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: Dec 16, 2025

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Question 1

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 2

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 3

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 4

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 5

For state and local governments, a fund that is legally restricted to the use of earnings with the principal protected is

A : an enterprise fund.

B : a permanent fund.

C : an internal service fund.

D : a general fund.

Answer: B

Page: 1 / 24

Total 116 Questions | Updated On: Dec 16, 2025

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