AGA Exam GAFRB 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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Shawnta

16 hours 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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Maurine

4 days ago

I agree with Dick, the AFR does not include the SGL trial balance.

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Dick

17 days ago

I think the answer is C) a standard general ledger trial balance.

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