Free AGA GAFRB Practice Exam Questions and Answers 2026

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Total 116 Questions | Updated On: Apr 01, 2026

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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

A state department has been developing a new computer system for managing federal grants. The project has the following costs: What amount should be recorded as the value of the intangible asset?

A : $575.000

B : $705.000

C : $755,000

D : $915.000

Answer: C

Question 3

The objectives of federal financial reporting include all of the following EXCEPT

A : systems and control.

B : budgetary integrity.

C : mission readiness.

D : stewardship.

Answer: C

Question 4

Which of the following situations may cause contingent liabilities?

A : loss on the sale of an asset

B : building with asbestos

C : impairment of an asset

D : unrealized loss

Answer: B

Question 5

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

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Total 116 Questions | Updated On: Apr 01, 2026

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