AGA CGFM - Pre course Study Guide Exam Questions and
Verified for Accuracy Answers 2024/2025
Single Employer Pension Plan - correct answer Pension provide to employees
of a single employer
Agent Employer Pension Plan - correct answer Multiple employer pension plan
with separate accounts for each company
Cost-Sharing Employer Pension Plan - correct answer Multiple employers
without separate accounts
Special Item - correct answer In control and Unusual or infrequent (tobacco
settlement)
II-112
Extraordinary Item - correct answer Unusual and infrequent (hurricane)
II-112
Near Special Item - correct answer Not in Control and Unusual or infrequent
II-112
Levels of Fair Value Measurement | Level 1 - correct answer Quoted (Publicly
traded securities)
,Levels of Fair Value Measurement | Level 2 - correct answer Input is Input (cds)
Levels of Fair Value Measurement | Level 3 - correct answer Unobservable
(Commercial Real Estate)
Non-Exchange Transactions | Derived Tax Revenue - correct answer Tax
imposed on an exchange transaction (Sales tax)
Non-Exchange Transactions | Imposed Non-exchange Revenue - correct
answer Tax on something other than an exchange (Property tax)
Non-Exchange Transactions | Government-Mandated Excahnge - correct
answer Transaction from one government to another
Non-Exchange Transactions | Voluntary Non-Exchange - correct answer When
governments get into a voluntary payment arrangement
If resources are not available, A/R becomes... - correct answer ...deferred
inflow.
Three methods for measuring Capital Asset Impairment - correct answer 1.
Restoration Cost Approach
2. Service Units Approach
3. Deflated Depreciated Replacement Cost Approach
GASB Due Process | Step 1 - correct answer Discussion Memorandum
- Staff Document - Outlines the results of research efforts of staff and defines the
accounting and reporting issues for a particular project.
, GASB Due Process | Step 2 - correct answer Invitation to Comment
- Staff Document - It may contain elements of a discussion memo, a preliminary
views document or both
GASB Due Process | Step 3 - correct answer Preliminary Views
- Document is a board's initial proposal for an accounting and reporting standard
GASB Due Process | Step 4 - correct answer Exposure Draft
- Last due process document that must be published before a final statement is
issued
GASB Concept Statement - correct answer - Describes concepts the board will
use as a framework for existing and new standards
- Not accounting standard
Budget Process - correct answer Primary control device in government
Six Characteristics of Financial Reports - correct answer 1. Understandability
2. Reliability
3. Relevance
4. Timeliness
5. Consistency
6. Comparability
Characteristic of Financial Reports | Understandability - correct answer
Expressed as simply as possible
Verified for Accuracy Answers 2024/2025
Single Employer Pension Plan - correct answer Pension provide to employees
of a single employer
Agent Employer Pension Plan - correct answer Multiple employer pension plan
with separate accounts for each company
Cost-Sharing Employer Pension Plan - correct answer Multiple employers
without separate accounts
Special Item - correct answer In control and Unusual or infrequent (tobacco
settlement)
II-112
Extraordinary Item - correct answer Unusual and infrequent (hurricane)
II-112
Near Special Item - correct answer Not in Control and Unusual or infrequent
II-112
Levels of Fair Value Measurement | Level 1 - correct answer Quoted (Publicly
traded securities)
,Levels of Fair Value Measurement | Level 2 - correct answer Input is Input (cds)
Levels of Fair Value Measurement | Level 3 - correct answer Unobservable
(Commercial Real Estate)
Non-Exchange Transactions | Derived Tax Revenue - correct answer Tax
imposed on an exchange transaction (Sales tax)
Non-Exchange Transactions | Imposed Non-exchange Revenue - correct
answer Tax on something other than an exchange (Property tax)
Non-Exchange Transactions | Government-Mandated Excahnge - correct
answer Transaction from one government to another
Non-Exchange Transactions | Voluntary Non-Exchange - correct answer When
governments get into a voluntary payment arrangement
If resources are not available, A/R becomes... - correct answer ...deferred
inflow.
Three methods for measuring Capital Asset Impairment - correct answer 1.
Restoration Cost Approach
2. Service Units Approach
3. Deflated Depreciated Replacement Cost Approach
GASB Due Process | Step 1 - correct answer Discussion Memorandum
- Staff Document - Outlines the results of research efforts of staff and defines the
accounting and reporting issues for a particular project.
, GASB Due Process | Step 2 - correct answer Invitation to Comment
- Staff Document - It may contain elements of a discussion memo, a preliminary
views document or both
GASB Due Process | Step 3 - correct answer Preliminary Views
- Document is a board's initial proposal for an accounting and reporting standard
GASB Due Process | Step 4 - correct answer Exposure Draft
- Last due process document that must be published before a final statement is
issued
GASB Concept Statement - correct answer - Describes concepts the board will
use as a framework for existing and new standards
- Not accounting standard
Budget Process - correct answer Primary control device in government
Six Characteristics of Financial Reports - correct answer 1. Understandability
2. Reliability
3. Relevance
4. Timeliness
5. Consistency
6. Comparability
Characteristic of Financial Reports | Understandability - correct answer
Expressed as simply as possible
