Free AGA GAFRB Exam Questions

Become AGA Certified with updated GAFRB exam questions and correct answers

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Total 116 Questions | Updated On: Aug 18, 2026

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Question 1

Separate fund financial statements should be presented for

A : net assets and activities.

B : governmental and proprietary funds.

C : long-term debt.

D : capital assets.

Answer: B

Question 2

The federal budget baseline forecast reflects the estimated

A : receipts, outlays, and deficit or surplus under the President's Budget.

B : effects of enacting Congressional appropriations bills on federal receipts and spending.

C : receipts, outlays, and deficit or surplus that would result from continuing current law or policies.

D : effects of current law on recipients of federal benefits.

Answer: C

Question 3

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

A : legislature.

B : governing body.

C : taxpayers.

D : local media.

Answer: B

Question 4

A legally separate organization for which the elected officials of the primary government are financially accountable describes a

A : fiscally dependent organization.

B : component unit.

C : joint venture entity.

D : jointly governed organization.

Answer: B

Question 5

Which of the following events is an example of an expenditure but not an expense?

A : At the end of the fiscal year, the government signs a contract to buy office furniture.

B : At the end of the fiscal year, the government pays its employees for work performed.

C : At the end of the fiscal year, the government pays for ten vehicles which will be depreciated over five years.

D : At the end of the fiscal year, the government receives and pays its electric bill for the previous month.

Answer: C

Page: 1 / 24

Total 116 Questions | Updated On: Aug 18, 2026

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