Free Access to AGA.GAFRB.v2025-11-10.q41 with Valid Practice Test (Page 7)

Request Exam Contact

Home
View All Exams
New QA's
Upload

PRACTICE EXAMS:

Oracle
Fortinet
IBM
Juniper
Microsoft
Cisco
Citrix
CompTIA
VMware
ISC
SAP
EMC
PMI
HP
Salesforce
Other

Oracle
Fortinet
IBM
Juniper
Microsoft
Cisco
Citrix
CompTIA
VMware
ISC
SAP
EMC
PMI
HP
Salesforce

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

«
1
2
3
4
5
6
7
8
9
10
»

Question 26

GASB considers interperiod (intergenerational) equity when

A.evaluating grant recipient awards.
B.performing historical trend analysis.
C.issuing financial reporting guidelines.
D.selecting alternatives in budgeting procedures.

Correct Answer: C

Comprehensive Detailed Explanation:
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 References:
GASB Concepts Statement No. 1 - Objectives of Financial Reporting
GASB Statement No. 34 - Emphasizes accountability and long-term sustainability GFOA Budgeting Best Practices C). issuing financial reporting guidelines

Comment: *

Name: *

Email: *

Verification: *

insert code

Question 27

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

A.loan insurance.
B.a loan guarantee.
C.a secured loan.
D.a Pell Grant.

Correct Answer: B

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 References:
FASAB SFFAS No. 2 - Accounting for Direct Loans and Loan Guarantees
Credit Reform Act of 1990
OMB Circular A-11, Section 185 - Federal Credit Programs
B). a loan guarantee

Comment: *

Name: *

Email: *

Verification: *

insert code

Question 28

An example of a non-exchange revenue is

A.sales taxes.
B.bond proceeds.
C.licensing fees.
D.investment earnings.

Correct Answer: A

Non-exchange revenues are those in which a government gives or receives value without directly receiving or giving equal value in return. Sales taxes are a classic example of a non-exchange revenue because the payer (consumer) does not receive a direct, measurable benefit from the government in exchange for the tax paid.
Other examples of non-exchange revenues include property taxes, grants, and fines. In contrast, licensing fees and investment earnings are exchange or exchange-like revenues, since they involve a mutual benefit or earnings return.
Relevant Standards and References:
GASB Statement No. 33, Accounting and Financial Reporting for Nonexchange Transactions GASB Codification Section N50 GFOA Revenue Classification Guidelines

Comment: *

Name: *

Email: *

Verification: *

insert code

Question 29

Separate fund financial statements should be presented for

A.net assets and activities.
B.governmental and proprietary funds.
C.long-term debt.
D.capital assets.

Correct Answer: B

Separate fund financial statements are required for:
Governmental Funds (e.g., general fund, special revenue)
Proprietary Funds (e.g., enterprise, internal service funds)
Fiduciary Funds (reported separately but not combined with government-wide statements) Long-term debt and capital assets are components within the financial statements-not fund types.
Relevant References:
GASB Statement No. 34 - Financial Reporting Model
GASB Codification Section 2200 - Financial Reporting
GFOA Fund Reporting Framework
B). governmental and proprietary funds

Comment: *

Name: *

Email: *

Verification: *

insert code

Question 30

A specific operation of the government is funded by 60% from the general fund, 40% from specific revenues.
This should be reported in which fund?

A.general fund
B.special revenue fund
C.capital projects fund
D.internal service fund

Correct Answer: B

A special revenue fund is used to account for the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purposes (other than debt service or capital projects). In this case, 40% of the operation is funded by specific revenues, which triggers the use of a special revenue fund, provided those revenues are legally restricted or committed to the operation.
Even though 60% of the funding comes from the general fund, the existence of a dedicated revenue stream (40%) for a specific purpose qualifies it for reporting in a special revenue fund.
Relevant References:
GASB Statement No. 54 - Fund Balance Reporting and Governmental Fund Type Definitions GASB Codification Section 1300 - Fund Types GFOA - Fund Structure Guidance B). special revenue fund
########################

Comment: *

Name: *

Email: *

Verification: *

insert code

«
1
2
3
4
5
6
7
8
9
10
»

[×]

Download PDF File

Enter your email address to download AGA.GAFRB.v2025-11-10.q41 Dumps

Email:

Our website provides the Largest and the most Latest vendors Certification Exam materials around the world.

Using dumps we provide to Pass the Exam, we has the Valid Dumps with passing guranteed just which you need.

DMCA
About
Contact Us
Privacy Policy
Terms & Conditions

©2026 FreeQAs

www.freeqas.com materials do not contain actual questions and answers from Cisco's certification exams.

Web Analytics Made Easy - Statcounter