AGA GAFRB Exam Details & Actual Exam Questions

Exam Code/Number: GAFRB
Exam Name/Title: Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB)
Certification Provider: AGA
Corresponding Certification: Government Financial Manager

Exam Questions: 117
Updated On: Jul,13 2026
Certification Level: Intermediate

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

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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 Price:	USD $125
Passing Score:	75%
Certificate Validity Period:	N/A (Certification valid with maintenance)
Available Languages:	English
Exam Format:	Multiple Choice
Real Exam Qty:	115
Exam Duration:	150 minutes
Related Certifications:	Certified Government Financial Manager (CGFM)
Sample Questions:	AGA GAFRB Sample Questions
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. Relationship with OMB, Treasury, and GAO
3. Role of FASAB

- Specific federal topics

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

- Federal financial statements

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

Governmental Financial Accounting, Reporting and Budgeting: General Knowledge

40%

- Fund accounting and financial statements

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

- Budgeting and budgetary accounting

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

- Influences, objectives and role of standards

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

State and Local Financial Accounting and Reporting

30%

- GASB standards application

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

- Interfund transactions and activity

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

- Financial reporting requirements

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