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: Apr 28, 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

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

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

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 5

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

Page: 1 / 24

Total 116 Questions | Updated On: Apr 28, 2026

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