Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB): GAFRB Exam
"Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB)", also known as GAFRB exam, is a AGA Certification. With the complete collection of questions and answers, PrepAwayPDF has assembled to take you through 117 Q&As to your GAFRB Exam preparation. In the GAFRB exam resources, you will cover every field and category in Government Financial Manager Certification helping to ready you for your successful AGA Certification.
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The GAFRB exam gets harder as its value rises — that is exactly why passing it earns attention from serious employers. PrepAwayPDF prepares you properly: 117 practice questions refined over years by a dedicated team of experts, with 365 days of free updates.
AGA GAFRB Exam Overview:
| Certification Vendor: | AGA (Association of Government Accountants) |
|---|---|
| Exam Name: | Examination 2: Governmental Accounting, Financial Reporting and Budgeting |
| Exam Number: | GAFRB |
| Exam Duration: | 135 minutes |
| Exam Price: | $150 USD |
| Passing Score: | 60% |
| Certificate Validity Period: | 18 months eligibility period; certification valid indefinitely with continuing education |
| Exam Format: | Multiple-choice questions, Computer-based exam |
| Available Languages: | English |
| Related Certifications: | Examination 3: Governmental Financial Management and Control Examination 1: Governmental Environment |
| Real Exam Qty: | 115 |
| Recommended Training: | AGA Official Study Materials |
| Exam Registration: | AGA Official Registration Pearson VUE Scheduling |
| Sample Questions: | DOWNLOAD DEMO |
| Exam Way: | Onsite at Pearson VUE centers or online proctored via OnVUE |
| Pre Condition: | Bachelor's degree from accredited institution; no prior exam required; 2 years relevant experience needed before certification award |
| Official Syllabus URL: | https://www.agacgfm.org/CGFM/Candidates/CGFMProcess/Examination/Exam2.aspx |
AGA GAFRB Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| State and Local Financial Accounting and Reporting | 30% | - GASB standards and reporting entity definition
- Fund accounting and classification
|
| Governmental Financial Accounting, Reporting and Budgeting: General Knowledge | 40% | - Measurement focus and basis of accounting
|
| Federal Financial Accounting and Reporting | 30% | - Budgetary and proprietary accounting
- Federal financial statements and reporting
|
AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Exam FAQ
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The passing score for the AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) exam is 60%, and registration costs $150 USD. A retake means the same fee again — a sound reason to test your readiness with the PrepAwayPDF engines before committing to a date.
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AGA recommends these training resources for the AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) exam:
After the training, the 117 practice questions from PrepAwayPDF let you make full use of sporadic time — short sessions that steadily convert study into readiness.
The AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) exam presents 115 with 135 minutes available. That pace is demanding — rehearse it in the timed mode of the PrepAwayPDF Desktop Test Engine until it feels familiar.
The official AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) outline comprises 3 domains. The three largest are Governmental Financial Accounting, Reporting and Budgeting: General Knowledge (40%), State and Local Financial Accounting and Reporting (30%), and Federal Financial Accounting and Reporting (30%). The full list appears in the topics section above, and the 117 practice questions at PrepAwayPDF cover all of them.
The GAFRB exam is a AGA certification exam built around the AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) syllabus shown above. It feeds into these credential paths: Examination 1: Governmental Environment, Examination 3: Governmental Financial Management and Control. Precisely because the exam is demanding, passing it earns real attention from employers in 2026. PrepAwayPDF prepares you with 117 practice questions in PDF, Desktop Test Engine, and Online Test Engine formats.
Bachelor's degree from accredited institution; no prior exam required; 2 years relevant experience needed before certification award Requirements can change, so verify the latest on the official AGA exam page before scheduling.
The complete preparation toolkit: 117 practice questions for the AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) exam in three formats — a printable, expert-prepared PDF with instant download; a Desktop Test Engine for Windows that simulates the real exam with two practice modes and works offline; and an Online Test Engine for any browser on Windows, Mac, Android, and iOS with test history and performance review. Included as well: a free demo, 365 days of free updates, a 50% renewal discount afterward, and unlimited computer installations — all from a platform refined through years of expert effort.
AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions:
The Department of Health and Human Services prepares a financial statement displaying costs of each major program as they relate to the department's outcomes and outputs. The title of this financial statement is the
- A. Statement of Custodial Activity.
- B. Statement of Changes in Net Position.
- C. Statement of Budgetary Resources.
- D. Statement of Net Cost.
Correct Answer: D 🗳️
Explanation: Only visible for PrepAwayPDF members. You can sign-up / login (it's free).
Governmental funds reported $80 million current expenditures and $2 million capital outlays. The reconciliation of the Statement of Revenues. Expenditures, and Change in Fund Balance to the Statement of Activities starts with the total net change in fund balances in the governmental fund and
- A. $80 million in current expenditures is added.
- B. $2 million in capital outlays is added.
- C. $80 million in current expenditures is subtracted.
- D. $S2 million in capital outlays is subtracted.
Correct Answer: B 🗳️
Explanation: Only visible for PrepAwayPDF members. You can sign-up / login (it's free).
The summary of significant accounting policies in the notes to the financial statements includes all of the following information EXCEPT
- A. a description of the reporting entity and major components.
- B. summary of accounting principles followed by the entity, and methods followed applying those principles.
- C. summary of changes to the GAAP impacting the financial statements.
- D. disclosure of receipt of budget authority from the entity.
Correct Answer: D 🗳️
Explanation: Only visible for PrepAwayPDF members. You can sign-up / login (it's free).
The Office of Personnel Management provides employee pension benefits for an agency's employees and bills the agency for a portion of the costs. The portion of costs not billed to the agency is an
- A. inferred cost to be recognized by the agency.
- B. inferred cost to be recognized by the Office of Personnel Management.
- C. imputed cost to be recognized by the agency.
- D. imputed cost to be recognized by the Office of Personnel Management.
Correct Answer: C 🗳️
Explanation: Only visible for PrepAwayPDF members. You can sign-up / login (it's free).
When determining the full costs of a specific product or service, if the costs cannot be directly traced to the product or service, the costs should be assigned based upon
- A. an opportunity cost approach.
- B. a cause-and-effect relationship between resource costs and outputs.
- C. an incremental or marginal relationship.
- D. a direct labor relationship.
Correct Answer: B 🗳️
Explanation: Only visible for PrepAwayPDF members. You can sign-up / login (it's free).
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