AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) (GAFRB) Free Practice Test
Question 1
The unobligated balance of an appropriation is equal to the total unexpended appropriation, less the total amounts
Correct Answer: A
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Question 2
At the beginning of the fiscal year a school district held the following capital assets:
What is the depreciation expense for the current year?
What is the depreciation expense for the current year?
Correct Answer: B
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Question 3
Who is responsible for making apportionments and allotments?
Correct Answer: D
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Question 4
The Department of the Interior has the following costs associated with the development of a new visitor tracking system.
Research cost determining if system should be internally or externally developed $100,000 Software configuration and system development $750,000 Cost of testing the new system for fiscal usage $225,000 Converting data from old tracking system to new tracking system $500,000 How much should be capitalized as the cost of the asset?
Research cost determining if system should be internally or externally developed $100,000 Software configuration and system development $750,000 Cost of testing the new system for fiscal usage $225,000 Converting data from old tracking system to new tracking system $500,000 How much should be capitalized as the cost of the asset?
Correct Answer: C
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Question 5
The Department of Health and Human Services prepares a financial statement displaying costs of each major program as they relate to the department's outcomes and outputs. The title of this financial statement is the
Correct Answer: D
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Question 6
When a new combined government replaces the separate governments of a city and a county, this is an example of
Correct Answer: D
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