Latest AGA GAFRB Exam dumps 2026

Question No: 1

MultipleChoice

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

Options

Abudget authority

Ballotment

Capportionment

Dappropriation
An appropriation is a statutory authority from Congress that allows federal agencies to incur obligations and make payments (outlays) for specific purposes. It is the most common and formal type of budget authority.
Other terms:
Budget authority: General term for permission to spend
Allotment: Internal allocation by an agency
Apportionment: Control mechanism used by OMB
Relevant Reference:

US. Code Title 31 -- 1301 et seq.
GAO Red Book -- Appropriations Law
OMB Circular A-11 -- Budget Authority Definitions
Answer : D. appropriation

Question No: 2

MultipleChoice

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

Options

AGAO

BCongressional Budget Office

COMB

Dthe U.S. Department of the Treasury
The OMB assists the President in preparing the President's Budget, which is submitted annually to Congress. OMB coordinates budget instructions, evaluates agency requests, and ensures alignment with presidential policies.
Other roles:
GAO: Supports Congress and performs audits
CBO: Provides nonpartisan budget analysis to Congress

US. Code Title 31 -- Role of OMB
GAO Budget Glossary
Answer : C. OMB

US. Treasury: Manages federal finances but does not oversee budget preparation
Relevant Reference:
OMB Circular A-11 -- Role in Budget Formulation

Question No: 3

MultipleChoice

A basic financial statement that includes a budgetary comparison serves to

Options

Ademonstrate the ability of the entity to meet its commitments.

Bdemonstrate compliance with the legally adopted budget.

Cmeasure the service potential of physical and other resources.

Ddisclose and document the restrictions on resources.
A basic financial statement that includes a budgetary comparison (typically the Statement of Revenues, Expenditures, and Changes in Fund Balances -- Budget and Actual) is used to demonstrate whether the government complied with its legally adopted budget.
This is a core element of accountability in governmental financial reporting and is required under GASB Statement No. 34.
Relevant Reference:
GASB Statement No. 34 -- Budgetary Comparison Statements
GASB Codification Section 2400 -- Budgetary Accounting and Reporting
GFOA Best Practices -- Budget Monitoring and Reporting
Answer : B. demonstrate compliance with the legally adopted budget

Free AGA GAFRB Exam Dumps May 2026