Free AGA GAFRB Exam Dumps Questions & Answers

The Prompt Payment Act requires federal agencies to

• A.pay invoices when received.
• B.take discounts when economically justified.
• C.pay invoices by the invoice due date.
• D.pay invoices no later than sixty days from receiving the invoice.

Which one of the following statements is true with regard to external reporting of major funds for state and local governments?

• A.Special revenue funds that have expenditures in excess of 5% of total governmental expenditures are required to be reported as major funds.
• B.The general fund is presented as major only if it meets the major fund criteria.
• C.Management can elect to present any governmental or enterprise fund as a major fund.
• D.Internal service funds that have assets and deferred outflows of resources in excess of 10% of total proprietary assets and deferred outflows of resources are required to be reported as major funds.

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

• A.general tax receipts funding government operations overall (e.g., personal income taxes)
• B.taxes dedicated to a specific purpose (e.g., gasoline taxes funding highway projects)
• C.exchange revenues collected to finance a continuing cycle of business-type operations (e.g., revenue paid to service centers)
• D.funds held temporarily until ownership is determined (e.g., earnest money paid by bidders)

Entity receivables are described as amounts that

• A.the entity collects on behalf of other federal entities and deposits directly with the U.S. Department of the Treasury.
• B.the entity collects on behalf of the U.S. government or other entities that the entity is not authorized to spend.
• C.the entity anticipates receiving via appropriate warrant from the U.S. Department of the Treasury.
• D.a federal entity claims from other federal or non-federal entities that the federal entity is authorized to spend.

Which type of cost is generally allowed for a grant under the OMB Uniform Guidance?

• A.interest payments
• B.general government expenses
• C.lobbying expenses
• D.materials and supplies