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: Jun 16, 2026

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Question 1

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 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

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 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

A state department has been developing a new computer system for managing federal grants. The project has the following costs: What amount should be recorded as the value of the intangible asset?

A : $575.000

B : $705.000

C : $755,000

D : $915.000

Answer: C

Page: 1 / 24

Total 116 Questions | Updated On: Jun 16, 2026

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