Try and practice the latest AGA : GAFRB real questions & answers

Last Updated: Sep 13, 2026

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AGA GAFRB Practice Q&A's

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Prefer studying from paper, practicing offline, or testing yourself in a browser? Actual4Cert offers the GAFRB practice questions as a printable PDF, a desktop test engine, and an online test engine, so your AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) preparation fits your routine.

AGA GAFRB Exam Overview:

Certification Vendor:AGA (Association of Government Accountants)
Exam Name:Governmental Accounting, Financial Reporting and Budgeting
Exam Number:GAFRB (Examination 2)
Exam Price:USD $125
Available Languages:English
Related Certifications:Certified Government Financial Manager (CGFM)
Passing Score:75%
Exam Duration:150 minutes
Exam Format:Multiple Choice
Real Exam Qty:115
Certificate Validity Period:N/A (Certification valid with maintenance)
Sample Questions: DOWNLOAD DEMO
Exam Way:Computer-based testing at Pearson VUE centers or online proctoring.
Pre Condition:Must be accepted into the CGFM program before scheduling the exam.
Official Syllabus URL:https://www.agacgfm.org/CGFM/Exams/Exam-Content-Outlines.aspx

AGA GAFRB Exam Syllabus Topics:

SectionWeightObjectives
Governmental Financial Accounting, Reporting and Budgeting: General Knowledge40%- Budgeting and budgetary accounting
  • 1. Types of budgets (operating, capital)
  • 2. Budgetary vs. proprietary accounting
  • 3. Budgetary integration and encumbrances
- Influences, objectives and role of standards
  • 1. Concept of interperiod equity
  • 2. Characteristics of information in financial reporting
  • 3. Objectives of governmental financial reporting
  • 4. Roles of FASB, GASB, and FASAB
  • 5. Unique financial aspects of the governmental environment
- Fund accounting and financial statements
  • 1. Government-wide financial statements
  • 2. Fund types (governmental, proprietary, fiduciary)
  • 3. Fund financial statements
  • 4. Measurement focus and basis of accounting
State and Local Financial Accounting and Reporting30%- GASB standards application
  • 1. Expenditure recognition
  • 2. Capital assets and depreciation
  • 3. Revenue recognition (e.g., property taxes)
  • 4. Long-term liabilities
- Interfund transactions and activity
  • 1. Interfund services provided and used
  • 2. Interfund loans and transfers
- Financial reporting requirements
  • 1. Notes to financial statements
  • 2. MD&A (Management's Discussion and Analysis)
  • 3. Comprehensive Annual Financial Report (CAFR) / Annual Comprehensive Financial Report (ACFR)
  • 4. Required supplementary information (RSI)
Federal Financial Accounting and Reporting30%- Federal financial statements
  • 1. Statement of Net Cost
  • 2. Balance Sheet
  • 3. Statement of Changes in Net Position
  • 4. Statement of Budgetary Resources
- Specific federal topics
  • 1. U.S. Standard General Ledger (USSGL)
  • 2. Custodial and revolvial funds
  • 3. Federal debt
- Federal accounting environment
  • 1. Role of FASAB
  • 2. Federal budgetary equation and terms
  • 3. Relationship with OMB, Treasury, and GAO

Everything Candidates Ask About the GAFRB Exam

The AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) exam (exam code GAFRB) is the official AGA exam that leads to the Government Financial Manager certification, sitting at the Intermediate level of the AGA certification track. It is also connected with Certified Government Financial Manager (CGFM). If this is the credential you are working toward, the 117 practice questions at Actual4Cert map directly to its objectives.

The AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) exam includes 115 questions, and you have 150 minutes to complete them. Divide the time limit by the question count and you get a tight average pace per item, so train yourself to flag time-consuming questions and return to them later instead of getting stuck. Before test day, run at least one full timed session in the Actual4Cert test engine under the same limits — the clock should never surprise you.

