시험덤프
매달, 우리는 1000명 이상의 사람들이 시험 준비를 잘하고 시험을 잘 통과할 수 있도록 도와줍니다.
 홈 / GAFRB 덤프  / GAFRB 문제 연습

AGA GAFRB 시험

Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) 온라인 연습

최종 업데이트 시간: 2025년10월03일

당신은 온라인 연습 문제를 통해 AGA GAFRB 시험지식에 대해 자신이 어떻게 알고 있는지 파악한 후 시험 참가 신청 여부를 결정할 수 있다.

시험을 100% 합격하고 시험 준비 시간을 35% 절약하기를 바라며 GAFRB 덤프 (최신 실제 시험 문제)를 사용 선택하여 현재 최신 115개의 시험 문제와 답을 포함하십시오.

 / 3

Question No : 1


The process in the budget where OMB communicates to agencies what it will recommend to the president is called

정답:
Explanation:
The "pass back" is a step in the federal budget process during which the Office of Management and Budget (OMB) communicates to federal agencies what parts of their budget requests it has approved or rejected. It precedes the preparation of the President’s Budget and gives agencies a chance to appeal decisions before final submission.
Other options:
Allotment: An internal division of an appropriation.
Rescission: A cancellation of budget authority.
Apportionment: OMB’s formal distribution of funds over time, typically quarterly.
Relevant
Reference: OMB Circular A-11 C Preparation, Submission, and Execution of the Budget
GAO Glossary of Budgetary Terms
Congressional Budget Office (CBO) C Federal Budget Process
Answer A. pass back

Question No : 2


Using the cost recovery method of recognizing revenue, premiums are recognized as revenue

정답:
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
Reference: FASAB SFFAS No. 7 C Revenue and Other Financing Sources
GASB Statement No. 10 C Accounting for Risk Financing and Related Insurance Issues
GFOA Risk Management and Insurance Practices
Answer B. throughout the duration of the policy when claim costs are incurred

Question No : 3


According to GASB, when should landfill closure and post-closure costs be recognized?

정답:
Explanation:
Comprehensive Detailed
According to GASB Statement No. 18 (Accounting for Municipal Solid Waste Landfill Closure and Postclosure Care Costs), governments must recognize a portion of closure and post-closure costs each year as the landfill’s capacity is used.
This is done using the "units-of-consumption" method, meaning costs are accrued in proportion to how much of the landfill's total capacity has been filled. The total estimated cost is spread over the useful life of the landfill.
Relevant
Reference: GASB Statement No. 18 C Landfill Closure and Postclosure Costs
GASB Codification Section L10.103
GFOA Environmental Liabilities Guidance
Answer D. each year the landfill is operating

Question No : 4


What fund category traditionally accounts for the general services to the public such as public safety, health, transportation, social services and the administration of the government?

정답:
Explanation:
The governmental fund category is used to account for the core services of a government that are primarily supported by taxes and other non-exchange revenues. These services include public safety, education, health, transportation, and social services. It includes the general fund, special revenue funds, capital projects funds, debt service funds, and permanent funds.
While option D (general fund) is technically a fund within the governmental category, the broader and more accurate classification is "governmental."
Relevant
Reference: GASB Statement No. 34 C Basic Financial Statements for State and Local Governments
GASB Codification Section 1300 C Fund Types
GFOA Fund Structure Guidance
Answer B. governmental

Question No : 5


All the following are required financial statement reporting on governmental funds EXCEPT

정답:
Explanation:
The governmental funds (e.g., general fund, special revenue fund, capital projects fund) are reported using the modified accrual basis and current financial resources measurement focus. Required financial statements for governmental funds include:
Balance Sheet
Statement of Revenues, Expenditures, and Changes in Fund Balances
There is no requirement for a statement of cash flows for governmental funds. The statement of cash flows is only required for proprietary funds (e.g., enterprise and internal service funds) and is prepared using the direct method.
Relevant
Reference: GASB Statement No. 34 C Basic Financial Statements
GASB Codification Section 2200
GFOA Governmental Fund Reporting Guidelines
Answer D. statement of cash flows

Question No : 6


If a capital project has an estimated life of 30 years, which financing method is designed to impose the cost of the project on the generation who benefits from it?

정답:
Explanation:
Serial bonds mature in installments over the life of the bond (e.g., every year or every few years). This structure allows the cost of repaying the debt to align more closely with the periods in which the capital asset is used ― achieving intergenerational equity by spreading the cost over the same span as the asset’s useful life.
Term bonds, zero-coupon bonds, and pay-as-you-go do not align costs with benefits across multiple
years in the same way.
Relevant
Reference: GFOA Best Practices C Debt Management and Capital Planning
GASB Concepts Statement No. 1 C Interperiod Equity
MSRB Educational Materials on Bond Types
Answer A. 30-year serial bonds

Question No : 7


To capitalize a research and development asset, it must

정답:
Explanation:
Research and development (R&D) costs are generally expensed when incurred. However, capitalization may occur only if the asset has an "alternative future use." This means it can be used in other projects or for other purposes beyond the specific R&D effort.
This principle aligns with both federal and private-sector accounting under FASAB and FASB standards.
Relevant
Reference: FASAB SFFAS No. 10 C Accounting for Internal Use Software
FASB ASC 730 C Research and Development
GAO Red Book C Capitalization Guidelines
Answer D. have alternative future use

Question No : 8


An agency offers service for a fee; bad debts have historically averaged 5% of each year's fee revenue. During the past fiscal year, $1.1 million in fee revenue was recorded and $1 million in fees was collected.
What is the bad debt expense recorded for the past fiscal year?

