Valid Dumps AGA GAFRB Files, Vce GAFRB Download

ValidVCE is here to help of you to make your GAFRB certification dream true by providing the best valid and latest exam AGA GAFRB study reference. If you still have doubt about our GAFRB exam dumps. Please pay attention to our GAFRB free demo on the product page. You can download the free demo and have a try. Then I believe you can make the decision. Generally, there are explanations along with the questions, which will make you learn more about the knowledge about GAFRB Actual Test. Please prepare well with the GAFRB study material we provide for you. We guarantee you can pass the GAFRB actual test with a high score.

We provide online customer service on the GAFRB practice questions to the customers for 24 hours per day and we provide professional personnel to assist the client in the long distance online. If you have any questions and doubts about the GAFRB guide torrent we provide before or after the sale, you can contact us and we will send the customer service and the professional personnel to help you solve your issue about using GAFRB Exam Materials. The client can contact us by sending mails or contact us online. We will solve your problem on GAFRB exam questions until you pass the exam.

>> Valid Dumps AGA GAFRB Files <<

Vce GAFRB Download, Instant GAFRB Discount

Our accurate, reliable, and top-ranked AGA GAFRB exam questions will help you qualify for your AGA GAFRB certification on the first try. Do not hesitate and check out ValidVCE excellent AGA GAFRB Practice Exam to stand out from the rest of the others.

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	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	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.

AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q108-Q113):

NEW QUESTION # 108
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. $35.3 million
B. $53.0 million
C. $26.5 million
D. $40.0 million

Answer: A

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 # 109
What is the maximum period of subscription-based information technology agreement (SBITA), including any options to extend, that is classified as short term?

A. 24 months
B. 6 months
C. 12 months
D. 18 months

Answer: C

Explanation:
According to GASB Statement No. 96 (Subscription-Based Information Technology Arrangements or SBITAs), a subscription agreement is considered "short-term" if the maximum possible term (including renewal options) is 12 months or less.
Short-term SBITAs are not reported as subscription liabilities and are accounted for as outflows (expenses or expenditures) when incurred.
Relevant References:
GASB Statement No. 96 - SBITAs (Issued May 2020)
GASB Implementation Guide No. 2021-1 - Q&A on SBITAs
GFOA Advisory - Cloud Computing and Subscription Agreements
B). 12 months

NEW QUESTION # 110
What role do the U.S. Department of the Treasury, GAO and OMB have in the standard-setting activities of FASAB?

A. They are all non-voting advisory board members of FASAB.
B. They are all sponsors and voting members of FASAB.
C. They are all members whose agencies may be exempt from FASAB standards.
D. They are all members with authority to veto any standard approved by FASAB.

Answer: B

Explanation:
The Federal Accounting Standards Advisory Board (FASAB) was established in 1990 by the U.S. Department of the Treasury, the Office of Management and Budget (OMB), and the Government Accountability Office (GAO). These three entities are collectively known as the "sponsors" of FASAB. Each has a representative who serves as a voting member of the board.
FASAB is responsible for establishing GAAP for federal entities. The sponsor organizations appoint board members and have authority over standard-setting governance, but do not individually veto standards. Final standards are issued only after due process, including public comment and sponsor approval.
Relevant Standards and References:
FASAB Memorandum of Understanding (MOU) Among Treasury, OMB, and GAO (as amended): "These three agencies are the sponsors of FASAB and each appoints one voting member to the Board." FASAB Governance Manual (2023 Edition), Section 2: Identifies Treasury, OMB, and GAO as sponsors and voting members.
AGA's "CGFM Study Guide 2," Chapter 2: Highlights the role of sponsors in the standard-setting process.
Therefore, Option D is correct.

NEW QUESTION # 111
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 Custodial Activity.
D. Statement of Budgetary Resources.

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

Answer: D

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
......

As one of the hot exam of our website, AGA dumps pdf has a high pass rate which reach to 85%. According to our customer's feedback, our GAFRB vce braindumps covers mostly the same topics as included in the real exam. So if you practice our GAFRB Test Questions seriously and review test answers, pass exam will be absolute.

Vce GAFRB Download: https://www.validvce.com/GAFRB-exam-collection.html

Will Smith Will Smith

Biography

Valid Dumps AGA GAFRB Files, Vce GAFRB Download

Vce GAFRB Download, Instant GAFRB Discount

AGA GAFRB Exam Syllabus Topics:

AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q108-Q113):

Company

Resources

Legal

Contact us