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GAFRB New Braindumps Book - GAFRB Test Pass4sure

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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q81-Q86):

NEW QUESTION # 81
A county is projecting a $7 million budget deficit in the upcoming fiscal year, so the county board, who acts as the highest level of authority for the county, sets aside $7 million in fund balance to close this gap. How should the $7 million be classified on the financial statement?

A. Committed Fund Balance
B. Assigned Fund Balance
C. Nonspendable Fund Balance
D. Restricted Fund Balance

Answer: A

Explanation:
A committed fund balance is established when the highest level of decision-making authority (e.g., county board or city council) formally sets aside resources for a specific purpose through resolution or ordinance before the end of the fiscal year.
Since the county board - the highest authority - has set aside $7 million specifically to address a projected budget deficit, the classification should be committed fund balance.
Assigned fund balance (Option B) is typically used when intent is expressed by a lower level of authority (e.
g., finance director).
Relevant References:
GASB Statement No. 54 - Fund Balance Reporting
GASB Codification Section 1800.176 - Fund Balance Classifications
GFOA Guidance on Fund Balance Policies
D). Committed Fund Balance

NEW QUESTION # 82
What is a law that authorizes the expenditure of funds for a given purpose?

A. allotment
B. appropriation
C. apportionment
D. budget authority

Answer: B

Explanation:
An appropriation is a statutory authority from Congress that allows federal agencies to incur obligations and make payments (outlays) for specific purposes. It is the most common and formal type of budget authority.
Other terms:
Budget authority: General term for permission to spend
Allotment: Internal allocation by an agency
Apportionment: Control mechanism used by OMB
Relevant References:
U).S. Code Title 31 - § 1301 et seq.
GAO Red Book - Appropriations Law
OMB Circular A-11 - Budget Authority Definitions
D). appropriation

NEW QUESTION # 83
What is the maximum period of subscription-based information technology agreement (SBITA), including any options to extend, that is classified as short term?

A. 6 months
B. 24 months
C. 18 months
D. 12 months

Answer: D

Explanation:
According to GASB Statement No. 96 (Subscription-Based Information Technology Arrangements or SBITAs), a subscription agreement is considered "short-term" if the maximum possible term (including renewal options) is 12 months or less.
Short-term SBITAs are not reported as subscription liabilities and are accounted for as outflows (expenses or expenditures) when incurred.
Relevant References:
GASB Statement No. 96 - SBITAs (Issued May 2020)
GASB Implementation Guide No. 2021-1 - Q&A on SBITAs
GFOA Advisory - Cloud Computing and Subscription Agreements
B). 12 months

NEW QUESTION # 84
A special-purpose government is considered a primary government when it has any of the following characteristics EXCEPT that it

A. provides an ongoing financial benefit to another government entity.
B. relies on revenue projections from another government entity.
C. has the ability to levy taxes.
D. has a board determined via general election.

Answer: B

Explanation:
A special-purpose government (e.g., a school district, utility authority) is considered a primary government when it meets at least one of the following conditions:
Has a separately elected governing body
Is legally separate
Is fiscally independent of other governments
The reliance on revenue projections from another entity does not preclude a government from being a primary government. What matters is legal and fiscal independence.
Relevant References:
GASB Statement No. 14 - The Financial Reporting Entity
GASB Statement No. 39 and No. 61 (Amendments to Statement 14)
GASB Codification Section 2100 - Defining the Financial Reporting Entity A). relies on revenue projections from another government entity

NEW QUESTION # 85
GASB establishes standards through a

A. unanimous vote of the board members, confirming that the standards would improve the usefulness of financial reports.
B. vote of the majority of board members, after discussing the written and oral comments offered by interested parties on an exposure draft of a statement of proposed standards.
C. unanimous vote of the board members, after discussing the results of written and oral comments offered by interested parties on an exposure draft submitted by GASB staff.
D. vote of the majority of board members, after discussing the results of a preliminary views document submitted by GASB staff.

Answer: B

Explanation:
The Governmental Accounting Standards Board (GASB) issues accounting standards after a structured due process that includes:
Publication of a Discussion Document (e.g., Preliminary Views)
Publication of an Exposure Draft
Solicitation and analysis of public comments (written/oral)
Deliberation by the full Board
A majority vote (not unanimous) of the GASB board members is required to approve and issue a final standard.
Relevant References:
GASB Rules of Procedure
GASB Due Process Manual
GASB Website - Standard-Setting Process
D). vote of the majority of board members, after discussing the written and oral comments offered by interested parties on an exposure draft of a statement of proposed standards

NEW QUESTION # 86
......

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