Free Preparation Discussions
MENU
AGA GAFRB Exam Questions
- Topic 1: Governmental Financial Accounting, Reporting and Budgeting: General Knowledge:This section of the exam measures skills of government financial analysts and covers the unique aspects of governmental accounting that distinguish it from private sector practices, such as service over profit and the critical role of the budget. It emphasizes the objectives of financial reporting in the public sector, the role of standard-setting bodies like GASB, FASB, FASAB, and IPSASB, and the due process for setting accounting standards. It also includes knowledge of interperiod equity, budgetary compliance, sustainability, and the characteristics of quality financial information.
- Topic 2: State and Local Financial Accounting and Reporting: This section of the exam measures skills of public sector accountants and focuses on applying GASB standards to define reporting entities and component units. It explores the structure and purpose of various fund types and the basis of accounting for each. Candidates must understand the format and content of the Annual Comprehensive Financial Report and the purpose of popular reports for public transparency.
- Topic 3: Federal Financial Accounting and Reporting: This section of the exam measures skills of government financial analysts and covers the roles of FASAB, OMB, Treasury, and GAO in federal accounting. It includes an understanding of federal budgetary terminology and the federal budgetary equation. The section differentiates between budgetary and proprietary accounting and outlines the structure and use of various federal fund types. It explains how to record key budgetary transactions like appropriations and obligations and proprietary transactions such as payroll and depreciation.
Free AGA GAFRB Exam Actual Questions
Note: Premium Questions for GAFRB were last updated On Jul. 01, 2025 (see below)
What must a federal agency receive from the U.S. Department of the Treasury before it can begin spending an appropriation?
What fund category traditionally accounts for the general services to the public such as public safety, health, transportation, social services and the administration of the government?
A legally separate organization for which the elected officials of the primary government are financially accountable describes a
A component unit is a legally separate entity for which the elected officials of the primary government are financially accountable. This accountability may arise if the primary government:
Appoints a majority of the governing board, and
Is able to impose its will or has the potential to receive financial benefits or bear financial burdens.
Component units are reported in the financial statements of the primary government, either as blended or discretely presented entities.
Relevant Standards and Reference:
GASB Statement No. 14, The Financial Reporting Entity
GASB Statement No. 61, The Financial Reporting Entity: Omnibus
GASB Codification Section 2100: Defining the Financial Reporting Entity
Therefore, Option B is correct.
The major difference in applying the accrual concept in governmental fund accounting, as opposed to private-sector accounting, is that revenues are
- Select Question Types you want
- Set your Desired Pass Percentage
- Allocate Time (Hours : Minutes)
- Create Multiple Practice tests with Limited Questions
- Customer Support
Currently there are no comments in this discussion, be the first to comment!