The passing score for AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) is 75%, and the official registration fee is USD $125. A failed attempt means paying that fee in full again, so your preparation budget deserves the same attention as your study plan. A practical rule: book your exam date only after you can finish a Actual4Cert practice test comfortably above the passing score more than once.

According to AGA, candidates should meet the following before registering: Must be accepted into the CGFM program before scheduling the exam.. Requirements can change, so confirm the latest details on the official exam page before you register.

Yes. A free PDF demo of the GAFRB practice questions is available to download, so you can judge the format and quality before paying anything. Every purchase also includes 365 days of free updates, and if your product expires you can extend the update service at a 50% discount.

Your order is covered by a conditional 100% money-back guarantee: if you take the corresponding exam within 60 days of purchase and do not pass, you may apply for a full refund. Exams taken within 3 days of purchase are not eligible, nor are free materials or expired orders, and the candidate name must match the payer name. To claim, submit a scanned enrollment slip and your official Score Report PDF within 2 days of the exam; claims are processed within 7 days. Prefer to keep studying? You can instead exchange your purchase for two free products of equal value while keeping the update service on your original one. Delivery itself is immediate: your product unlocks for instant download right after payment and a copy is emailed to you within a minute — if nothing arrives within 2 hours, contact our support team. There is no limit on the number of computers you can install it on.

The AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) blueprint is divided into 3 major domains, starting with State and Local Financial Accounting and Reporting (30%), Federal Financial Accounting and Reporting (30%), and Governmental Financial Accounting, Reporting and Budgeting: General Knowledge (40%). The full breakdown, including every subdomain and its weighting, is listed in the Exam Topics section above — review it against your own weak areas before scheduling the exam.

AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions:

Question #1

Which entity assists the president in overseeing the preparation of the President's Budget?

  • A. Congressional Budget Office
  • B. the U.S. Department of the Treasury
  • C. GAO
  • D. OMB
Answer: D

Explanation: Only visible for Actual4Cert members. You can sign-up / login (it's free).

Question #2

Separate fund financial statements should be presented for

  • A. capital assets.
  • B. long-term debt.
  • C. governmental and proprietary funds.
  • D. net assets and activities.
Answer: C

Explanation: Only visible for Actual4Cert members. You can sign-up / login (it's free).

Question #3

State Medicaid caseloads have been exceeding projections for the past two months. Review of the data indicates the increase is likely to continue, leading to the need for significant supplemental appropriations before the end of the fiscal year. Based upon this information, what is the first action the state director of Medicaid should take?

  • A. Impose a hiring freeze and hold all spending approvals for contracts and purchases on the affected departments.
  • B. Inform the governor of the situation and options for addressing the shortfall.
  • C. Confer with the chairmen or staff directors of the House and Senate appropriations committees concerning the need to call a legislative special session.
  • D. Inform the legislative counsel bureau about the potential over-expenditure.
Answer: B

Explanation: Only visible for Actual4Cert members. You can sign-up / login (it's free).

Question #4

A state grant will reimburse a city for 40% of the architectural, construction and project management costs to build an annex to a city building. A city employee, who is paid salary and benefits of 510,000 a month, works half-time on the project for six months.
The city reports the following project budgeted and actual costs:
Purpose Budget Actual
Architectural fees $ 100.000 $ 90,000
Construction costs $10,500,000 $10,000,000
Based upon the above information, what is the amount of allowable costs that the state will reimburse the city on the grant?

  • A. $4.060.000
  • B. $4.048.000
  • C. $4,252,000
  • D. $4.264.000
Answer: B

Explanation: Only visible for Actual4Cert members. You can sign-up / login (it's free).

Question #5

In state and local financial audits, material weaknesses must be reported to the

  • A. governing body.
  • B. legislature.
  • C. taxpayers.
  • D. local media.
Answer: A

Explanation: Only visible for Actual4Cert members. You can sign-up / login (it's free).

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