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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q96-Q101):

NEW QUESTION # 96
The unobligated balance of an appropriation is equal to the total unexpended appropriation, less the total amounts

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

Answer: D

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 # 97
Government, public, private and not-for-profit entities all share which common goal of financial reporting?

A. provide users with decision support
B. demonstrate the nature of cash receipts and disbursements
C. provide users with the current status of the entity
D. inform users about the ability of the entity to generate revenue

Answer: A

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 References:
FASAB SFFAC No. 1 - Objectives of Federal Financial Reporting
GASB Concepts Statement No. 1 - Objectives of Financial Reporting
FASB Statement of Financial Accounting Concepts No. 1
A). provide users with decision support

NEW QUESTION # 98
of the following are integral parts of state governments* formal financial statements EXCEPT the

A. RSI.
B. notes.
C. auditors letter.
D. basic financial statements.

Answer: C

Explanation:
The formal financial statements of a state or local government include:
Basic Financial Statements (government-wide and fund statements)
Notes to the Financial Statements
Required Supplementary Information (RSI), including MD&A and pension data The auditor's letter (i.e., Independent Auditor's Report) is included in the financial section of the ACFR but is not technically part of the financial statements themselves. It is a separate document providing the auditor's opinion.
Relevant References:
GASB Statement No. 34
GFOA ACFR Reporting Guide
AICPA Governmental Audit Guide
D). auditor's letter

NEW QUESTION # 99
An example of a federal principal financial statement is the

A. Statement of Net Income.
B. Statement of Budgetary Resources.
C. Statement of Cash Flows.
D. Statement of Operations.

Answer: B

Explanation:
Federal principal financial statements are required under OMB Circular A-136 and FASAB standards. They include:
Statement of Budgetary Resources (SBR)
Balance Sheet
Statement of Net Cost
Statement of Changes in Net Position
Statement of Custodial Activity (if applicable)
There is no "Statement of Cash Flows" or "Statement of Net Income" in federal accounting - those are private-sector financial statements.
Relevant References:
OMB Circular A-136
FASAB SFFAS No. 53 - Principal Financial Statements
Treasury Financial Manual (TFM) Volume I
B). Statement of Budgetary Resources

NEW QUESTION # 100
Which of the following federal collections are typically accounted for in a deposit fund?

A. funds held temporarily until ownership is determined (e.g., earnest money paid by bidders)
B. taxes dedicated to a specific purpose (e.g., gasoline taxes funding highway projects)
C. general tax receipts funding government operations overall (e.g., personal income taxes)
D. exchange revenues collected to finance a continuing cycle of business-type operations (e.g., revenue paid to service centers)

Answer: A

Explanation:
Deposit funds are a type of fiduciary fund used by federal agencies to account for monies held temporarily for others and where the government does not have ownership. These funds are not available for general government use and are excluded from budgetary resources.
Examples include:
Unidentified remittances
Bid deposits or earnest money
Collections awaiting resolution of ownership
These do not represent revenue to the federal government and are instead liabilities until disbursed.
Relevant References:
Treasury Financial Manual (TFM), Volume I, Part 2, Chapter 1500 - Deposit Fund Accounts GAO Red Book - Federal Appropriations Law FASAB SFFAS No. 1 - Accounting for Selected Assets and Liabilities C). funds held temporarily until ownership is determined

NEW QUESTION # 101
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