Verified & Latest GAFRB Dump Q&As with Correct Answers [Q39-Q56]

Q39. The major difference in applying the accrual concept in governmental fund accounting, as opposed to private- sector accounting, is that revenues are

Q40. According to GAAP, all of the following should be addressed in the MD&A EXCEPT

Q41. All the following are required financial statement reporting on governmental funds EXCEPT

Q42. The federal budget baseline forecast reflects the estimated

Q43. A budget document that lists the budget by social services, affordable housing and supplies includes which of the following significant elements?

Q44. An independent school district completed construction on a new high school during the current fiscal year.
The amount paid to the construction manager was $900,000 and the amount paid to the architect was
$100,000. The entity depreciates buildings over 50 years, using the straight line, half-year depreciation method. What is the amount reported on the Statement of Activities in the current fiscal year?

Q45. The measurement focus of the governmental fund level financial statements is

Q46. An agency is developing a lee for services to cover all direct operating expenditures. Which of the following should be included in the fee calculation?

Q47. What is the term used to describe categories that present obligations by the items or services purchased by the federal government?

Q48. GASB considers interperiod (intergenerational) equity when

Q49. 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?

Q50. Based on FASAB standards, calculate the full cost of 1 unit of an output using the following information:

Q51. When determining the full costs of a specific product or service, if the costs cannot be directly traced to the product or service, the costs should be assigned based upon

Q52. Congress plans to set up an activity within an agency that would:
* provide procurement services to other agencies;
* reimburse fees to the providing agency at a level that would cover the total estimated costs of the services.
The fees would be deposited in the providing agency’s accounts and would remain available until expended, to carry out the purposes of the fund. This arrangement describes a

Q53. A state grant will reimburse a city for 40% of the architectural, construction and project management costs to build an annex to a city building. A city employee, who is paid salary and benefits of 510,000 a month, works half-time on the project for six months.
The city reports the following project budgeted and actual costs:
Purpose Budget Actual
Architectural fees $ 100.000 $ 90,000
Construction costs $10,500,000 $10,000,000
Based upon the above information, what is the amount of allowable costs that the state will reimburse the city on the grant?

Q54. Which of the following revenue sources is an exchange-like transaction?

Q55. What is the entry when rent of $500 is paid?

Q56. The process in the budget where OMB communicates to agencies what it will recommend to the president is called