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2025 GAFRB: Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Perfect New Test Materials

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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q39-Q44):

NEW QUESTION # 39
OMB Circular A-136 requires that all of the following be included in an AFR EXCEPT

A. the performance section.
B. the financial section.
C. a message from the head of the agency.
D. the MD&A.

Answer: A

Explanation:
OMB Circular A-136 specifies the required components of the Agency Financial Report (AFR), which include:
A Message from the Head of the Agency
Management's Discussion and Analysis (MD&A)
Financial Section (including statements and notes)
Other Information (e.g., improper payments, internal controls)
The Performance Section is not included in the AFR but is instead part of the alternative Performance and Accountability Report (PAR) or included separately in an Annual Performance Report (APR).
Relevant References:
OMB Circular A-136 - Financial Reporting Requirements (Section II)
GPRA Modernization Act of 2010
CFO Act of 1990
D). the performance section

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

A. apportionments are made by agencies, Congress makes allotments
B. apportionments are made by Congress, OMB 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
For state and local governments, a fund that is legally restricted to the use of earnings with the principal protected is

A. a general fund.
B. a permanent fund.
C. an internal service fund.
D. an enterprise fund.

Answer: B

Explanation:
A permanent fund is a governmental fund used to report resources that are legally restricted so that only earnings (not principal) may be used to support government programs. These are typically endowments where the corpus is preserved in perpetuity.
According to GASB Statement No. 34, permanent funds are classified under governmental funds and must be used to benefit the government or its citizenry.
Relevant Standards and References:
GASB Statement No. 34, Basic Financial Statements-and Management's Discussion and Analysis-for State and Local Governments GASB Codification Section 1300, Fund Types GFOA Budgeting & Fund Balance Guidance Therefore, Option B is correct.

NEW QUESTION # 42
The measurement focus of the governmental fund level financial statements is

A. modified accrual basis.
B. accrual basis.
C. economic resources.
D. current financial resources.

Answer: D

Explanation:
Governmental fund financial statements (such as the General Fund, Special Revenue Funds, Capital Projects Funds) use the current financial resources measurement focus and the modified accrual basis of accounting.
This focus reports inflows and outflows of current financial resources and excludes long-term assets and liabilities.
This differs from the government-wide financial statements, which use the economic resources measurement focus and full accrual basis.
Relevant References:
GASB Statement No. 34 - Basic Financial Statements
GASB Codification Section 1600 - Fund Accounting
GFOA Fund Accounting Guidance
C). current financial resources

NEW QUESTION # 43
A federal agency submits its budget request to which of the following?

A. OMB
B. Congress
C. the U.S. Department of the Treasury
D. GAO

Answer: A

Explanation:
Federal agencies submit their budget requests to the Office of Management and Budget (OMB), which reviews, analyzes, and makes recommendations to the President. After OMB review, the final version of the President's Budget is submitted to Congress.
Other roles:
Treasury: Manages federal finances, not budget formulation.
GAO: Audits and provides oversight to Congress.
Congress: Receives and authorizes the budget but does not initially review agency requests.
Relevant References:
OMB Circular A-11 - Preparation and Submission of Budget Estimates
GAO Budget Glossary
U).S. Code Title 31 - Role of OMB
B). OMB

NEW QUESTION # 44
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