VIP Exclusive
GAC Governmental Accounting Certification VIP Practice Exam
GAC — This exam mirrors the Certified Government Financial Manager (CGFM) examinations administered by the Association of Government Accountants (AGA), which consist of three separate computer-based exams (Governmental Environment; Governmental Financial Management and Control; Governmental Financial Reporting and Financial Statements), each containing 115 questions with a 2-hour time limit and an approximate 75% passing threshold.
29
Questions
120m
Time Limit
75.00%
To Pass
Question 1 of 29👑 VIP
A city's General Fund reports a $4.2 million fund balance at year-end. After analysis, the finance director determines that $800,000 is legally restricted by state law for road maintenance, $600,000 has been committed by council resolution for an economic development initiative, $500,000 has been assigned by the budget officer for anticipated first-quarter expenditures, and the remainder is unassigned. Under GASB Statement No. 54, what amount should be reported as 'Unassigned' fund balance?
Questions 2–29 and full explanations are VIP-exclusive.