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

AGA GAFRB test insides dumps
  • Exam Code: GAFRB
  • Exam Name: Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB)
  • Updated: Oct 12, 2026
  • Q & A: 117 Questions and Answers
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About AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) : GAFRB exam dumps

Training institutions have their place — but for most office workers, classes are expensive and time-consuming. VerifiedDumps's GAFRB question bank is the practical alternative: spare-time practice with expert-verified answers across the AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) syllabus.

AGA GAFRB Exam Overview:

Certification Vendor:Association of Government Accountants (AGA)
Exam Name:Governmental Accounting, Financial Reporting and Budgeting (GAFRB)
Exam Number:CGFM Exam 2
Exam Price:USD 210 (standard non-member exam fee; member discounts may apply)
Exam Format:Multiple-choice, Computer-based testing
Certificate Validity Period:CGFM certification does not expire; requires ongoing CPE maintenance
Real Exam Qty:115 multiple-choice questions
Related Certifications:CGFM Exam 1: Governmental Environment
CGFM Exam 3: Governmental Financial Management and Control
Available Languages:English
Exam Duration:180 minutes
Passing Score:Scaled score 500 (on 200–700 scale)
Recommended Training:AGA CGFM Exam Preparation Resources
AGA CGFM Study Materials
Exam Registration:AGA Certification Overview
CGFM Exam Registration
Sample Questions:Free Download Pass GAFRB Exam Cram
Exam Way:Computer-based exam delivered at authorized testing centers (e.g., Pearson VUE network).
Pre Condition:CGFM certification requires passing three exams (Exam 1, Exam 2, Exam 3) and meeting government financial management experience requirements (typically 2 years).
Official Syllabus URL:https://www.agacgfm.org/CGFM/Overview.aspx

AGA GAFRB Exam Syllabus Topics:

SectionObjectives
Topic 1: Financial Reporting- External financial reporting
  • 1. Basic financial statements preparation
    • 2. Comprehensive Annual Financial Report (CAFR) structure
      - Government-wide vs fund financial statements
      • 1. Reconciliation requirements
        • 2. Reporting entity concepts
          Topic 2: Budgeting Processes- Government budgeting cycle
          • 1. Execution and monitoring
            • 2. Budget formulation and approval
              - Budgetary control and compliance
              • 1. Variance analysis and reporting
                • 2. Appropriations and encumbrance accounting
                  Topic 3: Governmental Accounting Principles- Fund accounting concepts
                  • 1. Governmental fund types and structure
                    • 2. Proprietary and fiduciary funds overview
                      - Accounting standards framework
                      • 1. GASB conceptual framework
                        • 2. Recognition and measurement principles

                          GAFRB Exam Details and Our Commitments

                          At present, the GAFRB exam requires a passing score of Scaled score 500 (on 200–700 scale) and costs USD 210 (standard non-member exam fee; member discounts may apply) to register. AGA controls both figures, so confirm them on the official site before you book.

                          The latest exam information lists 115 multiple-choice questions questions for the GAFRB exam, to be completed in 180 minutes minutes. Rehearsing under these conditions in the online engine is the closest thing to sitting the real test.

                          The AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) blueprint is organized into these principal domains:

                          • Governmental Accounting Principles
                          • Financial Reporting
                          • Budgeting Processes

                          AGA recommends these official training options:

                          If formal classes fit your budget and calendar they add structure; otherwise, disciplined self-practice with a current bank covers the same ground.

                          A team of professional IT experts and certified trainers who focus on this exam field — and who keep the GAFRB bank under constant updating so every candidate prepares smoothly. Every answer is expert-verified, and you can check the accuracy yourself with a free demo before buying. The online test engine deserves special mention: it simulates the actual test environment, supports Windows, Mac, Android, and iOS, carries no installation limits, and lets you practice without limits of time or location — a smooth preparation process for office workers who cannot attend classes.

                          Upon successful payment, our system automatically sends the product to your mailbox — typically within about a minute — with an instant download link on screen. If nothing arrives within two hours, check your spam folder and contact support. Once purchased, updates are free for 365 days: whenever a new version is released, the updated GAFRB bank is sent to your email immediately. A 50% renewal discount applies after the period ends.

                          AGA specifies the following prerequisites for the AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB): CGFM certification requires passing three exams (Exam 1, Exam 2, Exam 3) and meeting government financial management experience requirements (typically 2 years)..

                          Verify the details on the official certification page before registering.

                          Documented and honored. If you fail the corresponding exam within 60 days of purchase, send a scanned copy of your enrollment slip and your official Score Report PDF within two days of the exam date; verified claims are refunded in full within seven days. Exclusions: exams taken within three days of purchase, candidate names that differ from the payer, and free or expired products. If you have another exam in mind, you can instead exchange your product for two others of equal value at no charge.

                          Registration runs through the official channels below:

                          Choose a test center or online appointment, and book early to keep your preparation timeline comfortable.

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

                          Question #1

                          Which of the following government-wide financial statements are required for state and local governments?

                          • A. statement of net position and statement of activities
                          • B. statement of net position, statement of activities, and statement of cash flows
                          • C. balance sheet and operating statement
                          • D. statement of net position and statement of changes in net position
                          Reveal Solution  Discussion  0

                          Correct Answer: A  🗳️

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

                          Question #2

                          What is a law that authorizes the expenditure of funds for a given purpose?

                          • A. apportionment
                          • B. appropriation
                          • C. allotment
                          • D. budget authority
                          Reveal Solution  Discussion  0

                          Correct Answer: B  🗳️

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

                          Question #3

                          A specific operation of the government is funded by 60% from the general fund, 40% from specific revenues.
                          This should be reported in which fund?

                          • A. internal service fund
                          • B. capital projects fund
                          • C. general fund
                          • D. special revenue fund
                          Reveal Solution  Discussion  0

                          Correct Answer: D  🗳️

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

                          Question #4

                          Which entity assists the president in overseeing the preparation of the President's Budget?

                          • A. OMB
                          • B. Congressional Budget Office
                          • C. GAO
                          • D. the U.S. Department of the Treasury
                          Reveal Solution  Discussion  0

                          Correct Answer: A  🗳️

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

                          Question #5

                          The budget office for the county has been tasked with identifying the full costs of its vehicle fleet program.
                          Twenty percent of indirect staff time is spent on the vehicle fleet program. Budget staff has gathered the following data from all agencies that support the fleet program:
                          Fleet personnel costs $ 80,000
                          Annual fuel costs $ 10,000
                          Annual fleet depreciation $ 50,000
                          Procurement personnel costs $200,000
                          Accounting personnel costs $100,000
                          Fleet garage rent $ 40,000
                          Based on this information, the budget office identifies the full cost of this fleet program as

                          • A. $480.000.
                          • B. $240.000.
                          • C. $190.000.
                          • D. $430.000.
                          Reveal Solution  Discussion  0

                          Correct Answer: D  🗳️

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

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