Free AGA GAFRB Exam Dumps Questions & Answers

The Prompt Payment Act requires federal agencies to

• A.  pay invoices when received.
• B.  pay invoices no later than sixty days from receiving the invoice.
• C.  take discounts when economically justified.
• D.  pay invoices by the invoice due date.

Which one of the following statements is true with regard to external reporting of major funds for state and local governments?

• A.  Special revenue funds that have expenditures in excess of 5% of total governmental expenditures are required to be reported as major funds.
• B.  The general fund is presented as major only if it meets the major fund criteria.
• C.  Internal service funds that have assets and deferred outflows of resources in excess of 10% of total proprietary assets and deferred outflows of resources are required to be reported as major funds.
• D.  Management can elect to present any governmental or enterprise fund as a major fund.

An agency's Fund Balance with Treasury is increased by which of the following events?

• A.  a recovery of prior year obligations
• B.  rescission of an appropriation
• C.  receipt of a Treasury warrant
• D.  collection of custodial revenue

The unobligated balance of an appropriation is equal to the total unexpended appropriation, less the total amounts

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

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?

• A.  fiduciary
• B.  governmental
• C.  general
• D.  proprietary