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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.

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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q53-Q58):

NEW QUESTION # 53
Based on FASAB standards, calculate the full cost of 1 unit of an output using the following information:

A. $ 4,909,400
B. $25,147,000
C. $ 5,029,400
D. $ 3,989,400

Answer: B

Explanation:
Under FASAB standards, specifically SFFAS No. 4, Managerial Cost Accounting Standards, the full cost of an output includes:
Direct costs (e.g., direct material and labor)
Indirect costs (e.g., inter-entity costs, overhead, services)
In-kind contributions
Any support service costs
Depreciation or amortization, if applicable
We will now compute the full cost of all 5 units and then divide by 5 to obtain the cost per unit.
Step 1: List and sum all relevant costs.
Direct Material: $11,267,000
Direct Labor: $5,980,000
Inter-entity Costs: $1,500,000
Accounting and Contracting Services: $500,000
Physical and Data Security: $700,000
In-kind Logistics Services: $500,000
Warehouse Lease: $1,000,000
Parking Lot Construction: $3,000,000
Equipment Installation: $600,000
New Employee Training: $100,000
Total Full Cost =
$11,267,000
$5,980,000
$1,500,000
$500,000
$700,000
$500,000
$1,000,000
$3,000,000
$600,000
$100,000
= $25,147,000
Step 2: Calculate cost per unit (based on 5 outputs):
Cost per unit = $25,147,000 ÷ 5 = $5,029,400
But the question specifically asks:
"Based on FASAB standards, calculate the full cost of 1 unit of an output..." So, the correct answer (full cost of all units) is:
D). $25,147,000
If they had asked for cost per unit, then the answer would be:
= $5,029,400 # Option C
Note: Option C is a distractor here and would only be correct if the question specifically asked for per unit cost.
Relevant Standards and References:
FASAB Statement of Federal Financial Accounting Standards (SFFAS) No. 4: Managerial Cost Accounting Concepts and Standards OMB Circular A-136: Financial Reporting Requirements Treasury Financial Manual (TFM), Volume I, Part 2, Chapter 4700 Therefore, the correct answer to the full cost (not per unit) is:
D). $25,147,000.

NEW QUESTION # 54
Wasteful year-end spending may be discouraged by including which of the following in the appropriation law?

A. annual appropriations
B. multi-year appropriation authority
C. impoundment controls
D. delimiting contracting procedures

Answer: B

Explanation:
Comprehensive Detailed Explanation:
Year-end wasteful spending (also known as "use-it-or-lose-it" spending) often occurs because agencies rush to obligate funds before they expire at fiscal year-end. Providing multi-year appropriations reduces this pressure by allowing agencies to obligate funds over a longer period, thus promoting better planning and reducing unnecessary or rushed spending.
Relevant References:
GAO Red Book - Appropriations Law
OMB Circular A-11 - Budget Execution
Congressional Budget Office (CBO) Reports on Year-End Spending
D). multi-year appropriation authority

NEW QUESTION # 55
Which of the following government-wide financial statements are required for state and local governments?

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

Answer: C

Explanation:
The government-wide financial statements required by GASB Statement No. 34 include:
Statement of Net Position (similar to a balance sheet)
Statement of Activities (similar to an income statement)
These financial statements provide a consolidated view of the government's financial position and activities using the economic resources measurement focus and accrual basis of accounting.
There is no requirement under GASB for a government-wide statement of cash flows.
Relevant Standards and References:
GASB Statement No. 34, Basic Financial Statements-and Management's Discussion and Analysis-for State and Local Governments GASB Codification Section 2200: Financial Reporting GFOA Budgeting Best Practices Therefore, Option C is correct.

NEW QUESTION # 56
Which federal agency activities would most likely use a trust fund to account for funds received and paid?

A. business-type operations financed by exchange revenues
B. general government programs receiving annual appropriations
C. provisions of benefits, goods or services financed by specific revenue sources
D. grant programs distributing funds awarded in prior years

Answer: C

Explanation:
Comprehensive Detailed Explanation:
Trust funds in the federal government are used to account for assets held in a fiduciary capacity for specific purposes. These funds typically involve revenue dedicated by law for particular programs and purposes, such as:
Social Security Trust Fund
Medicare Trust Fund
Unemployment Trust Fund
These involve collections from earmarked taxes or contributions and are used to provide specific benefits or services.
Relevant References:
FASAB SFFAS No. 27 - Identifying and Reporting Earmarked Funds
Treasury Financial Manual - Trust Fund Accounts
OMB Circular A-11, Section 20 - Federal Fund and Trust Fund Definitions B). provisions of benefits, goods or services financed by specific revenue sources

NEW QUESTION # 57
When determining the full costs of a specific product or service, if the costs cannot be directly traced to the product or service, the costs should be assigned based upon

A. a cause-and-effect relationship between resource costs and outputs.
B. a direct labor relationship.
C. an incremental or marginal relationship.
D. an opportunity cost approach.

Answer: A

Explanation:
When full costs cannot be directly traced to a product or service, indirect costs must be allocated using a rational and systematic basis. The preferred method is to use a cause-and-effect relationship between the resource consumed and the output generated. This aligns with cost accounting principles under FASAB SFFAS No. 4 and managerial accounting frameworks.
Other options, such as direct labor or opportunity cost approaches, may be helpful in specific settings but do not meet the standard requirement for full cost allocation.
Relevant References:
FASAB SFFAS No. 4 - Managerial Cost Accounting Standards
OMB Circular A-136 - Full Cost Accounting
GAO Cost Estimating and Assessment Guide
D). a cause-and-effect relationship between resource costs and outputs

NEW QUESTION # 58
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