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

  • Exam Code: GAFRB
  • Exam Name: Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB)
  • Updated: Oct 07, 2026     Q & A: 117 Questions and Answers

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About AGA GAFRB Exam

Brain freeze, blank memory, sweaty palms — exam nerves are real, and they beat more candidates than hard questions do. PracticeTorrent's GAFRB bank helps you rehearse the AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) content until it feels familiar, with 117 expert-verified practice questions that turn fear into routine.

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
Certificate Validity Period:CGFM certification does not expire; requires ongoing CPE maintenance
Passing Score:Scaled score 500 (on 200–700 scale)
Real Exam Qty:115 multiple-choice questions
Exam Price:USD 210 (standard non-member exam fee; member discounts may apply)
Available Languages:English
Exam Format:Computer-based testing, Multiple-choice
Exam Duration:180 minutes
Related Certifications:CGFM Exam 1: Governmental Environment
CGFM Exam 3: Governmental Financial Management and Control
Recommended Training:AGA CGFM Study Materials
AGA CGFM Exam Preparation Resources
Exam Registration:AGA Certification Overview
CGFM Exam Registration
Sample Questions:Free Download GAFRB exam dumps pdf
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
Budgeting Processes- Budgetary control and compliance
  • 1. Variance analysis and reporting
    • 2. Appropriations and encumbrance accounting
      - Government budgeting cycle
      • 1. Budget formulation and approval
        • 2. Execution and monitoring
          Governmental Accounting Principles- Accounting standards framework
          • 1. Recognition and measurement principles
            • 2. GASB conceptual framework
              - Fund accounting concepts
              • 1. Governmental fund types and structure
                • 2. Proprietary and fiduciary funds overview
                  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

                          GAFRB Exam Details and PracticeTorrent Policies

                          The procedure is easy and time-saving. As soon as you pay, you receive an email with the complete GAFRB file attached — typically within about a minute — plus an instant download link, so you can download immediately and devote yourself to studying. If nothing arrives within two hours, check your spam folder and contact support. Store the materials on your phone, pad, or computer and install without limits. Updates are free for 365 days, emailed automatically on release, with a 50% renewal discount afterward.

                          One less thing to be nervous about. If you fail the corresponding exam within 60 days of purchase, send us a scanned copy of your enrollment slip and your official Score Report PDF within two days of the exam date; verified claims receive a full refund within seven days. Exclusions: exams taken within three days of purchase, candidate names that differ from the payer, and free or expired products. Prefer another attempt with different materials? Exchange your product for two others of equal value at no charge.

                          The latest exam information lists 115 multiple-choice questions questions for the GAFRB exam within a 180 minutes-minute window. Practicing under those exact conditions is the best cure for exam-day surprises.

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

                          • Budgeting Processes
                          • Financial Reporting
                          • Governmental Accounting Principles

                          By fitting study into the cracks of a busy life. The GAFRB bank contains complete questions with expert-verified answers across the AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) objectives, stored easily on your phone, pad, or computer for spare-time review — and the PDF prints cleanly when you prefer paper, because marking key points by hand genuinely enhances memory. Assess everything first through the free demo on our site, pay securely through the Credit Card system, and rest assured your personal information is never shared with third parties without permission.

                          AGA lists the following official training resources:

                          Structured courses pair well with spare-time question practice for steady, low-stress progress.

                          AGA specifies these 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)..

                          Check the authoritative wording on the official certification page before booking.

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

                          Use the official registration channels below:

                          Pick a test center or online slot that suits your routine, and book early — calm planning beats last-minute pressure.

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

                          Question #1

                          A legally separate organization for which the elected officials of the primary government are financially accountable describes a

                          • A. jointly governed organization.
                          • B. joint venture entity.
                          • C. fiscally dependent organization.
                          • D. component unit.
                          Reveal Solution  Discussion  0

                          Correct Answer: D  🗳️

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

                          Question #2

                          Purchase orders are issued in the amount of $427,000. The general ledger entry to record the encumbrance should be

                          • A. Debit Fund Balance $427,000 Credit Encumbrances $427,000
                          • B. Debit Encumbrances $427,000 Credit Budgetary Fund Balance $427,000
                          • C. Debit Encumbrances $427,000 Credit Expenditures $427,000
                          • D. Debit Appropriations $427,000 Credit Encumbrances $427,000
                          Reveal Solution  Discussion  0

                          Correct Answer: B  🗳️

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

                          Question #3

                          At the beginning of the fiscal year a school district held the following capital assets:
                          What is the depreciation expense for the current year?

                          • A. $240.833
                          • B. $207.500
                          • C. $233.333
                          • D. $200.000
                          Reveal Solution  Discussion  0

                          Correct Answer: B  🗳️

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

                          Question #4

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

                          Correct Answer: A  🗳️

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

                          Question #5

                          Federal agencies accumulate and report costs in order to perform all of the following EXCEPT to

                          • A. comply with the CFO Act.
                          • B. achieve an unmodified audit opinion.
                          • C. comply with the GPRA.
                          • D. comply with SFFAS #4.
                          Reveal Solution  Discussion  0

                          Correct Answer: B  🗳️

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

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