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AGA Certification
GAFRB Exam
AGA.GAFRB.v2025-11-10.q41 Dumps

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Question 21

When a new combined government replaces the separate governments of a city and a county, this is an example of

A.a government merger.
B.a government acquisition.
C.a transfer of operations.
D.intergovernmental operations.

Correct Answer: A

A government merger occurs when two or more legally separate governments are combined to form a new government, and the original governments cease to exist. This includes combinations like a city and county merging to form a unified government, with combined assets, liabilities, and operations.
There is no acquiring government - rather, the governments voluntarily combine into a new legal entity.
Relevant References:
GASB Statement No. 69 - Government Combinations and Disposals of Government Operations GASB Codification Section G60 - Definitions of Mergers vs. Acquisitions GFOA Government Restructuring Guidelines A). a government merger

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Question 22

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

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

Correct Answer: C

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

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Question 23

Who is responsible for making apportionments and allotments?

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

Correct Answer: B

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

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Question 24

A federal agency should recognize an accounts receivable when

A.claims to cash against other entities are established.
B.agreements to provide services are received.
C.taxes are expected to be received at a future date.
D.orders are accepted for goods that are to be provided.

Correct Answer: A

Comprehensive Detailed Explanation:
According to FASAB Statement of Federal Financial Accounting Standards (SFFAS) No. 1, an accounts receivable should be recognized when a legal claim to cash exists - that is, when the federal agency has provided goods or services or an enforceable claim to payment has arisen.
This typically occurs after performance has occurred, not merely when an agreement or order is received.
Relevant References:
FASAB SFFAS No. 1 - Accounting for Selected Assets and Liabilities
Treasury Financial Manual (TFM) - Receivables Accounting
OMB Circular A-136 - Financial Reporting Requirements
A). claims to cash against other entities are established

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Question 25

Information is reported in the notes to the financial statements to support all of the following goals EXCEPT to

A.provide narrative information.
B.provide detailed information that is not described in the basic financial statements.
C.satisfy disclosure requirements.
D.provide information in a timely and comparable format.

Correct Answer: D

Comprehensive Detailed Explanation:
The notes to the financial statements serve the purpose of:
Providing narrative explanations for items presented in the financial statements Offering additional disclosures to comply with GASB/GAAP requirements Presenting detailed information not conveyed in the basic financial statements themselves While comparability and timeliness are important qualitative characteristics of financial reporting, they are not the direct purpose of note disclosures. That responsibility lies more broadly with the financial reporting system as a whole.
Relevant References:
GASB Concepts Statement No. 1 - Objectives of Financial Reporting
GASB Codification Section 2300 - Notes to the Financial Statements
FASAB Handbook - Disclosure Objectives
D). provide information in a timely and comparable format

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