AGA Exam CGFM Topic 3 Question 61 Discussion

Actual exam question for AGA's CGFM exam

Question #: 61
Topic #: 3

[All CGFM Questions]

A capital asset transferred to another department within the same government should be

Arecorded with the original department to maximize receipts.

Brecorded with the second department to minimize costs.

Cretained in the government's fixed asset tracking system with no change in book value to either department.

Dretained in the government's fixed asset tracking system showing the book value of the asset transferred to the receiving department.

Show Suggested Answer

Suggested Answer: D

by Curt at Oct 23, 2024, 09:57 PM

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Winifred

1 months ago

Option F: Flip a coin. Accounting is hard, let's just wing it!

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Gracie

6 days ago

B) recorded with the second department to minimize costs.

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Jesse

10 days ago

A) recorded with the original department to maximize receipts.

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Flo

13 days ago

D) retained in the government's fixed asset tracking system showing the book value of the asset transferred to the receiving department.

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Donette

14 days ago

C) retained in the government's fixed asset tracking system with no change in book value to either department.

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Lettie

1 months ago

Option E: Sell the asset to the highest bidder and split the proceeds. Who needs bureaucracy when you can make a quick buck?

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Raymon

9 days ago

C) retained in the government's fixed asset tracking system with no change in book value to either department.

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Mickie

1 months ago

Option A? Really? Why would we want to maximize receipts for an internal transfer? That doesn't make much sense.

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Leila

3 days ago

I agree, maximizing receipts for an internal transfer doesn't seem necessary.

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Dong

7 days ago

C) retained in the government's fixed asset tracking system with no change in book value to either department.

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Nadine

13 days ago

A) recorded with the original department to maximize receipts.

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Josefa

2 months ago

Hmm, I'm torn between B and D. I guess it depends on whether we want to minimize costs or have a clear record of the transfer.

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Jesusa

Yeah, I see your point. Let's go with option D then.

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Aimee

4 days ago

That's a good point, it would provide a clear record of the transfer.

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Kristin

6 days ago

But wouldn't it be better to retain it in the fixed asset tracking system with the book value of the asset transferred?

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Amira

11 days ago

I think it should be recorded with the second department to minimize costs.

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Leonardo

2 months ago

I disagree. I think the asset should be recorded with the second department to minimize costs.

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Krystina

2 months ago

I think Option D is the right choice. It's important to reflect the asset's transfer and the receiving department's book value.

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Sherrell

28 days ago

Yes, it's crucial for transparency and accountability within the government.

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Valentin

1 months ago

I agree, Option D ensures accurate tracking of the asset's value.

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Barbra

2 months ago

Option C is the way to go! Keeping the asset in the tracking system with no change in book value is the most straightforward approach.

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Chantay

3 months ago

I agree with Ona. It makes sense to keep track of the asset without changing the book value for either department.

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Ona

3 months ago

I think the capital asset should be retained in the fixed asset tracking system with no change in book value to either department.

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