Although the PANAS is widely used in affect research there are some controversies regarding its structure. Two related studies were reported providing evidence that a Serbian adaptation of the PANAS represents a valid and reliable measure of self-reported affect. Study 1 (N = 455), showed that its psychometric properties and correlates obtained in a Serbian sample are highly comparable to those reported in the American validation study. Additionally, a hierarchical structure of specific affects within the PANAS was explored via a second-order confirmatory analysis. Results showed that Joviality, Self-Assurance, and Attentiveness can be regarded as lower-order factors of Positive Affect, whereas Fear, Self- Disgust, and Hostility seem to represent lower-order factors of Negative Affect. Study 2 (N = 87) demonstrated differential momentary activations of the identified lower-order factors in the real-life situation of taking an exam. The construct validity of the specific subscales was supported. Among the subscales, Self-Disgust had inadequate psychometric properties. [Projekat Ministarstva nauke Republike Srbije, br. 179006]