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Certification exams change, and so do we. Your GAFRB purchase from Fast2test includes 365 days of free updates, so your AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) practice questions always reflect the current 2026 syllabus.
AGA GAFRB Exam Overview:
| Certification Vendor: | AGA (Association of Government Accountants) |
|---|---|
| Exam Name: | Examination 2: Governmental Accounting, Financial Reporting and Budgeting |
| Exam Number: | GAFRB |
| Certificate Validity Period: | 18 months eligibility period; certification valid indefinitely with continuing education |
| Exam Format: | Computer-based exam, Multiple-choice questions |
| Available Languages: | English |
| Passing Score: | 60% |
| Exam Price: | $150 USD |
| Exam Duration: | 135 minutes |
| Real Exam Qty: | 115 |
| Related Certifications: | Examination 1: Governmental Environment Examination 3: Governmental Financial Management and Control |
| Recommended Training: | AGA Official Study Materials |
| Exam Registration: | Pearson VUE Scheduling AGA Official Registration |
| Sample Questions: | AGA GAFRB Sample Questions |
| Exam Way: | Onsite at Pearson VUE centers or online proctored via OnVUE |
| Pre Condition: | Bachelor's degree from accredited institution; no prior exam required; 2 years relevant experience needed before certification award |
| Official Syllabus URL: | https://www.agacgfm.org/CGFM/Candidates/CGFMProcess/Examination/Exam2.aspx |
AGA GAFRB Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Governmental Financial Accounting, Reporting and Budgeting: General Knowledge | 40% | - Influences, objectives and role of accounting standards
|
| Federal Financial Accounting and Reporting | 30% | - Federal financial statements and reporting
- Budgetary and proprietary accounting
|
| State and Local Financial Accounting and Reporting | 30% | - Recognition and measurement of assets, liabilities, revenues, and expenditures
|
AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Exam FAQs and Straight Answers
The GAFRB exam, officially titled Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB), is the qualifying test for the Certified Government Financial Manager (CGFM) certification from AGA (Association of Government Accountants), a credential at the Professional level. Passing it proves you have the skills employers look for in certified professionals, and it can also support progress toward related credentials such as Examination 1: Governmental Environment, Examination 3: Governmental Financial Management and Control.
The AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) exam gives you 135 minutes to work through 115 questions. That is a steady pace with little room for second-guessing, so train yourself to read each question once, flag the difficult ones, and keep moving. Before exam day, sit at least two full timed sessions in the Fast2test test engine — when the clock feels familiar, it stops being a threat.
You need 60% to pass, and the official registration fee is $150 USD. Fall short and you pay that fee in full again for every retake, which makes solid preparation the cheaper option by far. Work through the Fast2test practice questions until you score comfortably above the passing mark, then book your seat.
Bachelor's degree from accredited institution; no prior exam required; 2 years relevant experience needed before certification award Eligibility rules can change over time, so before you register, confirm the latest requirements on the official exam page: AGA (Association of Government Accountants) GAFRB exam overview.
You can book your GAFRB exam through any of these official registration channels:
The exam is delivered as Onsite at Pearson VUE centers or online proctored via OnVUE, so you can pick the option that fits your schedule when you book.
AGA (Association of Government Accountants) recommends the following training for AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) candidates:
Pair that training with the 117 practice questions from Fast2test and you can check your readiness topic by topic before exam day.
Yes. Fast2test offers a free PDF demo for the AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) exam so you can judge the quality of our questions and answers before paying anything. Every purchase also comes with 365 days of free updates, and once that period expires you can extend your update service at a 50% discount.
Your purchase is protected by a 100% money-back guarantee. If you sit the corresponding GAFRB exam within 60 days of buying and do not pass, send us a scan of your exam enrollment slip together with your official Score Report (PDF) within 2 days of the exam date — the candidate name must match the payer's name — and we will process your full refund within 7 days. Please note that exams taken within 3 days of purchase, materials downloaded without ever sitting the exam, free products, and expired orders are not covered. If you would rather not have a refund, you can exchange your order for two exam products of equal value, free of charge, and keep the update service on your original purchase.
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The AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) syllabus is organized into 3 domains. The main areas include Governmental Financial Accounting, Reporting and Budgeting: General Knowledge (40%), State and Local Financial Accounting and Reporting (30%), and Federal Financial Accounting and Reporting (30%). Scroll up to the Exam Topics section above for the complete, current outline before you plan your study schedule.
AGA Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Sample Questions:
Entity receivables are described as amounts that
- A. the entity anticipates receiving via appropriate warrant from the U.S. Department of the Treasury.
- B. the entity collects on behalf of the U.S. government or other entities that the entity is not authorized to spend.
- C. the entity collects on behalf of other federal entities and deposits directly with the U.S. Department of the Treasury.
- D. a federal entity claims from other federal or non-federal entities that the federal entity is authorized to spend.
Correct Answer: D 🗳️
Explanation: Only visible for Fast2test members. You can sign-up / login (it's free).
Using the cost recovery method of recognizing revenue, premiums are recognized as revenue
- A. when the policy takes effect.
- B. once the ultimate premium can be reasonably estimated.
- C. when received.
- D. throughout the duration of the policy when claim costs are incurred.
Correct Answer: D 🗳️
Explanation: Only visible for Fast2test members. You can sign-up / login (it's free).
The federal budget baseline forecast reflects the estimated
- A. receipts, outlays, and deficit or surplus that would result from continuing current law or policies.
- B. effects of current law on recipients of federal benefits.
- C. effects of enacting Congressional appropriations bills on federal receipts and spending.
- D. receipts, outlays, and deficit or surplus under the President's Budget.
Correct Answer: A 🗳️
Explanation: Only visible for Fast2test members. You can sign-up / login (it's free).
A budget document that lists the budget by social services, affordable housing and supplies includes which of the following significant elements?
- A. program, function, category
- B. organizational unit, program, category
- C. function, program, object class
- D. function, category, object class
Correct Answer: C 🗳️
Explanation: Only visible for Fast2test members. You can sign-up / login (it's free).
A specific operation of the government is funded by 60% from the general fund, 40% from specific revenues.
This should be reported in which fund?
- A. internal service fund
- B. capital projects fund
- C. special revenue fund
- D. general fund
Correct Answer: C 🗳️
Explanation: Only visible for Fast2test members. You can sign-up / login (it's free).
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