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100% Pass Quiz Fantastic AGA Valid GAFRB Exam Pattern

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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q38-Q43):

NEW QUESTION # 38
The four general government auditing standards are

A. compliance, timeliness, qualifications and due professional care.
B. qualifications, independence, due professional care and quality control.
C. supervision, planning, management controls and evidence.
D. planning, internal controls, independence and irregularities.

Answer: B

Explanation:
What Are the Four General Government Auditing Standards?
* These standards, as defined in theGAO Yellow Book (Government Auditing Standards):
* Qualifications:Auditors must have the necessary professional skills and competence to perform their work.
* Independence:Auditors must remain free from personal, external, and organizational impairments to maintain objectivity.
* Due Professional Care:Auditors must exercise care and diligence, adhering to professional standards and ethical requirements.
* Quality Control:Auditors must establish and maintain a system of quality control to ensure audit work meets professional standards.
Why Is Option D Correct?
* These four elements are explicitly outlined in the GAO Yellow Book as the core principles of government auditing standards.
Why Other Options Are Incorrect:
* A. Compliance, timeliness, qualifications, and due professional care:Timeliness and compliance are not part of the four general standards; they are components of audit objectives.
* B. Supervision, planning, management controls, and evidence:These are aspects of audit performance, not general standards.
* C. Planning, internal controls, independence, and irregularities:Planning and internal controls are part of the audit process, not general standards.
References and Documents:
* GAO Yellow Book (Generally Accepted Government Auditing Standards - GAGAS):Lists qualifications, independence, due professional care, and quality control as the four general standards.
* AICPA Audit Standards:Aligns with GAGAS in emphasizing these four principles.

NEW QUESTION # 39
According to GAAP, all of the following should be addressed in the MD&A EXCEPT

A. an overall analysis.
B. computation of legal debt margins.
C. condensed comparative data.
D. a discussion of the basic financial statements.

Answer: B

Explanation:
Management's Discussion and Analysis (MD&A) is a required part of Required Supplementary Information (RSI) under GASB standards. It includes:
An overview and analysis of financial activities
Condensed comparative financial data
A discussion of the basic financial statements
An explanation of significant changes from the prior year
However, computation of legal debt margins is not required in the MD&A. This type of information is typically included in the statistical section of the ACFR (Annual Comprehensive Financial Report), not in MD&A.
Relevant References:
GASB Statement No. 34 - Basic Financial Statements and Management's Discussion and Analysis GASB Codification Section 2200 - MD&A Requirements GFOA ACFR Checklist C). computation of legal debt margins

NEW QUESTION # 40
Who is responsible for making apportionments and allotments?

A. apportionments are made by Congress, OMB makes allotments
B. apportionments are made by agencies, Congress makes allotments
C. apportionments are made by OMB, agencies make allotments
D. apportionments are made by committees, OMB makes allotments

Answer: C

Explanation:
In the federal budget execution process:
The Office of Management and Budget (OMB) makes apportionments. These divide appropriated funds into quarterly or program-specific portions to prevent premature spending.
Agencies then make allotments, which further subdivide apportioned funds internally by responsibility centers or programs.
Relevant References:
OMB Circular A-11 - Section 120: Apportionments
Treasury Financial Manual - Fund Control
GAO Red Book - Budget Execution Terminology
B). apportionments are made by OMB, agencies make allotments

NEW QUESTION # 41
State and local governments account for budgeted and actual expenditures to ensure that

A. cash is available to pay bills when they come due.
B. GASB standards are met when producing the basic financial statements.
C. actual expenditures are used to formulate next year's budget.
D. spending conforms to legal requirements.

Answer: D

Explanation:
State and local governments adopt legally binding budgets and are required to monitor compliance with those budgets. Budget-to-actual comparisons help ensure that public funds are spent only as authorized by the legislative body. This supports the core accountability principle of public sector financial reporting.
While budgets can also support planning and cash flow, the primary purpose of tracking budgeted vs. actual expenditures is legal compliance.
Relevant References:
GASB Statement No. 34 - Budgetary Comparison Schedules
GFOA - Budget Monitoring and Compliance
GAO Red Book - Legal Requirements for Public Spending
D). spending conforms to legal requirements.

NEW QUESTION # 42
When determining the full costs of a specific product or service, if the costs cannot be directly traced to the product or service, the costs should be assigned based upon

A. a direct labor relationship.
B. an incremental or marginal relationship.
C. an opportunity cost approach.
D. a cause-and-effect relationship between resource costs and outputs.

Answer: D

Explanation:
When full costs cannot be directly traced to a product or service, indirect costs must be allocated using a rational and systematic basis. The preferred method is to use a cause-and-effect relationship between the resource consumed and the output generated. This aligns with cost accounting principles under FASAB SFFAS No. 4 and managerial accounting frameworks.
Other options, such as direct labor or opportunity cost approaches, may be helpful in specific settings but do not meet the standard requirement for full cost allocation.
Relevant References:
FASAB SFFAS No. 4 - Managerial Cost Accounting Standards
OMB Circular A-136 - Full Cost Accounting
GAO Cost Estimating and Assessment Guide
D). a cause-and-effect relationship between resource costs and outputs

NEW QUESTION # 43
......

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