Online Access Free GAFRB Exam Questions

Based on FASAB standards, calculate the full cost of 1 unit of an output using the following information:

• A.$25,147,000
• B.$ 3,989,400
• C.$ 4,909,400
• D.$ 5,029,400

An agency offers service for a fee; bad debts have historically averaged 5% of each year's fee revenue. During the past fiscal year, $1.1 million in fee revenue was recorded and $1 million in fees was collected. What is the bad debt expense recorded for the past fiscal year?

• A.$ 50.000
• B.$ 55.000
• C.$100,000
• D.$ 5.000

Accounts that are closed at year-end include

• A.tax revenues.
• B.taxes receivable.
• C.supplies inventory.
• D.unassigned fund balance.

Entity receivables are described as amounts that

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

A state department has been developing a new computer system for managing federal grants. The project has the following costs:

What amount should be recorded as the value of the intangible asset?

• A.$705.000
• B.$575.000
• C.$755,000
• D.$915.000