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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

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Suggested Answer: D

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

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Lemuel
5 months ago
I thought assets had to be revalued when transferred. Is that not the case?
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Staci
5 months ago
Wait, why wouldn't the second department just take it? Seems odd.
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Clarence
6 months ago
Recording it with the second department could really help minimize costs!
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Renea
6 months ago
Totally agree, keeping it with the original department makes sense!
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Eura
6 months ago
A capital asset should stay on the books of the original department.
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Martina
6 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
7 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
7 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
7 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
7 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
7 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
8 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
8 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
11 months ago
B) recorded with the second department to minimize costs.
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Jesse
12 months ago
A) recorded with the original department to maximize receipts.
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Flo
12 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
12 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
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
11 months ago
Option E: Sell the asset to the highest bidder and split the proceeds.
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Raymon
11 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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Raymon
12 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
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
11 months ago
I agree, maximizing receipts for an internal transfer doesn't seem necessary.
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Dong
11 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
12 months 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
11 months ago
Yeah, I see your point. Let's go with option D then.
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Aimee
11 months ago
That's a good point, it would provide a clear record of the transfer.
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Kristin
11 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
12 months 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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