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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q32-Q37):

NEW QUESTION # 32
State and local budgets serve all of the following purposes EXCEPT to

A. act as legislative control on taxing and spending.
B. set public policy.
C. determine debt policy.
D. serve as a financial planning tool.

Answer: C

Explanation:
State and local government budgets primarily serve to:
Set public policy priorities
Provide legislative control over taxing and spending
Serve as a financial planning tool
Debt policy is typically established outside the annual budget process and guided by a separate debt management policy that sets borrowing limits, credit rating objectives, and debt service goals.
Relevant References:
GFOA Best Practices - Role of the Budget
NASBO Budgeting Handbook
GASB Concept Statements - Financial Reporting Objectives
C). determine debt policy

NEW QUESTION # 33
Management's need for real-time access to data is facilitated when

A. the prior year's financial statement data underlies the management reports used to decide on future expenditures.
B. complex data sets are available on demand, presented with minimal distractions.
C. data supporting dashboards are updated every quarter.
D. data is represented visually and includes information that indirectly relates to the subject matter.

Answer: B

Explanation:
Why Does Management Need Real-Time Data Access?
* Real-time access to data enables managers to make timely and informed decisions.
* Complex data setspresented clearly and concisely (with minimal distractions) allow decision-makers to focus on the critical insights necessary for strategic and operational planning.
Why Is Option D Correct?
* On-demand access ensures managers can retrieve updated data whenever needed. Presenting the data in a focused and distraction-free format facilitates quick comprehension and decision-making.
Why Other Options Are Incorrect:
* A. Visual representation with indirect information:Including unrelated data can overwhelm users and detract from effective decision-making.
* B. Dashboards updated quarterly:Quarterly updates do not meet the need for real-time access.
* C. Prior year's financial data:Decisions based solely on historical data are not responsive to real-time needs.
References and Documents:
* GAO Data Analytics and Visualization Framework:Stresses the importance of real-time, actionable, and distraction-free data for decision-making.
* AICPA Dashboard Guidelines:Recommends presenting complex data sets in a clear and accessible format for management use.

NEW QUESTION # 34
An agency operates out of a building that is on the Register of Historic Places; the building is classified as a multi-use federal asset. If the agency recently paid to renovate the office space in the building, the cost for the renovation should be treated as a

A. stewardship investment.
B. general property, plant and equipment expense.
C. heritage asset.
D. mission property.

Answer: B

Explanation:
Although the building is listed on the National Register of Historic Places (a heritage asset), renovations that support current operations and serve general purposes (e.g., office upgrades) are considered capitalizable or expensed under general property, plant, and equipment (G-PP&E), not stewardship or heritage classifications.
Stewardship or heritage classifications apply to assets whose primary purpose is historical preservation, not ongoing operations.
Relevant References:
FASAB SFFAS No. 29 - Heritage Assets and Stewardship Land
FASAB SFFAS No. 6 - General PP&E Accounting
OMB Circular A-136 - Capital Asset Guidance
D). general property, plant and equipment expense

NEW QUESTION # 35
The quarterly inventory record below has been provided for use in preparing the organization's financial statements. Based upon the information provided, what method of inventory valuation is used by the organization?

A. LIFO
B. average cost
C. FIFO
D. net weight scale

Answer: B

Explanation:
The organization's inventory records show that the beginning and ending amounts and values change each month, and the relationship between units and dollar values suggests that the cost per unit is averaged, not fixed (as with FIFO or LIFO). Let's evaluate January:
Beginning: 1,200 units / $2,400 # $2.00 per unit
Purchased: 800 units / $2,000 # $2.50 per unit
Ending: 600 units / $1,500 # $2.50 per unit
The ending value of $1,500 for 600 units gives a per-unit cost of $2.50, matching the purchase cost in January. This suggests the system uses a weighted average cost method rather than tracking the specific cost layers (as FIFO or LIFO would).
Relevant References:
FASAB SFFAS No. 3 - Accounting for Inventory and Related Property
GAAP and GASB guidelines on inventory valuation
GFOA Best Practices - Inventory and Supply Chain Management
B). average cost

NEW QUESTION # 36
The unobligated balance of an appropriation is equal to the total unexpended appropriation, less the total amounts

A. obligated.
B. apportioned.
C. collected.
D. allotted.

Answer: A

Explanation:
The unobligated balance of an appropriation refers to the portion of the total appropriation authority that has not yet been committed (obligated) through contracts, purchase orders, or other legally binding agreements.
Formula:
Unobligated Balance = Total Appropriation - Total Obligations
This is a key control metric in federal and state financial management, used to determine how much funding remains legally available for future obligations.
Relevant Standards and References:
OMB Circular A-11, Section 20.3
GAO Principles of Federal Appropriations Law (Red Book)
FASAB SFFAS No. 7: Reporting on Budgetary Resources
Therefore, Option A is correct.

NEW QUESTION # 37
......

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2025 Exam GAFRB Braindumps - Valid AGA Associate GAFRB Level Exam: Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB)

Associate GAFRB Level Exam, GAFRB Practice Test Online

AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q32-Q37):

Free PDF GAFRB - Perfect Exam Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Braindumps

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