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: Jul 30, 2025

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Question 1

Which type of cost is generally allowed for a grant under the OMB Uniform Guidance?

A : interest payments

B : general government expenses

C : materials and supplies

D : lobbying expenses

Answer: C

Question 2

Which of the following situations may cause contingent liabilities?

A : loss on the sale of an asset

B : building with asbestos

C : impairment of an asset

D : unrealized loss

Answer: B

Question 3

Which type of cost is generally allowed for a grant under the OMB Uniform Guidance?

A : interest payments

B : general government expenses

C : materials and supplies

D : lobbying expenses

Answer: C

Question 4

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

Question 5

An agency is developing a lee for services to cover all direct operating expenditures. Which of the following should be included in the fee calculation?

A : supplies, equipment depreciation, staffing

B : staffing, location rent, equipment depreciation

C : supplies, equipment depreciation, location rent

D : staffing, location rent, supplies

Answer: B

Page: 1 / 24

Total 116 Questions | Updated On: Jul 30, 2025

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