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Three versions, free demos for each: the AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) package from ExamPrepAway comes as a printable PDF, a Windows SOFT engine, and an online engine, so you can try every format before choosing. All carry the same GAFRB questions.

AGA GAFRB Exam Overview:

Certification Vendor:AGA (Association of Government Accountants)
Exam Name:Governmental Accounting, Financial Reporting and Budgeting
Exam Number:GAFRB (Examination 2)
Related Certifications:Certified Government Financial Manager (CGFM)
Available Languages:English
Passing Score:75%
Certificate Validity Period:N/A (Certification valid with maintenance)
Exam Format:Multiple Choice
Real Exam Qty:115
Exam Price:USD $125
Exam Duration:150 minutes
Sample Questions: DOWNLOAD DEMO
Exam Way:Computer-based testing at Pearson VUE centers or online proctoring.
Pre Condition:Must be accepted into the CGFM program before scheduling the exam.
Official Syllabus URL:https://www.agacgfm.org/CGFM/Exams/Exam-Content-Outlines.aspx

AGA GAFRB Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Governmental Financial Accounting, Reporting and Budgeting: General Knowledge40%- Influences, objectives and role of standards
  • 1. Characteristics of information in financial reporting
  • 2. Concept of interperiod equity
  • 3. Objectives of governmental financial reporting
  • 4. Roles of FASB, GASB, and FASAB
  • 5. Unique financial aspects of the governmental environment
- Fund accounting and financial statements
  • 1. Fund types (governmental, proprietary, fiduciary)
  • 2. Fund financial statements
  • 3. Measurement focus and basis of accounting
  • 4. Government-wide financial statements
- Budgeting and budgetary accounting
  • 1. Types of budgets (operating, capital)
  • 2. Budgetary integration and encumbrances
  • 3. Budgetary vs. proprietary accounting
Topic 2: State and Local Financial Accounting and Reporting30%- GASB standards application
  • 1. Revenue recognition (e.g., property taxes)
  • 2. Expenditure recognition
  • 3. Capital assets and depreciation
  • 4. Long-term liabilities
- Financial reporting requirements
  • 1. Required supplementary information (RSI)
  • 2. Comprehensive Annual Financial Report (CAFR) / Annual Comprehensive Financial Report (ACFR)
  • 3. Notes to financial statements
  • 4. MD&A (Management's Discussion and Analysis)
- Interfund transactions and activity
  • 1. Interfund loans and transfers
  • 2. Interfund services provided and used
Topic 3: Federal Financial Accounting and Reporting30%- Federal financial statements
  • 1. Statement of Changes in Net Position
  • 2. Statement of Budgetary Resources
  • 3. Balance Sheet
  • 4. Statement of Net Cost
- Specific federal topics
  • 1. U.S. Standard General Ledger (USSGL)
  • 2. Custodial and revolvial funds
  • 3. Federal debt
- Federal accounting environment
  • 1. Role of FASAB
  • 2. Relationship with OMB, Treasury, and GAO
  • 3. Federal budgetary equation and terms

FAQ: Choosing and Using AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Prep

AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) is an official AGA (Association of Government Accountants) exam, catalogued under the code GAFRB. Passing it earns you the Government Financial Manager certification at the Intermediate level. It also connects with Certified Government Financial Manager (CGFM). The credential carries the vendor's authority, which is why it keeps opening doors for the people who hold it.

Yes, and for every version. ExamPrepAway provides free demos of the AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) material so you can compare the PDF, SOFT, and online formats before deciding. After purchase, updates are free for 365 days, and when your product expires you can extend the update service at a 50% discount.

AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) gives you 115 questions inside 150 minutes. Rather than cramming mechanically, rehearse the pace actively: the ExamPrepAway SOFT engine teaches through timed exercises, so flagging, skipping, and returning become reflexes before exam day rather than improvisations during it.

Passing AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) requires 75%, and official registration costs USD $125. Since every retake bills the full USD $125 again, the sensible sequence is practice first, book second. When your ExamPrepAway practice scores clear the requirement across repeated sessions, the exam stops being a gamble.

Must be accepted into the CGFM program before scheduling the exam.

Vendor rules change over time, so confirm the current conditions before registering on the official exam page.

A 100% money-back guarantee covers you under stated conditions. Take the AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) exam within 60 days of purchase; if you fail, you may claim a full refund, provided the exam matches your product. Attempts within 3 days of purchase are ineligible, as are downloaded-but-unused products, free materials, and expired orders; the candidate name must match the payer name. Submit a scanned enrollment slip and the official Score Report PDF within 2 days of the exam, and claims are processed within 7 days. You may instead exchange for two other exam products of equal value, free, keeping the update service on your original purchase.

Delivery is safe and fast: payment runs through a secure environment, files unlock for download at once, and everything is emailed to you within one minute. If nothing arrives within 2 hours, check spam and consult our online service. Installation is unlimited across your computers.

AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) is divided into 3 official domains, led by State and Local Financial Accounting and Reporting (30%), Governmental Financial Accounting, Reporting and Budgeting: General Knowledge (40%), and Federal Financial Accounting and Reporting (30%). The complete breakdown is above on this page; candidates who study the syllabus first waste the least time later.

AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions:

An agency operates out of a building that is on the Register of Historic Places; the building is classified as a multi-use federal asset. If the agency recently paid to renovate the office space in the building, the cost for the renovation should be treated as a

  • A. stewardship investment.
  • B. heritage asset.
  • C. mission property.
  • D. general property, plant and equipment expense.
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

Explanation: Only visible for ExamPrepAway members. You can sign-up / login (it's free).

The footnotes to audited financial statements disclose

  • A. information about the auditor's opinion on the financial statements.
  • B. the agency's performance metrics.
  • C. a summary of significant accounting policies.
  • D. the accounting principles used to prepare the financial statements.
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

Explanation: Only visible for ExamPrepAway members. You can sign-up / login (it's free).

A budget document that lists the budget by social services, affordable housing and supplies includes which of the following significant elements?

  • A. organizational unit, program, category
  • B. function, category, object class
  • C. function, program, object class
  • D. program, function, category
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

Explanation: Only visible for ExamPrepAway members. You can sign-up / login (it's free).

Which of the following events requires both a proprietary and a budgetary accounting entry?

  • A. A budget officer allots resources to a program office to buy printers.
  • B. A contracting officer's representative receives delivery of previously ordered printers.
  • C. A contracting officer signs a contract to buy printers.
  • D. A funds certifying official commits resources to order printers.
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

Explanation: Only visible for ExamPrepAway members. You can sign-up / login (it's free).

A county is projecting a $7 million budget deficit in the upcoming fiscal year, so the county board, who acts as the highest level of authority for the county, sets aside $7 million in fund balance to close this gap. How should the $7 million be classified on the financial statement?

  • A. Assigned Fund Balance
  • B. Restricted Fund Balance
  • C. Committed Fund Balance
  • D. Nonspendable Fund Balance
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

Explanation: Only visible for ExamPrepAway members. You can sign-up / login (it's free).

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