[Mar-2026] Download Real GAFRB Exam Dumps for candidates 100% Free Dump Files [Q14-Q37]

NEW QUESTION 14
An agency’s Fund Balance with Treasury is increased by which of the following events?

receipt of a Treasury warrant

rescission of an appropriation

a recovery of prior year obligations

collection of custodial revenue

NEW QUESTION 15
A federal entity would record a payment of a payable in which of the following journal entries?

Debit Undelivered Order-Obligations, Unpaid
Credit Delivered Orders-Obligations, Paid Debit Accounts Payable
Credit Fund Balance with Treasury

Debit Unapportioned Authorities
Credit Delivered Orders-Obligations, Paid Debit Accounts Payable
Credit Fund Balance with Treasury

Debit Commitments
Credit Delivered Orders-Obligations, Unpaid Debit Accounts Payable
Credit Fund Balance with Treasury

Debit Delivered Orders-Obligations. Unpaid
Credit Delivered Orders-Obligations, Paid Debit Accounts Payable
Credit Fund Balance with Treasury

NEW QUESTION 16
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?

Debit Allotment Available for Commitment/Obligation
Credit Undelivered Orders Unpaid

Debit Allotment Available for Commitment/Obligation
Credit Fund Balance with Treasury

Debit Expended Appropriation
Credit Allotment Available for Commitment/Obligation

Debit Unobligated Funds Credit Expended Appropriation

NEW QUESTION 17
A legally separate organization for which the elected officials of the primary government are financially accountable describes a

fiscally dependent organization.

component unit.

joint venture entity.

jointly governed organization.

NEW QUESTION 18
Which of the following federal collections are typically accounted for in a deposit fund?

general tax receipts funding government operations overall (e.g., personal income taxes)

taxes dedicated to a specific purpose (e.g., gasoline taxes funding highway projects)

funds held temporarily until ownership is determined (e.g., earnest money paid by bidders)

exchange revenues collected to finance a continuing cycle of business-type operations (e.g., revenue paid to service centers)

NEW QUESTION 19
A city utilizing a 60-day availability period has a June 30 year-end. It levies property taxes in January that are due in March, which are used to finance the general fund. The city levied S15 million in taxes in the current fiscal year, collecting $12 million during the fiscal year. In addition, the following amounts were collected in the months after year-end:
July $1,000,000
August $ 500,000
September $ 250,000
How much revenue should the general fund recognize for the fiscal year?

$12 million

$13 million

$13.5 million

$15 million

NEW QUESTION 20
What organization establishes GAAP for federal agencies?

FASAB

OMB

GAO

FASB

NEW QUESTION 21
When a new combined government replaces the separate governments of a city and a county, this is an example of

a government merger.

a government acquisition.

a transfer of operations.

intergovernmental operations.

NEW QUESTION 22
A local government is evaluating different financing options for an upcoming capital project. Which of the following debt instruments will typically offer the lowest interest rate?

commercial paper

general obligation bonds

revenue bonds

certificate of deposit

NEW QUESTION 23
The Prompt Payment Act requires federal agencies to

pay invoices when received.

take discounts when economically justified.

pay invoices no later than sixty days from receiving the invoice.

pay invoices by the invoice due date.

NEW QUESTION 24
What must a federal agency receive from the U.S. Department of the Treasury before it can begin spending an appropriation?

an apportionment

an allotment

a warrant

an encumbrance

NEW QUESTION 25
Using the cost recovery method of recognizing revenue, premiums are recognized as revenue

once the ultimate premium can be reasonably estimated.

throughout the duration of the policy when claim costs are incurred.

when received.

when the policy takes effect.

NEW QUESTION 26
When a rural community creates a fire district to serve an area previously served by the county government, and the fire district receives no money or equipment from the county, this is an example of

a government merger.

a government acquisition.

a transfer of operations.

intergovernmental operations.

NEW QUESTION 27
A state department has been developing a new computer system for managing federal grants. The project has the following costs:

What amount should be recorded as the value of the intangible asset?

$575.000

$705.000

$755,000

$915.000

NEW QUESTION 28
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?

Transfer Allocation Account

Deposit Fund Account

Suspense Account

Clearing Account

NEW QUESTION 29
A special-purpose government is considered a primary government when it has any of the following characteristics EXCEPT that it

relies on revenue projections from another government entity.

has the ability to levy taxes.

has a board determined via general election.

provides an ongoing financial benefit to another government entity.

NEW QUESTION 30
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?

$26.5 million

$35.3 million

$40.0 million

$53.0 million

NEW QUESTION 31
Which of the following events requires both a proprietary and a budgetary accounting entry?

A contracting officer signs a contract to buy printers.

A contracting officer’s representative receives delivery of previously ordered printers.

A funds certifying official commits resources to order printers.

A budget officer allots resources to a program office to buy printers.

NEW QUESTION 32
If a capital project has an estimated life of 30 years, which financing method is designed to impose the cost of the project on the generation who benefits from it?

30-year serial bonds

30-year term bonds, without a sinking fund

30-year zero-coupon bonds, without a sinking fund

pay-as-you-go financing

NEW QUESTION 33
An agency operates out of a building that is on the Register of Historic Places; the building is classified as a multi-use federal asset. If the agency recently paid to renovate the office space in the building, the cost for the renovation should be treated as a

heritage asset.

mission property.

stewardship investment.

general property, plant and equipment expense.

NEW QUESTION 34
Wasteful year-end spending may be discouraged by including which of the following in the appropriation law?

impoundment controls

annual appropriations

delimiting contracting procedures

multi-year appropriation authority

NEW QUESTION 35
GAAP requires that the ACFR be accompanied by separate financial statements documenting

statistical data on the population.

fiduciary and proprietary funds.