Online Access Free GAFRB Practice Test

According to GASB, when should landfill closure and post-closure costs be recognized?

• A.when payments for costs are made
• B.each year the landfill is operating
• C.when the landfill is closed
• D.every five years until the landfill is closed

Which of the following revenue sources is an exchange-like transaction?

• A.fines
• B.income taxes
• C.operating permits
• D.grants

OMB Circular A-136 requires that all of the following be included in an AFR EXCEPT

• A.the MD&A.
• B.a message from the head of the agency.
• C.the performance section.
• D.the financial section.

The Government Management Reform Act of 1994 amended the CFO Act of 1990 to require

• A.unmodified audit opinions of the executive department financial statements.
• B.OMB approval of executive department financial statements.
• C.audited financial statements of the executive departments.
• D.quarterly financial statements of executive departments.

Which of the following events is an example of an expenditure but not an expense?

• A.At the end of the fiscal year, the government signs a contract to buy office furniture.
• B.At the end of the fiscal year, the government pays for ten vehicles which will be depreciated over five years.
• C.At the end of the fiscal year, the government pays its employees for work performed.
• D.At the end of the fiscal year, the government receives and pays its electric bill for the previous month.