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AGA CGFM Exam - Topic 3 Question 61 Discussion

A capital asset transferred to another department within the same government should be
D) retained in the government's fixed asset tracking system showing the book value of the asset transferred to the receiving department.
A) recorded with the original department to maximize receipts.
B) recorded with the second department to minimize costs.
C) retained in the government's fixed asset tracking system with no change in book value to either department.

AGA CGFM Exam - Topic 3 Question 61 Discussion

Actual exam question for AGA's CGFM exam
Question #: 61
Topic #: 3
[All CGFM Questions]

A capital asset transferred to another department within the same government should be

Show Suggested Answer Hide Answer
Suggested Answer: D

by Curt at Oct 23, 2024, 09:57 PM

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Lemuel
7 months ago
I thought assets had to be revalued when transferred. Is that not the case?
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Staci
7 months ago
Wait, why wouldn't the second department just take it? Seems odd.
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Clarence
7 months ago
Recording it with the second department could really help minimize costs!
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Renea
7 months ago
Totally agree, keeping it with the original department makes sense!
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Eura
8 months ago
A capital asset should stay on the books of the original department.
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Martina
8 months ago
I lean towards option D because it seems logical to show the book value transferred, but I’m a bit confused about the implications for the receiving department.
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Arlie
8 months ago
I feel like option C makes sense since it keeps the book value consistent, but I can't recall if that's the standard practice.
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Roselle
8 months ago
I remember a practice question where we had to decide how to record interdepartmental transfers, and I think it was about minimizing costs.
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Madelyn
9 months ago
I think the asset should stay with the original department to keep things simple, but I'm not sure if that's the best approach.
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Silvana
9 months ago
Okay, let me walk through this step-by-step. The key is to consider how the transfer should be recorded to ensure the government's fixed asset records are accurate and complete.
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Larae
9 months ago
I've seen questions like this before, so I'm feeling confident. I think option D is the correct answer, as it maintains the proper tracking of the asset's book value.
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Corrie
9 months ago
Hmm, this is a tricky one. I'll need to carefully review the options and think through the implications for the government's accounting.
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Kimbery
9 months ago
This question seems straightforward, but I want to make sure I understand the key details before selecting an answer.
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Winifred
1 year ago
Option F: Flip a coin. Accounting is hard, let's just wing it!
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Gracie
1 year ago
B) recorded with the second department to minimize costs.
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Jesse
1 year ago
A) recorded with the original department to maximize receipts.
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Flo
1 year ago
D) retained in the government's fixed asset tracking system showing the book value of the asset transferred to the receiving department.
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Donette
1 year ago
C) retained in the government's fixed asset tracking system with no change in book value to either department.
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Lettie
1 year ago
Option E: Sell the asset to the highest bidder and split the proceeds. Who needs bureaucracy when you can make a quick buck?
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Raymon
1 year ago
Option E: Sell the asset to the highest bidder and split the proceeds.
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Raymon
1 year ago
D) retained in the government's fixed asset tracking system showing the book value of the asset transferred to the receiving department.
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Raymon
1 year ago
C) retained in the government's fixed asset tracking system with no change in book value to either department.
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Mickie
1 year ago
Option A? Really? Why would we want to maximize receipts for an internal transfer? That doesn't make much sense.
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Leila
1 year ago
I agree, maximizing receipts for an internal transfer doesn't seem necessary.
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Dong
1 year ago
C) retained in the government's fixed asset tracking system with no change in book value to either department.
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Nadine
1 year ago
A) recorded with the original department to maximize receipts.
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Josefa
1 year ago
Hmm, I'm torn between B and D. I guess it depends on whether we want to minimize costs or have a clear record of the transfer.
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Jesusa
1 year ago
Yeah, I see your point. Let's go with option D then.
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Aimee
1 year ago
That's a good point, it would provide a clear record of the transfer.
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Kristin
1 year ago
But wouldn't it be better to retain it in the fixed asset tracking system with the book value of the asset transferred?
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Amira
1 year ago
I think it should be recorded with the second department to minimize costs.
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Leonardo
1 year ago
I disagree. I think the asset should be recorded with the second department to minimize costs.
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Krystina
1 year ago
I think Option D is the right choice. It's important to reflect the asset's transfer and the receiving department's book value.
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Sherrell
1 year ago
Yes, it's crucial for transparency and accountability within the government.
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Valentin
1 year ago
I agree, Option D ensures accurate tracking of the asset's value.
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Barbra
1 year ago
Option C is the way to go! Keeping the asset in the tracking system with no change in book value is the most straightforward approach.
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Chantay
1 year ago
I agree with Ona. It makes sense to keep track of the asset without changing the book value for either department.
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Ona
1 year ago
I think the capital asset should be retained in the fixed asset tracking system with no change in book value to either department.
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