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AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions (Q30-Q35):

NEW QUESTION # 30
According to GASB, when should landfill closure and post-closure costs be recognized?

A. each year the landfill is operating
B. every five years until the landfill is closed
C. when the landfill is closed
D. when payments for costs are made

Answer: A

Explanation:
Comprehensive Detailed Explanation:
According to GASB Statement No. 18 (Accounting for Municipal Solid Waste Landfill Closure and Postclosure Care Costs), governments must recognize a portion of closure and post-closure costs each year as the landfill's capacity is used.
This is done using the "units-of-consumption" method, meaning costs are accrued in proportion to how much of the landfill's total capacity has been filled. The total estimated cost is spread over the useful life of the landfill.
Relevant References:
GASB Statement No. 18 - Landfill Closure and Postclosure Costs
GASB Codification Section L10.103
GFOA Environmental Liabilities Guidance
D). each year the landfill is operating

NEW QUESTION # 31
For state and local governments, a fund that is legally restricted to the use of earnings with the principal protected is

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

Answer: C

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 # 32
The federal budget baseline forecast reflects the estimated

A. effects of enacting Congressional appropriations bills on federal receipts and spending.
B. receipts, outlays, and deficit or surplus under the President's Budget.
C. effects of current law on recipients of federal benefits.
D. receipts, outlays, and deficit or surplus that would result from continuing current law or policies.

Answer: D

Explanation:
The federal budget baseline is a projection of federal spending, revenues, deficits, and debt assuming no changes to current laws and policies. It serves as a neutral benchmark to compare the fiscal impact of proposed legislation or budget changes.
It is typically prepared by the Congressional Budget Office (CBO) and assumes continuation of current tax and spending laws without new legislation.
Relevant References:
Congressional Budget Act of 1974
Congressional Budget Office (CBO) - Baseline Concepts
OMB Circular A-11 - Section 80: Baseline Budget Estimates
C). receipts, outlays, and deficit or surplus that would result from continuing current law or policies

NEW QUESTION # 33
Interest accrued on the public debt is reported as

A. a cost of goods sold.
B. an outlay.
C. a receipt.
D. a tax expenditure.

Answer: B

Explanation:
Interest accrued on the public debt (e.g., Treasury securities) is considered a government expenditure. In federal financial reporting and budgeting, this is classified as an outlay, representing a payment made to meet an obligation.
It is not a receipt (revenues collected), a cost of goods sold (used in commercial accounting), or a tax expenditure (which refers to revenue foregone due to deductions, credits, etc.).
Relevant References:
OMB Circular A-11 - Budgetary Definitions
Treasury Financial Manual (TFM) - Federal Outlay Reporting
GAO Glossary - Public Debt Interest Treatment
B). an outlay

NEW QUESTION # 34
All the following are required financial statement reporting on governmental funds EXCEPT

A. statement of cash flows.
B. expenditures and changes in fund balance.
C. the operating statement.
D. the balance sheet.

Answer: A

Explanation:
The governmental funds (e.g., general fund, special revenue fund, capital projects fund) are reported using the modified accrual basis and current financial resources measurement focus. Required financial statements for governmental funds include:
Balance Sheet
Statement of Revenues, Expenditures, and Changes in Fund Balances
There is no requirement for a statement of cash flows for governmental funds. The statement of cash flows is only required for proprietary funds (e.g., enterprise and internal service funds) and is prepared using the direct method.
Relevant References:
GASB Statement No. 34 - Basic Financial Statements
GASB Codification Section 2200
GFOA Governmental Fund Reporting Guidelines
D). statement of cash flows

NEW QUESTION # 35
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