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Vendor: | AGA |
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Exam Code: | GAFRB |
Exam Name: | Examination 2: Governmental Accounting, Financial Reporting and Budgeting |
Exam Questions: | 115 |
Last Updated: | October 5, 2025 |
Related Certifications: | Certified Government Financial Manager |
Exam Tags: | AGA Financial Analysis Professional Level government financial analysts |
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Which of the following federal collections are typically accounted for in a deposit fund?
Deposit funds are a type of fiduciary fund used by federal agencies to account for monies held temporarily for others and where the government does not have ownership. These funds are not available for general government use and are excluded from budgetary resources.
Examples include:
Unidentified remittances
Bid deposits or earnest money
Collections awaiting resolution of ownership
These do not represent revenue to the federal government and are instead liabilities until disbursed.
Relevant Reference:
Treasury Financial Manual (TFM), Volume I, Part 2, Chapter 1500 -- Deposit Fund Accounts
GAO Red Book -- Federal Appropriations Law
FASAB SFFAS No. 1 -- Accounting for Selected Assets and Liabilities
Answer : C. funds held temporarily until ownership is determined
Which federal agency activities would most likely use a trust fund to account for funds received and paid?
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