AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) - GAFRB Exam Practice Test
Which entity assists the president in overseeing the preparation of the President's Budget?
Correct Answer: C
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GASB establishes standards through a
Correct Answer: D
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A specific operation of the government is funded by 60% from the general fund, 40% from specific revenues.
This should be reported in which fund?
This should be reported in which fund?
Correct Answer: C
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If an internal service fund needs to develop an hourly billing rate, the calculation should include
Correct Answer: B
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A private bank provides a student loan that the government has insured against default. This is an example of
Correct Answer: A
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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?
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?
Correct Answer: C
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Entity receivables are described as amounts that
Correct Answer: D
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Funds collected and spent to carry out an unemployment program established by federal statute are deposited in
Correct Answer: D
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A budget document that lists the budget by social services, affordable housing and supplies includes which of the following significant elements?
Correct Answer: C
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