AGA Exam GAFRB Topic 1 Question 7 Discussion

Actual exam question for AGA's GAFRB exam

Question #: 7
Topic #: 1

An example of a federal principal financial statement is the

AStatement of Operations.

BStatement of Budgetary Resources.

CStatement of Cash Flows.

DStatement of Net Income.
Federal principal financial statements are required under OMB Circular A-136 and FASAB standards. They include:
Statement of Budgetary Resources (SBR)
Balance Sheet
Statement of Net Cost
Statement of Changes in Net Position
Statement of Custodial Activity (if applicable)
There is no ''Statement of Cash Flows'' or ''Statement of Net Income'' in federal accounting --- those are private-sector financial statements.
Relevant Reference:
OMB Circular A-136
FASAB SFFAS No. 53 -- Principal Financial Statements
Treasury Financial Manual (TFM) Volume I
Answer : B. Statement of Budgetary Resources

Show Suggested Answer

Suggested Answer: B

by Maryann at Jul 10, 2025, 04:28 AM

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Evan

4 days ago

I agree with you, Kerrie. The federal principal financial statements include that.

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Kerrie

8 days ago

I think the answer is B) Statement of Budgetary Resources.

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