Free AGA GAFRB Practice Exams Questions 2026 - TheExamsLabs

Start Preparation with the Latest and Real 100% Free Certified Government Financial Manager GAFRB Exam Dumps Questions Practice 2026

Page: 1 / 24

Total 116 Questions | Updated On: May 23, 2026

Add To Cart

Question 1

Separate fund financial statements should be presented for

A : net assets and activities.

B : governmental and proprietary funds.

C : long-term debt.

D : capital assets.

Answer: B

Question 2

For state and local governments, a fund that is legally restricted to the use of earnings with the principal protected is

A : an enterprise fund.

B : a permanent fund.

C : an internal service fund.

D : a general fund.

Answer: B

Question 3

In state and local financial audits, material weaknesses must be reported to the

A : legislature.

B : governing body.

C : taxpayers.

D : local media.

Answer: B

Question 4

A legally separate organization for which the elected officials of the primary government are financially accountable describes a

A : fiscally dependent organization.

B : component unit.

C : joint venture entity.

D : jointly governed organization.

Answer: B

Question 5

Which type of cost is generally allowed for a grant under the OMB Uniform Guidance?

A : interest payments

B : general government expenses

C : materials and supplies

D : lobbying expenses

Answer: C

Page: 1 / 24

Total 116 Questions | Updated On: May 23, 2026

Add To Cart