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Free PDF Quiz 2025 AGA High Hit-Rate GAFRB: Actual Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Test Pdf

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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q47-Q52):

NEW QUESTION # 47
of the following are integral parts of state governments* formal financial statements EXCEPT the

A. notes.
B. basic financial statements.
C. RSI.
D. auditors letter.

Answer: D

Explanation:
The formal financial statements of a state or local government include:
Basic Financial Statements (government-wide and fund statements)
Notes to the Financial Statements
Required Supplementary Information (RSI), including MD&A and pension data The auditor's letter (i.e., Independent Auditor's Report) is included in the financial section of the ACFR but is not technically part of the financial statements themselves. It is a separate document providing the auditor's opinion.
Relevant References:
GASB Statement No. 34
GFOA ACFR Reporting Guide
AICPA Governmental Audit Guide
D). auditor's letter

NEW QUESTION # 48
The Government Management Reform Act of 1994 amended the CFO Act of 1990 to require

A. OMB approval of executive department financial statements.
B. unmodified audit opinions of the executive department financial statements.
C. audited financial statements of the executive departments.
D. quarterly financial statements of executive departments.

Answer: C

Explanation:
The Government Management Reform Act (GMRA) of 1994 amended the Chief Financial Officers (CFO) Act of 1990 to require each executive agency to prepare and submit audited financial statements covering all accounts and associated activities.
This extended the audit requirement beyond the pilot CFO agencies and laid the groundwork for the Financial Report of the U.S. Government.
Relevant References:
Government Management Reform Act of 1994 (Public Law 103-356)
CFO Act of 1990
OMB Circular A-136 - Financial Reporting Requirements
B). audited financial statements of the executive departments
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NEW QUESTION # 49
GAAP requires that the ACFR be accompanied by separate financial statements documenting

A. program goals and objectives.
B. annual appropriations.
C. statistical data on the population.
D. fiduciary and proprietary funds.

Answer: D

Explanation:
The Annual Comprehensive Financial Report (ACFR) includes three categories of fund financial statements:
Governmental funds
Proprietary funds (e.g., enterprise and internal service funds)
Fiduciary funds (e.g., pension trust, custodial funds)
GAAP (specifically GASB Statement No. 34) requires separate financial statements for proprietary and fiduciary funds because they use different accounting bases (full accrual) than governmental funds (modified accrual). These are included in the basic financial statements section of the ACFR.
Relevant References:
GASB Statement No. 34 - Basic Financial Statements
GASB Codification Section 2200 - Financial Reporting
GFOA Governmental Reporting Guidelines
B). fiduciary and proprietary funds

NEW QUESTION # 50
When a new combined government replaces the separate governments of a city and a county, this is an example of

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

Answer: D

Explanation:
A government merger occurs when two or more legally separate governments are combined to form a new government, and the original governments cease to exist. This includes combinations like a city and county merging to form a unified government, with combined assets, liabilities, and operations.
There is no acquiring government - rather, the governments voluntarily combine into a new legal entity.
Relevant References:
GASB Statement No. 69 - Government Combinations and Disposals of Government Operations GASB Codification Section G60 - Definitions of Mergers vs. Acquisitions GFOA Government Restructuring Guidelines A). a government merger

NEW QUESTION # 51
An example of a non-exchange revenue is

A. sales taxes.
B. investment earnings.
C. licensing fees.
D. bond proceeds.

Answer: A

Explanation:
Non-exchange revenues are those in which a government gives or receives value without directly receiving or giving equal value in return. Sales taxes are a classic example of a non-exchange revenue because the payer (consumer) does not receive a direct, measurable benefit from the government in exchange for the tax paid.
Other examples of non-exchange revenues include property taxes, grants, and fines. In contrast, licensing fees and investment earnings are exchange or exchange-like revenues, since they involve a mutual benefit or earnings return.
Relevant Standards and References:
GASB Statement No. 33, Accounting and Financial Reporting for Nonexchange Transactions GASB Codification Section N50 GFOA Revenue Classification Guidelines

NEW QUESTION # 52
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