AGA GAFRB Testking, GAFRB Deutsche Prüfungsfragen
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AGA GAFRB Prüfungsplan:
Thema
Einzelheiten
Thema 1
Thema 2
Thema 3
GAFRB Deutsche Prüfungsfragen, GAFRB Fragen Und Antworten
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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) GAFRB Prüfungsfragen mit Lösungen (Q23-Q28):
23. Frage
The Federal Financial Management Improvement Act of 1996 formally recognized which of the following organizations as the standard-setting body for federal accounting and reporting standards?
Antwort: A
Begründung:
The Federal Financial Management Improvement Act (FFMIA) of 1996 established the requirement for federal agencies to implement and maintain financial systems that comply with federal accounting standards.
It formally recognized the Federal Accounting Standards Advisory Board (FASAB) as the source of GAAP for federal agencies.
FASAB's standards are authoritative for federal entities, much like GASB for state and local governments and FASB for private-sector entities.
Relevant References:
Federal Financial Management Improvement Act of 1996 (Public Law 104-208, Title VIII) FASAB Handbook - Introduction & Authority GAO Federal Accounting Standards Overview D). FASAB
24. Frage
The summary of significant accounting policies in the notes to the financial statements includes all of the following information EXCEPT
Antwort: A
Begründung:
The Summary of Significant Accounting Policies (SSAP), included in the notes to the financial statements, typically includes:
Description of the reporting entity
Basis of presentation and accounting principles
Methods used to apply those principles
Policy changes from prior years
However, disclosures regarding receipt or use of budget authority are not included in the SSAP. Budget authority and execution are typically addressed in the Required Supplementary Information (RSI) or other budgetary sections of federal financial reports.
Relevant References:
FASAB SFFAS No. 34 - Notes to the Financial Statements
OMB Circular A-136 - Section II.4.4: Summary of Significant Accounting Policies GAO Federal Accounting Handbook C). disclosure of receipt of budget authority from the entity
25. Frage
The Government Management Reform Act of 1994 amended the CFO Act of 1990 to require
Antwort: B
Begründung:
The Government Management Reform Act (GMRA) of 1994 amended the Chief Financial Officers (CFO) Act of 1990 to require each executive agency to prepare and submit audited financial statements covering all accounts and associated activities.
This extended the audit requirement beyond the pilot CFO agencies and laid the groundwork for the Financial Report of the U.S. Government.
Relevant References:
Government Management Reform Act of 1994 (Public Law 103-356)
CFO Act of 1990
OMB Circular A-136 - Financial Reporting Requirements
B). audited financial statements of the executive departments
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26. Frage
Based on FASAB standards, calculate the full cost of 1 unit of an output using the following information:
Antwort: B
Begründung:
Under FASAB standards, specifically SFFAS No. 4, Managerial Cost Accounting Standards, the full cost of an output includes:
Direct costs (e.g., direct material and labor)
Indirect costs (e.g., inter-entity costs, overhead, services)
In-kind contributions
Any support service costs
Depreciation or amortization, if applicable
We will now compute the full cost of all 5 units and then divide by 5 to obtain the cost per unit.
Step 1: List and sum all relevant costs.
Direct Material: $11,267,000
Direct Labor: $5,980,000
Inter-entity Costs: $1,500,000
Accounting and Contracting Services: $500,000
Physical and Data Security: $700,000
In-kind Logistics Services: $500,000
Warehouse Lease: $1,000,000
Parking Lot Construction: $3,000,000
Equipment Installation: $600,000
New Employee Training: $100,000
Total Full Cost =
$11,267,000
$5,980,000
$1,500,000
$500,000
$700,000
$500,000
$1,000,000
$3,000,000
$600,000
$100,000
= $25,147,000
Step 2: Calculate cost per unit (based on 5 outputs):
Cost per unit = $25,147,000 ÷ 5 = $5,029,400
But the question specifically asks:
"Based on FASAB standards, calculate the full cost of 1 unit of an output..." So, the correct answer (full cost of all units) is:
D). $25,147,000
If they had asked for cost per unit, then the answer would be:
= $5,029,400 # Option C
Note: Option C is a distractor here and would only be correct if the question specifically asked for per unit cost.
Relevant Standards and References:
FASAB Statement of Federal Financial Accounting Standards (SFFAS) No. 4: Managerial Cost Accounting Concepts and Standards OMB Circular A-136: Financial Reporting Requirements Treasury Financial Manual (TFM), Volume I, Part 2, Chapter 4700 Therefore, the correct answer to the full cost (not per unit) is:
D). $25,147,000.
27. Frage
A special-purpose government is considered a primary government when it has any of the following characteristics EXCEPT that it
Antwort: C
Begründung:
A special-purpose government (e.g., a school district, utility authority) is considered a primary government when it meets at least one of the following conditions:
Has a separately elected governing body
Is legally separate
Is fiscally independent of other governments
The reliance on revenue projections from another entity does not preclude a government from being a primary government. What matters is legal and fiscal independence.
Relevant References:
GASB Statement No. 14 - The Financial Reporting Entity
GASB Statement No. 39 and No. 61 (Amendments to Statement 14)
GASB Codification Section 2100 - Defining the Financial Reporting Entity A). relies on revenue projections from another government entity
28. Frage
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