Free AGA GAFRB Practice Test & Real Exam Questions

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?

The roles of GASB and FASAB are to

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

GASB considers interperiod (intergenerational) equity when

Depreciation is measured on the statewide financial statements using the

Accounts that are closed at year-end include

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?

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?

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?