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 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 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

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 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

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: Mar 08, 2026

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