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AGA GAFRB Value Package

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Exam Code: GAFRB
Exam Name: Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB)
No. of Questions: 117 Questions and Answers
Updated: Nov 07, 2026

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GAFRB Desktop Test Engine

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Total Questions: 117
Updated on: Nov 07, 2026
Price: $69.98

GAFRB PDF Practice Q&A's

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Total Questions: 117
Updated on: Nov 07, 2026
Price: $69.98

GAFRB Online Test Engine

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Total Questions: 117
Updated on: Nov 07, 2026
Price: $69.98

More is not always better — not in questions, not in study hours. The GAFRB bank at PrepAwayETE follows a different principle: 117 practice questions for the GAFRB exam, kept clean and current, with verified answers and a study plan that points your effort where it counts.

AGA GAFRB Exam Overview:

Certification Vendor:	AGA (Association of Government Accountants)
Exam Name:	Governmental Accounting, Financial Reporting and Budgeting
Exam Number:	GAFRB (Examination 2)
Exam Format:	Multiple Choice
Available Languages:	English
Exam Price:	USD $125
Passing Score:	75%
Related Certifications:	Certified Government Financial Manager (CGFM)
Certificate Validity Period:	N/A (Certification valid with maintenance)
Exam Duration:	150 minutes
Real Exam Qty:	115
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:

Section

Weight

Objectives

Federal Financial Accounting and Reporting

30%

- Federal accounting environment

1. Federal budgetary equation and terms
2. Role of FASAB
3. Relationship with OMB, Treasury, and GAO

- Federal financial statements

1. Statement of Net Cost
2. Statement of Changes in Net Position
3. Balance Sheet
4. Statement of Budgetary Resources

- Specific federal topics

1. Federal debt
2. Custodial and revolvial funds
3. U.S. Standard General Ledger (USSGL)

State and Local Financial Accounting and Reporting

30%

- Financial reporting requirements

1. Notes to financial statements
2. Comprehensive Annual Financial Report (CAFR) / Annual Comprehensive Financial Report (ACFR)
3. Required supplementary information (RSI)
4. MD&A (Management's Discussion and Analysis)

- GASB standards application

1. Capital assets and depreciation
2. Expenditure recognition
3. Long-term liabilities
4. Revenue recognition (e.g., property taxes)

- Interfund transactions and activity

1. Interfund services provided and used
2. Interfund loans and transfers

Governmental Financial Accounting, Reporting and Budgeting: General Knowledge

40%

- Budgeting and budgetary accounting

1. Budgetary vs. proprietary accounting
2. Budgetary integration and encumbrances
3. Types of budgets (operating, capital)

- Influences, objectives and role of standards

1. Characteristics of information in financial reporting
2. Roles of FASB, GASB, and FASAB
3. Concept of interperiod equity
4. Unique financial aspects of the governmental environment
5. Objectives of governmental financial reporting

- Fund accounting and financial statements

1. Fund types (governmental, proprietary, fiduciary)
2. Government-wide financial statements
3. Fund financial statements
4. Measurement focus and basis of accounting

AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Prep: What Matters More Than Volume

Are there prerequisites I must satisfy before GAFRB?

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

What is the GAFRB passing score and the registration fee?

You need 75% to pass, and the exam fee is USD $125. Money, time and energy all count as investment here — efficient preparation protects all three, which is exactly what the PrepAwayETE GAFRB material is built for.

How do I avoid aimless training for the GAFRB exam?

Because aimless effort is the most expensive kind. The PrepAwayETE bank pairs 117 practice questions for the GAFRB exam with verified answers, a question set that stays lean by design, per-session scoring that exposes weak areas, and study guidance that turns every hour into targeted progress on the AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) objectives — that is what efficiency looks like in practice.

Is more always better when it comes to practice questions?

Not necessarily. A bloated dump stuffed with outdated material wastes more time than it saves. The PrepAwayETE approach is different: GAFRB content is updated in step with the real exam, and questions that become useless or invalid are removed, so the bank you study is always lean, clear and worth your hours. Fewer, fresher, verified questions beat thousands of stale ones — and they come with a plan that keeps your training on target instead of aimless.

How long is the actual GAFRB exam?

About 115 questions within 150 minutes minutes. Timing yourself against that limit in the PrepAwayETE engine turns the real session into a familiar routine instead of a race you have never practiced.

How is the GAFRB syllabus weighted?

The current AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) outline distributes weight like this:

Federal Financial Accounting and Reporting (30%)
Governmental Financial Accounting, Reporting and Budgeting: General Knowledge (40%)
State and Local Financial Accounting and Reporting (30%)

That is your plan: heavy domains get the long sessions, light ones get the quick reviews, and the PrepAwayETE bank measures your hold on each.

Besides questions and answers, what else helps me prepare?

The study guidance around them. The GAFRB material at PrepAwayETE includes preparation hints and test-taking tips that help you identify weak areas, improve both conceptual knowledge and hands-on skills, and approach the AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) exam with a method rather than a hope. Combined with per-session scoring and free 24/7 support, the questions become the core of a complete preparation system.

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

Question #1

The measurement focus of the governmental fund level financial statements is

A. accrual basis.
B. current financial resources.
C. economic resources.
D. modified accrual basis.

Reveal Solution Discussion 0

Correct Answer: B 🗳️