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AGA GAFRB Exam Syllabus Topics:

Topic	Details
Topic 1	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 2	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 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.

AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q71-Q76):

NEW QUESTION # 71
A private bank provides a student loan that the government has insured against default. This is an example of

A. a loan guarantee.
B. a secured loan.
C. loan insurance.
D. a Pell Grant.

Answer: A

Explanation:
When a private bank issues a student loan that is insured by the government in case of default, the federal government is acting as a guarantor-not issuing the loan directly, but promising repayment to the lender if the borrower defaults. This is a classic example of a federal loan guarantee program.
Loan guarantees are off-budget unless called, and the government only incurs a liability if the student defaults.
Relevant References:
FASAB SFFAS No. 2 - Accounting for Direct Loans and Loan Guarantees
Credit Reform Act of 1990
OMB Circular A-11, Section 185 - Federal Credit Programs
B). a loan guarantee

NEW QUESTION # 72
What fund category traditionally accounts for the general services to the public such as public safety, health, transportation, social services and the administration of the government?

A. general
B. governmental
C. proprietary
D. fiduciary

Answer: B

Explanation:
The governmental fund category is used to account for the core services of a government that are primarily supported by taxes and other non-exchange revenues. These services include public safety, education, health, transportation, and social services. It includes the general fund, special revenue funds, capital projects funds, debt service funds, and permanent funds.
While option D (general fund) is technically a fund within the governmental category, the broader and more accurate classification is "governmental." Relevant References:
GASB Statement No. 34 - Basic Financial Statements for State and Local Governments GASB Codification Section 1300 - Fund Types GFOA Fund Structure Guidance B). governmental
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NEW QUESTION # 73
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. an opportunity cost approach.
C. an incremental or marginal relationship.
D. a direct labor relationship.

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 # 74
Funds collected and spent to carry out an unemployment program established by federal statute are deposited in

A. general funds.
B. trust funds.
C. enterprise funds.
D. revolving funds.

Answer: B

Explanation:
Unemployment programs, such as those established by federal law (e.g., Unemployment Insurance), are typically funded through employment taxes and administered through federal trust funds. These funds are earmarked for specific purposes and are deposited into trust fund accounts, which are fiduciary in nature and maintained to provide benefits under the terms of a law or trust agreement.
The Unemployment Trust Fund is a specific example maintained by the U.S. Department of the Treasury.
Relevant References:
FASAB SFFAS No. 27 - Identifying and Reporting Earmarked Funds
Treasury Financial Manual - Trust Fund Accounts
GAO Glossary - Trust Fund Definition
C). trust funds

NEW QUESTION # 75
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 zero-coupon bonds, without a sinking fund
C. 30-year serial bonds
D. 30-year term bonds, without a sinking fund

Answer: C

Explanation:
Serial bonds mature in installments over the life of the bond (e.g., every year or every few years). This structure allows the cost of repaying the debt to align more closely with the periods in which the capital asset is used - achieving intergenerational equity by spreading the cost over the same span as the asset's useful life.
Term bonds, zero-coupon bonds, and pay-as-you-go do not align costs with benefits across multiple years in the same way.
Relevant References:
GFOA Best Practices - Debt Management and Capital Planning
GASB Concepts Statement No. 1 - Interperiod Equity
MSRB Educational Materials on Bond Types
A). 30-year serial bonds

NEW QUESTION # 76
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