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AGA GAFRB Exam Questions
- Topic 1: Governmental Financial Accounting, Reporting and Budgeting: General Knowledge:This section of the exam measures skills of government financial analysts and covers the unique aspects of governmental accounting that distinguish it from private sector practices, such as service over profit and the critical role of the budget. It emphasizes the objectives of financial reporting in the public sector, the role of standard-setting bodies like GASB, FASB, FASAB, and IPSASB, and the due process for setting accounting standards. It also includes knowledge of interperiod equity, budgetary compliance, sustainability, and the characteristics of quality financial information.
- Topic 2: State and Local Financial Accounting and Reporting: This section of the exam measures skills of public sector accountants and focuses on applying GASB standards to define reporting entities and component units. It explores the structure and purpose of various fund types and the basis of accounting for each. Candidates must understand the format and content of the Annual Comprehensive Financial Report and the purpose of popular reports for public transparency.
- Topic 3: Federal Financial Accounting and Reporting: This section of the exam measures skills of government financial analysts and covers the roles of FASAB, OMB, Treasury, and GAO in federal accounting. It includes an understanding of federal budgetary terminology and the federal budgetary equation. The section differentiates between budgetary and proprietary accounting and outlines the structure and use of various federal fund types. It explains how to record key budgetary transactions like appropriations and obligations and proprietary transactions such as payroll and depreciation.
Free AGA GAFRB Exam Actual Questions
Note: Premium Questions for GAFRB were last updated On May. 22, 2026 (see below)
The measurement focus of the governmental fund level financial statements is
State Medicaid caseloads have been exceeding projections for the past two months. Review of the data indicates the increase is likely to continue, leading to the need for significant supplemental appropriations before the end of the fiscal year. Based upon this information, what is the first action the state director of Medicaid should take?
Which entity assists the president in overseeing the preparation of the President's Budget?
What role do the U.S. Department of the Treasury, GAO and OMB have in the standard-setting activities of FASAB?
The Federal Accounting Standards Advisory Board (FASAB) was established in 1990 by the U.S. Department of the Treasury, the Office of Management and Budget (OMB), and the Government Accountability Office (GAO). These three entities are collectively known as the ''sponsors'' of FASAB. Each has a representative who serves as a voting member of the board.
FASAB is responsible for establishing GAAP for federal entities. The sponsor organizations appoint board members and have authority over standard-setting governance, but do not individually veto standards. Final standards are issued only after due process, including public comment and sponsor approval.
Relevant Standards and Reference:
FASAB Memorandum of Understanding (MOU) Among Treasury, OMB, and GAO (as amended): ''These three agencies are the sponsors of FASAB and each appoints one voting member to the Board.''
FASAB Governance Manual (2023 Edition), Section 2: Identifies Treasury, OMB, and GAO as sponsors and voting members.
AGA's ''CGFM Study Guide 2,'' Chapter 2: Highlights the role of sponsors in the standard-setting process.
Therefore, Option D is correct.
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