정답:
Explanation:
The agency uses accrual accounting, meaning bad debt expense should be recognized based on the revenue earned, not the cash collected. The historical bad debt rate is 5%.
Fee revenue recorded = $1.1 million
Bad debt expense = 5% × $1,100,000 = $55,000
This matches the standard accounting treatment under FASAB SFFAS No. 1, where the expense is estimated and recognized in the same period as the related revenue.
Relevant
Reference: FASAB SFFAS No. 1 C Accounting for Selected Assets and Liabilities
GAAP treatment for allowance for doubtful accounts
Treasury Financial Manual C Accounts Receivable Accounting
Answer C. $55,000

Question No : 9


The Government Management Reform Act of 1994 amended the CFO Act of 1990 to require

정답:
Explanation:
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
Reference: Government Management Reform Act of 1994 (Public Law 103-356)
CFO Act of 1990
OMB Circular A-136 C Financial Reporting Requirements
Answer B. audited financial statements of the executive departments

Question No : 10


GASB considers interperiod (intergenerational) equity when

정답:
Explanation:
Comprehensive Detailed
Interperiod (or intergenerational) equity is the concept that current-year revenues should be sufficient to pay for current-year services, so that future taxpayers are not burdened with today's costs.
GASB incorporates interperiod equity as a core principle when developing financial reporting standards, especially to evaluate whether financial reporting helps users assess if the government is living within its means.
Relevant
Reference: GASB Concepts Statement No. 1 C Objectives of Financial Reporting
GASB Statement No. 34 C Emphasizes accountability and long-term sustainability
GFOA Budgeting Best Practices
Answer C. issuing financial reporting guidelines

Question No : 11


A private bank provides a student loan that the government has insured against default. This is an example of

정답:
Explanation:
When a private bank issues a student loan that is insured by the government in case of default, the federal government is acting as a guarantor―not issuing the loan directly, but promising repayment to the lender if the borrower defaults. This is a classic example of a federal loan guarantee program.
Loan guarantees are off-budget unless called, and the government only incurs a liability if the student defaults.
Relevant
Reference: FASAB SFFAS No. 2 C Accounting for Direct Loans and Loan Guarantees
Credit Reform Act of 1990
OMB Circular A-11, Section 185 C Federal Credit Programs
Answer B. a loan guarantee

Question No : 12


Which of the following situations may cause contingent liabilities?

정답:
Explanation:
Comprehensive Detailed
A contingent liability is a potential obligation that may arise depending on the outcome of a future event. A building containing asbestos represents a situation where a liability may be incurred if the asbestos must be removed due to safety regulations, public health concerns, or legal requirements.
Unlike realized losses (e.g., from asset sales or impairments), contingent liabilities depend on future events and uncertainty.
Relevant
Reference: FASAB SFFAS No. 5 C Accounting for Liabilities of the Federal Government
GASB Statement No. 62 C Codification of Accounting and Financial Reporting Guidance
GAO Red Book C Contingent Liabilities Examples
Answer B. building with asbestos

Question No : 13


A federal entity would record a payment of a payable in which of the following journal entries?

정답:
Explanation:
When a federal entity pays off a payable:
Budgetary accounting moves the status of the obligation from unpaid to paid
Proprietary accounting reduces the payable and cash (Fund Balance with Treasury)
The correct journal entry is:
Budgetary:
Debit Delivered Orders C Obligations, Unpaid
Credit Delivered Orders C Obligations, Paid
Proprietary:
Debit Accounts Payable
Credit Fund Balance with Treasury
This reflects the transition from an unpaid liability to a disbursed payment, complying with federal financial reporting.
Relevant
Reference: Treasury Financial Manual (TFM) Vol. I, Part 2, Chapter 4700
FASAB SFFAS No. 1 and No. 7 C Accounting for Liabilities and Budgetary Resources
USSGL (U.S. Standard General Ledger) C Posting Logic for Obligation Transactions
Answer D. Debit Delivered Orders C Obligations, Unpaid; Credit Delivered Orders C Obligations, Paid; Debit Accounts Payable; Credit Fund Balance with Treasury

Question No : 14


Which of the following events requires both a proprietary and a budgetary accounting entry?

정답:
Explanation:
This is the point when a proprietary entry and a budgetary entry must both be recorded:
Proprietary entry: To record the asset (e.g., equipment) and recognize the payable
Budgetary entry: To move from unpaid obligation (Undelivered Orders) to paid obligation (Delivered Orders)
Receiving goods/services triggers both the accrual of the expense and the update of the obligation’s status in the budgetary accounts.
Relevant
Reference: FASAB SFFAS No. 1 C Accounting for Selected Assets and Liabilities
Treasury Financial Manual, Part 2, Ch. 4700 C Proprietary vs. Budgetary Accounting
GAO Red Book C Appropriations Law
Answer B. A contracting officer's representative receives delivery of previously ordered printers.

Question No : 15


Government, public, private and not-for-profit entities all share which common goal of financial reporting?

정답:
Explanation:
Despite differences in sector goals, all entities―public, private, nonprofit, or government―use financial reporting to provide information that assists stakeholders in making informed decisions.
While private-sector entities focus on profitability and governmental entities focus on accountability and stewardship, both require decision-useful financial data.
Relevant
Reference: FASAB SFFAC No. 1 C Objectives of Federal Financial Reporting
GASB Concepts Statement No. 1 C Objectives of Financial Reporting
FASB Statement of Financial Accounting Concepts No. 1
Answer A. provide users with decision support

 / 3
AGA