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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) - GAFRB Exam Practice Test

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Total 117 questions

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Question 1

An agency operates out of a building that is on the Register of Historic Places; the building is classified as a multi-use federal asset. If the agency recently paid to renovate the office space in the building, the cost for the renovation should be treated as a

A. heritage asset. B. stewardship investment. C. mission property. D. general property, plant and equipment expense.

Correct Answer: D

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Question 2

A basic financial statement that includes a budgetary comparison serves to

A. disclose and document the restrictions on resources. B. demonstrate compliance with the legally adopted budget. C. measure the service potential of physical and other resources. D. demonstrate the ability of the entity to meet its commitments.

Correct Answer: B

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Question 3

If a capital project has an estimated life of 30 years, which financing method is designed to impose the cost of the project on the generation who benefits from it?

A. pay-as-you-go financing B. 30-year serial bonds C. 30-year zero-coupon bonds, without a sinking fund D. 30-year term bonds, without a sinking fund

Correct Answer: B

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Question 4

Which type of cost is generally allowed for a grant under the OMB Uniform Guidance?

A. interest payments B. materials and supplies C. general government expenses D. lobbying expenses

Correct Answer: B

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Question 5

In exchange and exchange-like transactions the government

A. neither gives up nor receives assets. B. provides service at no cost to the user. C. receives value and gives up essentially the same value. D. receives value without directly giving up value in return.

Correct Answer: C

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Question 6

A governmental financial reporting entity is comprised of all of the following EXCEPT

A. any organization for which records are kept by the primary government. B. organizations for which the primary government is financially accountable. C. the primary government. D. other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity's financial statements to be misleading or incomplete.

Correct Answer: A

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Question 7

The PAR includes all of the following elements EXCEPT the

A. agency-head message. B. demographic section. C. performance section. D. financial section.

Correct Answer: B

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Question 8

Which of the following government-wide financial statements are required for state and local governments?

A. statement of net position and statement of activities B. statement of net position, statement of activities, and statement of cash flows C. balance sheet and operating statement D. statement of net position and statement of changes in net position

Correct Answer: A

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Question 9

The purpose for establishing a custodial fund is to

A. accumulate resources for payment of debt. B. account for assets held in a trustee capacity. C. track financial resources to be used for acquisition of capital facilities. D. provide services to the public on a fee basis.

Correct Answer: B

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Question 10

When a new combined government replaces the separate governments of a city and a county, this is an example of

A. intergovernmental operations. B. a government acquisition. C. a government merger. D. a transfer of operations.

Correct Answer: C

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Page: 1 / 12
Total 117 questions

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