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AGA GAFRB Exam - Topic 1 Question 2 Discussion

A federal AFR includes all of the following EXCEPT
C) a standard general ledger trial balance.
A) the RSI.
B) an audit opinion.
D) the MD&A. An Agency Financial Report (AFR), required by OMB Circular A-136, must include the following core components: Management's Discussion and Analysis (MD&A) Financial Section (includes basic financial statements and accompanying notes) Required Supplementary Information (RSI) Auditor's Opinion (if audited) However, the Standard General Ledger (SGL) trial balance is not included in the AFR itself. While agencies must use the SGL for financial reporting consistency and submit trial balances to Treasury (e.g., via GTAS), the trial balance is not published in the AFR. Relevant Reference: OMB Circular A-136 Treasury Financial Manual (TFM) FASAB SFFAS No. 53 -- Financial Reporting Answer : C. a standard general ledger trial balance

AGA GAFRB Exam - Topic 1 Question 2 Discussion

Actual exam question for AGA's GAFRB exam
Question #: 2
Topic #: 1
[All GAFRB Questions]

A federal AFR includes all of the following EXCEPT

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Suggested Answer: C

by Dianne at Jul 05, 2025, 04:09 AM

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Verona
7 months ago
Are we sure about this? Seems odd to leave out the trial balance.
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Marjory
7 months ago
Wait, really? I thought the trial balance was essential.
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Arlette
7 months ago
Just a reminder, the MD&A is a must-have in the AFR.
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Domitila
7 months ago
Totally agree, it's not part of the report!
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Michell
8 months ago
The AFR doesn't include the SGL trial balance.
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Arlean
8 months ago
I recall that the MD&A and audit opinion are definitely included, but I can’t remember if the trial balance was ever listed as a requirement.
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Freeman
8 months ago
I’m a bit uncertain about the RSI part, but I feel like the trial balance is definitely not part of the AFR.
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Michal
8 months ago
I think the answer is C because we practiced a similar question about what’s included in the AFR, and the trial balance wasn’t mentioned.
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Dawne
9 months ago
I remember we discussed the core components of the AFR, but I’m not completely sure if the trial balance is included or not.
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Janey
9 months ago
I remember learning about the AFR requirements in class. I'm pretty sure the trial balance is not part of the official AFR document, so I'll go with that as the EXCEPT item.
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Buffy
9 months ago
Okay, let me walk through this step-by-step. The AFR has the MD&A, financial statements, RSI, and auditor's opinion. The trial balance is not one of the required components, so that must be the answer.
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Herman
9 months ago
Hmm, I'm a little unsure about this. The question is asking what the AFR doesn't include, so I need to think carefully about all the required components.
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Mindy
9 months ago
I'm pretty confident I know the answer to this one. The AFR includes the MD&A, financial statements, and auditor's opinion, but not the standard general ledger trial balance.
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Jesusa
11 months ago
Haha, the trial balance? That's like asking for the janitor's log in a CEO's report. Nice try, test-makers!
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Buffy
11 months ago
Man, I bet the exam writer was just trying to trip us up with that one. Good thing I read the circular carefully.
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Samira
10 months ago
I know right, that was a tricky one. Good thing we studied.
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Edgar
11 months ago
Hmm, the trial balance is more like a behind-the-scenes supporting document. Not something you'd find in the final AFR.
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Lisha
11 months ago
Yep, the trial balance is definitely not one of the core components. Gotta love these tricky accounting questions.
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Darrin
10 months ago
Definitely, always have to be careful when it comes to financial reporting.
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Deonna
11 months ago
Yeah, it's important to pay attention to the details.
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Reena
11 months ago
I know, these accounting questions can be tricky sometimes.
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Maurine
11 months ago
So, the correct answer is definitely C) a standard general ledger trial balance.
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Dick
12 months ago
Yes, the MD&A is included in the AFR, along with the RSI and audit opinion.
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Shay
12 months ago
But what about the MD&A, isn't that included in the AFR?
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Carman
12 months ago
Hah, a standard general ledger trial balance? Really? That's like asking for the secret sauce recipe in a financial report.
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Shawnta
12 months ago
Ah, the old SGL trial balance trick! I knew that wasn't part of the AFR. Good thing I brushed up on those OMB circulars.
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Amalia
11 months ago
User 2
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Leoma
11 months ago
Yeah, the SGL trial balance is not part of the AFR.
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Claribel
11 months ago
User 1
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Maurine
12 months ago
I agree with Dick, the AFR does not include the SGL trial balance.
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Dick
1 year ago
I think the answer is C) a standard general ledger trial balance.
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