AGA GAFRB Exam - Topic 1 Question 2 Discussion

Actual exam question for AGA's GAFRB exam

Question #: 2
Topic #: 1

A federal AFR includes all of the following EXCEPT

Athe RSI.

Ban audit opinion.

Ca standard general ledger trial balance.

Dthe 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

Show Suggested Answer

Suggested Answer: C

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

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Verona

2 months ago

Are we sure about this? Seems odd to leave out the trial balance.

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Marjory

2 months ago

Wait, really? I thought the trial balance was essential.

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Arlette

3 months ago

Just a reminder, the MD&A is a must-have in the AFR.

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Domitila

3 months ago

Totally agree, it's not part of the report!

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Michell

3 months ago

The AFR doesn't include the SGL trial balance.

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Arlean

3 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

4 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

4 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

4 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

4 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

4 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

5 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

5 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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