GAFRB Real Dumps - GAFRB Latest Test Bootcamp

P.S. Free 2025 AGA GAFRB dumps are available on Google Drive shared by PassLeader: https://drive.google.com/open?id=17i4ML4iFe2g3qqX17PGqdwmhAw6eh-ZU

With the rapid development of the world economy and frequent contacts between different countries, looking for a good job has become more and more difficult for all the people. So it is very necessary for you to get the GAFRB certification, in order to look for a good job, you have to increase your competitive advantage in the labor market and make yourself distinguished from other job-seekers. And our GAFRB Exam Questions are specially desiged for you as we can help you pass the GAFRB exam successfully with the least time and effort. Just come and buy our GAFRB practice guide!

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	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	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.

>> GAFRB Real Dumps <<

Top features of AGA GAFRB Exam Practice Test Questions

We also have dedicated staffs to maintain updating GAFRB practice test every day, and you can be sure that compared to other test materials on the market, GAFRB quiz guide is the most advanced. With GAFRB exam torrent, there will not be a situation like other students that you need to re-purchase guidance materials once the syllabus has changed. Even for some students who didn’t purchase GAFRB Quiz guide, it is impossible to immediately know the new contents of the exam after the test outline has changed. GAFRB practice test not only help you save a lot of money, but also let you know the new exam trends earlier than others.

AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q112-Q117):

NEW QUESTION # 112
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 Allotment Available for Commitment/Obligation
Credit Fund Balance with Treasury
B. Debit Allotment Available for Commitment/Obligation
Credit Undelivered Orders Unpaid
C. Debit Unobligated Funds Credit Expended Appropriation
D. Debit Expended Appropriation
Credit Allotment Available for Commitment/Obligation

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 # 113
A municipality would establish an internal service fund to capture the activities of a data processing center, in order to account for

A. financing of services provided to other governmental units on a cost reimbursement basis.
B. proceeds of revenue sources restricted to expenditure for specified purposes.
C. services rendered to the general public on a fee basis.
D. financial resources to be used for acquisition of facilities.

Answer: A

Explanation:
Comprehensive Detailed Explanation:
Internal service funds are proprietary funds used to account for the operations of departments or functions that provide goods or services to other departments within the same government on a cost-reimbursement basis.
Examples include:
Centralized IT/data processing
Fleet management
Print shops or mail centers
These are not used for general public services, capital acquisitions, or restricted revenues (which belong in special revenue or capital projects funds).
Relevant References:
GASB Statement No. 34 - Fund Types
GASB Codification Section 1300 - Internal Service Funds
GFOA Fund Accounting Best Practices
D). financing of services provided to other governmental units on a cost reimbursement basis.

NEW QUESTION # 114
A legally separate organization for which the elected officials of the primary government are financially accountable describes a

A. fiscally dependent organization.
B. component unit.
C. joint venture entity.
D. jointly governed organization.

Answer: B

Explanation:
A component unit is a legally separate entity for which the elected officials of the primary government are financially accountable. This accountability may arise if the primary government:
Appoints a majority of the governing board, and
Is able to impose its will or has the potential to receive financial benefits or bear financial burdens.
Component units are reported in the financial statements of the primary government, either as blended or discretely presented entities.
Relevant Standards and References:
GASB Statement No. 14, The Financial Reporting Entity
GASB Statement No. 61, The Financial Reporting Entity: Omnibus
GASB Codification Section 2100: Defining the Financial Reporting Entity Therefore, Option B is correct.

NEW QUESTION # 115
To capitalize a research and development asset, it must

A. be approved by the agency head.
B. have acquisition value of at least $100.000.
C. have alternative future use.
D. be used for a federal research project.

Answer: C

Explanation:
Research and development (R&D) costs are generally expensed when incurred. However, capitalization may occur only if the asset has an "alternative future use." This means it can be used in other projects or for other purposes beyond the specific R&D effort.
This principle aligns with both federal and private-sector accounting under FASAB and FASB standards.
Relevant References:
FASAB SFFAS No. 10 - Accounting for Internal Use Software
FASB ASC 730 - Research and Development
GAO Red Book - Capitalization Guidelines
D). have alternative future use

NEW QUESTION # 116
According to GASB, when should landfill closure and post-closure costs be recognized?

A. when the landfill is closed
B. each year the landfill is operating
C. every five years until the landfill is closed
D. when payments for costs are made

Answer: B

Explanation:
Comprehensive Detailed Explanation:
According to GASB Statement No. 18 (Accounting for Municipal Solid Waste Landfill Closure and Postclosure Care Costs), governments must recognize a portion of closure and post-closure costs each year as the landfill's capacity is used.
This is done using the "units-of-consumption" method, meaning costs are accrued in proportion to how much of the landfill's total capacity has been filled. The total estimated cost is spread over the useful life of the landfill.
Relevant References:
GASB Statement No. 18 - Landfill Closure and Postclosure Costs
GASB Codification Section L10.103
GFOA Environmental Liabilities Guidance
D). each year the landfill is operating

NEW QUESTION # 117
......

Our Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) (GAFRB) practice exam highlights mistakes at the end of each attempt, allowing you to overcome them before it's too late. This kind of approach is great for complete and flawless Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) (GAFRB) test preparation. A free demo version is also available for satisfaction. This GAFRB software provides a real Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) (GAFRB) exam environment to help ease exam anxiety.

GAFRB Latest Test Bootcamp: https://www.passleader.top/AGA/GAFRB-exam-braindumps.html

2025 Latest PassLeader GAFRB PDF Dumps and GAFRB Exam Engine Free Share: https://drive.google.com/open?id=17i4ML4iFe2g3qqX17PGqdwmhAw6eh-ZU

James Miller James Miller

Biography

GAFRB Real Dumps - GAFRB Latest Test Bootcamp

AGA GAFRB Exam Syllabus Topics:

Top features of AGA GAFRB Exam Practice Test Questions

AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q112-Q117):

Quick Links

Resources

Support