Free AGA GAFRB Practice Test & Real Exam Questions
The four general government auditing standards are
Correct Answer: C
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An agency offers service for a fee; bad debts have historically averaged 5% of each year's fee revenue. During the past fiscal year, $1.1 million in fee revenue was recorded and $1 million in fees was collected. What is the bad debt expense recorded for the past fiscal year?
Correct Answer: B
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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?
Correct Answer: B
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A special-purpose government is considered a primary government when it has any of the following characteristics EXCEPT that it
Correct Answer: A
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Which type of cost is generally allowed for a grant under the OMB Uniform Guidance?
Correct Answer: B
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When an accounting principle established by GASB conflicts with an accounting principle established by FASB. the preparer of financial statements for a local government should observe
Correct Answer: D
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An example of a non-exchange revenue is
Correct Answer: D
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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
Correct Answer: B
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State Medicaid caseloads have been exceeding projections for the past two months. Review of the data indicates the increase is likely to continue, leading to the need for significant supplemental appropriations before the end of the fiscal year. Based upon this information, what is the first action the state director of Medicaid should take?
Correct Answer: B
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