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AGA Exam CGFM 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

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Suggested Answer: D

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

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Winifred
2 months ago
Option F: Flip a coin. Accounting is hard, let's just wing it!
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Gracie
1 months ago
B) recorded with the second department to minimize costs.
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Jesse
1 months ago
A) recorded with the original department to maximize receipts.
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Flo
1 months 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 months 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
2 months 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
24 days ago
Option E: Sell the asset to the highest bidder and split the proceeds.
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Raymon
28 days 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 months 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
2 months 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 months ago
I agree, maximizing receipts for an internal transfer doesn't seem necessary.
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Dong
1 months 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 months ago
A) recorded with the original department to maximize receipts.
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Josefa
3 months 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
29 days ago
Yeah, I see your point. Let's go with option D then.
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Aimee
1 months ago
That's a good point, it would provide a clear record of the transfer.
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Kristin
1 months 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 months ago
I think it should be recorded with the second department to minimize costs.
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Leonardo
3 months ago
I disagree. I think the asset should be recorded with the second department to minimize costs.
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Krystina
3 months 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
2 months ago
Yes, it's crucial for transparency and accountability within the government.
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Valentin
2 months ago
I agree, Option D ensures accurate tracking of the asset's value.
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Barbra
3 months 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
3 months 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
4 months 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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