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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.

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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q43-Q48):

NEW QUESTION # 43
A state department has been developing a new computer system for managing federal grants. The project has the following costs:

What amount should be recorded as the value of the intangible asset?

A. $755,000
B. $705.000
C. $575.000
D. $915.000

Answer: A

Explanation:
According to GASB Statement No. 51 (Accounting and Financial Reporting for Intangible Assets), only costs incurred during the "application development stage" are capitalized for internally generated software. These include:
#Development of the system - $500,000
#Development of interfaces - $75,000
#Data conversion necessary to make software operational - $50,000
#Testing the software - $130,000
Excluded (should be expensed):
#Evaluation of needs (preliminary) - $100,000
#Selection of developer - $25,000
#Staff training - $15,000
#Ongoing maintenance - $20,000
Total Capitalizable Costs:
$500,000 + $75,000 + $50,000 + $130,000 = $755,000
Relevant References:
GASB Statement No. 51 - Paragraphs 6-12
GFOA Guidelines - Capitalization of Intangible Assets
C). $755,000

NEW QUESTION # 44
Entity receivables are described as amounts that

A. the entity collects on behalf of the U.S. government or other entities that the entity is not authorized to spend.
B. a federal entity claims from other federal or non-federal entities that the federal entity is authorized to spend.
C. the entity anticipates receiving via appropriate warrant from the U.S. Department of the Treasury.
D. the entity collects on behalf of other federal entities and deposits directly with the U.S. Department of the Treasury.

Answer: B

Explanation:
Entity receivables refer to amounts due to a federal agency that it has legal claim over and is authorized to spend or retain. These include:
Claims to cash from other agencies or external entities (e.g., reimbursements, fees for services) Amounts expected to be collected and available for the agency's own operations This contrasts with non-entity receivables, which are collected on behalf of other federal agencies or the general fund and are not available for the collecting agency's use.
Relevant References:
FASAB SFFAS No. 1 - Accounting for Selected Assets and Liabilities
Treasury Financial Manual (TFM), Vol. I, Part 2 - Definitions of Entity vs. Non-Entity Assets OMB Circular A-136 - Reporting of Receivables C). a federal entity claims from other federal or non-federal entities that the federal entity is authorized to spend

NEW QUESTION # 45
An independent school district completed construction on a new high school during the current fiscal year.
The amount paid to the construction manager was $900,000 and the amount paid to the architect was
$100,000. The entity depreciates buildings over 50 years, using the straight line, half-year depreciation method. What is the amount reported on the Statement of Activities in the current fiscal year?

A. $1,000,000
B. $20,000
C. $10,000
D. $9,000

Answer: B

Explanation:
The $900,000 paid to the construction manager and $100,000 paid to the architect are capitalized as part of the building's total cost, totaling $1,000,000.
Using straight-line depreciation over 50 years with the half-year convention:
Annual depreciation = $1,000,000 ÷ 50 = $20,000
Since the half-year convention is used in the year the asset is placed in service, only 50% of the full-year depreciation is recorded.
Depreciation for the current year = $20,000 × 0.5 = $10,000
However, note: since both amounts ($900,000 + $100,000) were paid during construction and the school was completed and placed into service this year, the full capitalized amount applies.
GASB and GAAP allow the half-year rule unless the asset was placed into service at the beginning of the year. In this case, since placed during the year, the half-year rule applies.
Correct depreciation for the first year = $10,000
So, the correct answer is:
B). $10,000
Correction Note: While option C ($20,000) may seem valid for full-year depreciation, the use of the "half- year depreciation method" dictates that only half of the full-year amount is expensed in the first year.
Relevant References:
GASB Statement No. 34 - Capital Assets and Depreciation
GFOA Best Practices on Capital Asset Accounting and Reporting

NEW QUESTION # 46
A government issues general obligation bonds at a premium. The associated amortization would be reported on the

A. Statement of Revenues, Expenditures, and Changes in Fund Balance as a component of depreciation expenditures.
B. Statement of Activities as a component of depreciation expense.
C. Statement of Activities as a component of interest expense.
D. Statement of Revenues, Expenditures, and Changes in Fund Balance as a component of interest expenditures.

Answer: C

Explanation:
When a government issues general obligation bonds at a premium, the premium is amortized over the life of the bond. Under the full accrual basis used in the government-wide financial statements (e.g., Statement of Activities), this amortization reduces the reported interest expense over time.
The fund financial statements (e.g., Statement of Revenues, Expenditures, and Changes in Fund Balance) follow the modified accrual basis and generally do not account for amortization of bond premiums.
Relevant References:
GASB Statement No. 34 - Government-Wide Financial Reporting
GASB Statement No. 65 - Items Previously Reported as Assets and Liabilities GFOA - Debt Reporting Best Practices B). Statement of Activities as a component of interest expense

NEW QUESTION # 47
Using the cost recovery method of recognizing revenue, premiums are recognized as revenue

A. throughout the duration of the policy when claim costs are incurred.
B. when the policy takes effect.
C. when received.
D. once the ultimate premium can be reasonably estimated.

Answer: A

Explanation:
Under the cost recovery method, revenue is recognized only as costs are recovered. In the context of insurance or risk-financing activities (such as self-insurance), GASB and FASAB require that premium revenues be recognized over the term of the policy, in proportion to the recognition of related costs (e.g., claims incurred).
This aligns revenue with expenses and ensures no profit is recognized before related obligations are met.
Relevant References:
FASAB SFFAS No. 7 - Revenue and Other Financing Sources
GASB Statement No. 10 - Accounting for Risk Financing and Related Insurance Issues GFOA Risk Management and Insurance Practices B). throughout the duration of the policy when claim costs are incurred

NEW QUESTION # 48
......

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Career‍‌‍‍‌‍‌‍‍‌ After RHCE: Job Roles, Salary & Growth Opportunities in 2025

Career‍‌‍‍‌‍‌‍‍‌ After RHCE: Job Roles, Salary & Growth Opportunities in 2025