[Mar 21, 2026] Download Free AGA GAFRB Real Exam Questions [Q60-Q84]

NEW QUESTION 60
GASB establishes standards through a

NEW QUESTION 61
Wasteful year-end spending may be discouraged by including which of the following in the appropriation law?

NEW QUESTION 62
A federal agency received utility bills before the end of the fiscal year. It is the agency’s policy to obligate funds upon receipt of the utility bills and to pay the bills immediately upon receipt. Which set of entries would be made to the budgetary accounts?

NEW QUESTION 63
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?

NEW QUESTION 64
A federal agency submits its budget request to which of the following?

NEW QUESTION 65
Which one of the following statements is true with regard to external reporting of major funds for state and local governments?

NEW QUESTION 66
The Federal Financial Management Improvement Act of 1996 formally recognized which of the following organizations as the standard-setting body for federal accounting and reporting standards?

NEW QUESTION 67
An example of a non-exchange revenue is

NEW QUESTION 68
State and local governments account for budgeted and actual expenditures to ensure that

NEW QUESTION 69
Which account is used to temporarily hold general, special or trust fund federal government collections or disbursements pending clearance to the applicable receipt or expenditure accounts?

NEW QUESTION 70
GAAP requires that the ACFR be accompanied by separate financial statements documenting

NEW QUESTION 71
The four general government auditing standards are

NEW QUESTION 72
An agency’s Fund Balance with Treasury is increased by which of the following events?

NEW QUESTION 73
What is the entry when rent of $500 is paid?

NEW QUESTION 74
Which of the following fund types would be used to collect water utility user fees?

NEW QUESTION 75
An example of a federal principal financial statement is the

NEW QUESTION 76
What is the annual projected sales tax revenue if in nine months the revenue earned is $26.5 million, and no other factors are known?

NEW QUESTION 77
OMB Circular A-136 requires that all of the following be included in an AFR EXCEPT

NEW QUESTION 78
If an internal service fund needs to develop an hourly billing rate, the calculation should include

NEW QUESTION 79
Which federal agency activities would most likely use a trust fund to account for funds received and paid?

NEW QUESTION 80
Entity receivables are described as amounts that

NEW QUESTION 81
The legal congressional permission for an executive branch department or agency to enter into an obligation that will result in an immediate or future outlay is referred to as

NEW QUESTION 82
In an ACFR. the Independent Auditor’s Report should be included in the

NEW QUESTION 83
Which of the following situations may cause contingent liabilities?

NEW QUESTION 84
The budget office for the county has been tasked with identifying the full costs of its vehicle fleet program.
Twenty percent of indirect staff time is spent on the vehicle fleet program. Budget staff has gathered the following data from all agencies that support the fleet program:
Fleet personnel costs $ 80,000
Annual fuel costs $ 10,000
Annual fleet depreciation $ 50,000
Procurement personnel costs $200,000
Accounting personnel costs $100,000
Fleet garage rent $ 40,000
Based on this information, the budget office identifies the full cost of this fleet program as