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: Mar 08, 2026

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Question 1

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 2

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

Question 3

The objectives of federal financial reporting include all of the following EXCEPT

A : systems and control.

B : budgetary integrity.

C : mission readiness.

D : stewardship.

Answer: C

Question 4

The objectives of federal financial reporting include all of the following EXCEPT

A : systems and control.

B : budgetary integrity.

C : mission readiness.

D : stewardship.

Answer: C

Question 5

The objectives of federal financial reporting include all of the following EXCEPT

A : systems and control.

B : budgetary integrity.

C : mission readiness.

D : stewardship.

Answer: C

Page: 1 / 24

Total 116 Questions | Updated On: Mar 08, 2026

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