AGA CGFM - Critical and Objective Assessment Exam
Questions and verified and correct Marking Scheme, Newest
Guaranteed 2024/2025
Bond Financing | General Obligation Bond - correct answer Secured on the full
faith and credit of the primary government
Bond Financing | Revenue Bond - correct answer Secured only on the project
revenue
Bond Financing | Serial Bond - correct answer Repayment each year over a
period of years
Bond Financing | Level Debt Service - correct answer Same interest and
principle each year at a level amount across the term of the bond
Bond Financing | Term Bond - correct answer Interest payments only for each
year until the last when the principal will be due
Bond Financing | Zero Coupon Bond - correct answer No payment until bond is
due.
GASB | Financial Accounting Equation - correct answer Assets = Liabilities +
Fund Balance
GASB | User of External Financial Reports - correct answer 1. Citizens
2. Oversight bodies
3. Investors/Creditors
,Financial reporting should assist in fulfilling government's duty to be... - correct
answer ...publicly accountable.
Financial reporting should assist users in evaluating... - correct
answer ...operating results.
Financial reporting should assist users in assessing the government's ability to...
- correct answer ... Meet its obligations when they become due.
Two required statements in Government-Wide F/S - correct answer 1. Net
position or balance sheet
2. Statement of Activities
Three required statements in Proprietary Funds F/S - correct answer 1.
Changes in Net Position
2. Operating Statement
3. Cash Flow
Can internal service funds be reported as major funds? - correct answer No.
Internal Service Funds can never be reported as major.
Balance Sheet Format for Governmental Funds - correct answer Assets +
Deferred Outflows = Liabilities + Deferred Inflows + Fund Balance
For Proprietary Funds, net position should be displayed in three components -
correct answer 1. Net Investment in Capital Assets
2. Restricted
3. Unrestricted
, JE | Record a JE for revenues greater than appropriations - correct answer DR
Estimated Revenues
CR Appropriations
CR Estimated Change in Fund Balance
JE | Record a JE for appropriations exceeding revenues - correct answer DR
Estimated Revenues
DR Estimated Change in Fund Balance
CR Appropriations
You increase estimated revenues by ________ (DR or CR) estimated revenues -
correct answer Debiting
You increase Estimated Change in Fund Balance by ____ (DR or CR) Estimated
Change in Fund Balance - correct answer Crediting
JE | Record an encumbrance - correct answer DR Encumbrances
CR Assigned Fund Balance
JE | Liquidate an encumbrance - correct answer DR Assigned Fund Balance
CR Encumbrances
Budgetary Comparison Statement is in this part of the F/S - correct answer RSI
An explanation of signifiant variance in original and final budget, and acual is
require in this part of the F/S - correct answer MD&A
Normal Balance | Encumbrance - correct answer DR
Questions and verified and correct Marking Scheme, Newest
Guaranteed 2024/2025
Bond Financing | General Obligation Bond - correct answer Secured on the full
faith and credit of the primary government
Bond Financing | Revenue Bond - correct answer Secured only on the project
revenue
Bond Financing | Serial Bond - correct answer Repayment each year over a
period of years
Bond Financing | Level Debt Service - correct answer Same interest and
principle each year at a level amount across the term of the bond
Bond Financing | Term Bond - correct answer Interest payments only for each
year until the last when the principal will be due
Bond Financing | Zero Coupon Bond - correct answer No payment until bond is
due.
GASB | Financial Accounting Equation - correct answer Assets = Liabilities +
Fund Balance
GASB | User of External Financial Reports - correct answer 1. Citizens
2. Oversight bodies
3. Investors/Creditors
,Financial reporting should assist in fulfilling government's duty to be... - correct
answer ...publicly accountable.
Financial reporting should assist users in evaluating... - correct
answer ...operating results.
Financial reporting should assist users in assessing the government's ability to...
- correct answer ... Meet its obligations when they become due.
Two required statements in Government-Wide F/S - correct answer 1. Net
position or balance sheet
2. Statement of Activities
Three required statements in Proprietary Funds F/S - correct answer 1.
Changes in Net Position
2. Operating Statement
3. Cash Flow
Can internal service funds be reported as major funds? - correct answer No.
Internal Service Funds can never be reported as major.
Balance Sheet Format for Governmental Funds - correct answer Assets +
Deferred Outflows = Liabilities + Deferred Inflows + Fund Balance
For Proprietary Funds, net position should be displayed in three components -
correct answer 1. Net Investment in Capital Assets
2. Restricted
3. Unrestricted
, JE | Record a JE for revenues greater than appropriations - correct answer DR
Estimated Revenues
CR Appropriations
CR Estimated Change in Fund Balance
JE | Record a JE for appropriations exceeding revenues - correct answer DR
Estimated Revenues
DR Estimated Change in Fund Balance
CR Appropriations
You increase estimated revenues by ________ (DR or CR) estimated revenues -
correct answer Debiting
You increase Estimated Change in Fund Balance by ____ (DR or CR) Estimated
Change in Fund Balance - correct answer Crediting
JE | Record an encumbrance - correct answer DR Encumbrances
CR Assigned Fund Balance
JE | Liquidate an encumbrance - correct answer DR Assigned Fund Balance
CR Encumbrances
Budgetary Comparison Statement is in this part of the F/S - correct answer RSI
An explanation of signifiant variance in original and final budget, and acual is
require in this part of the F/S - correct answer MD&A
Normal Balance | Encumbrance - correct answer DR
