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100% Pass Quiz 2026 AGA GAFRB–Efficient 100% Correct Answers

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AGA GAFRB Exam Syllabus Topics:

Topic
Details

Topic 1

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.

Topic 2

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 3

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.

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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q20-Q25):

NEW QUESTION # 20
Which type of cost is generally allowed for a grant under the OMB Uniform Guidance?

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

Answer: B

Explanation:
Under OMB's Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), allowable costs under federal grants must be:
Necessary and reasonable for program performance
Allocable to the grant
In accordance with generally accepted accounting principles
Not otherwise unallowable
Materials and supplies directly benefiting the grant are generally allowable. In contrast, lobbying, interest payments, and general governmental costs not tied to the grant are explicitly unallowable.
Relevant References:
2 CFR Part 200 - Uniform Guidance (Subpart E - Cost Principles)
2 CFR §200.403 - Factors affecting allowability of costs
2 CFR §200.422 - Lobbying
2 CFR §200.449 - Interest
C). materials and supplies

NEW QUESTION # 21
The Department of Health and Human Services prepares a financial statement displaying costs of each major program as they relate to the department's outcomes and outputs. The title of this financial statement is the

A. Statement of Changes in Net Position.
B. Statement of Net Cost.
C. Statement of Budgetary Resources.
D. Statement of Custodial Activity.

Answer: B

Explanation:
The Statement of Net Cost is the principal financial statement used by federal agencies to report the total cost of their programs and activities. It aligns the agency's programs, outputs, and strategic objectives with the cost incurred to produce those outputs.
The Department of Health and Human Services, like all federal agencies, uses this statement to display costs by major program or responsibility segment.
Relevant References:
FASAB SFFAS No. 4 - Managerial Cost Accounting Standards
FASAB SFFAS No. 55 - Amending the Statement of Net Cost
OMB Circular A-136 - Section on Federal Financial Statements
A). Statement of Net Cost

NEW QUESTION # 22
What is the annual projected sales tax revenue if in nine months the revenue earned is $26.5 million, and no other factors are known?

A. $53.0 million
B. $35.3 million
C. $26.5 million
D. $40.0 million

Answer: B

Explanation:
To annualize the projected sales tax revenue from 9 months of actual data:
Step 1: Determine the monthly average:
$26.5 million ÷ 9 months = $2.944 million/month
Step 2: Project for 12 months:
$2.944 million × 12 = $35.33 million # $35.3 million
However, the closest and most likely answer choice based on rounding is:
B). $35.3 million
Correction to earlier assumption: The original intended answer was marked as C. $40.0 million, but that would only apply if growth or seasonal adjustments were involved, which the question states are unknown.
Therefore, the correct projected revenue based on straight-line extrapolation is:
B). $35.3 million

NEW QUESTION # 23
A federal AFR includes all of the following EXCEPT

A. a standard general ledger trial balance.
B. the MD&A.
C. an audit opinion.
D. the RSI.

Answer: A

Explanation:
An Agency Financial Report (AFR), required by OMB Circular A-136, must include the following core components:
#Management's Discussion and Analysis (MD&A)
#Financial Section (includes basic financial statements and accompanying notes)
#Required Supplementary Information (RSI)
#Auditor's Opinion (if audited)
However, the Standard General Ledger (SGL) trial balance is not included in the AFR itself. While agencies must use the SGL for financial reporting consistency and submit trial balances to Treasury (e.g., via GTAS), the trial balance is not published in the AFR.
Relevant References:
OMB Circular A-136
Treasury Financial Manual (TFM)
FASAB SFFAS No. 53 - Financial Reporting
C). a standard general ledger trial balance

NEW QUESTION # 24
Accounts that are closed at year-end include

A. taxes receivable.
B. tax revenues.
C. unassigned fund balance.
D. supplies inventory.

Answer: B

Explanation:
Temporary accounts (revenues, expenditures, and transfers) are closed at the end of the fiscal year to prepare the books for the next fiscal period. Tax revenues are a temporary account and are closed at year-end by transferring balances to fund balance accounts.
In contrast:
Taxes receivable (A) is a balance sheet (permanent) account.
Supplies inventory (C) is an asset.
Unassigned fund balance (D) is an equity account.
Relevant References:
GASB Codification Section 2200 - Fund Accounting and Closing Procedures GFOA Accounting and Financial Reporting Manual GAAP Fundamentals B). tax revenues

NEW QUESTION # 25
......

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