 - Accounting and Financial Reporting for Nonexchange Transactions GASB Interpretation No. 5 - Property Tax Revenue Recognition GASB Codification Section 1600.115 (Modified Accrual Basis)
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NEW QUESTION # 103
State Medicaid caseloads have been exceeding projections for the past two months. Review of the data indicates the increase is likely to continue, leading to the need for significant supplemental appropriations before the end of the fiscal year. Based upon this information, what is the first action the state director of Medicaid should take?

  • A. Impose a hiring freeze and hold all spending approvals for contracts and purchases on the affected departments.
  • B. Inform the governor of the situation and options for addressing the shortfall.
  • C. Inform the legislative counsel bureau about the potential over-expenditure.
  • D. Confer with the chairmen or staff directors of the House and Senate appropriations committees concerning the need to call a legislative special session.

Answer: B

Explanation:
The first and most appropriate action for the state Medicaid director is to inform the governor. This ensures that executive leadership is aware of the fiscal shortfall early and can weigh in on how to proceed. The governor plays a central role in budget planning and proposing supplemental appropriations.
While informing legislators or freezing spending may be necessary later, those steps should occur after executive leadership has been notified and involved in decision-making.
Relevant References:
GFOA Best Practices - Budget Monitoring and Adjustment
State Budget Procedures Manuals (varies by state, but consistent in escalation path) National Association of State Budget Officers (NASBO) Guidance A). Inform the governor of the situation and options for addressing the shortfall


NEW QUESTION # 104
A federal agency received utility bills before the end of the fiscal year. It is the agency's policy to obligate funds upon receipt of the utility bills and to pay the bills immediately upon receipt. Which set of entries would be made to the budgetary accounts?

  • A. Debit Expended Appropriation
    Credit Allotment Available for Commitment/Obligation
  • B. Debit Allotment Available for Commitment/Obligation
    Credit Undelivered Orders Unpaid
  • C. Debit Allotment Available for Commitment/Obligation
    Credit Fund Balance with Treasury
  • D. Debit Unobligated Funds Credit Expended Appropriation

Answer: B

Explanation:
In federal accounting, upon receipt of utility bills (and before payment), a government agency records an obligation. Since the service has already been received and payment is imminent, the budgetary accounting entry reduces available allotments and records the obligation.
The entry would look like:
Debit: Allotment Available for Commitment/Obligation
Credit: Undelivered Orders - Unpaid (or potentially Delivered Orders - Unpaid, depending on agency policy) In the case of immediate payment, the next step would move from obligation to expenditure, but the initial obligation entry affects the budgetary accounts as described above.
Relevant References:
FASAB SFFAS No. 7 - Budgetary Accounting
Treasury Financial Manual (TFM) - Budgetary Transactions
OMB Circular A-11
A). Debit Allotment Available for Commitment/Obligation / Credit Undelivered Orders Unpaid


NEW QUESTION # 105
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