GAFRB Clear Explanations and Topic Coverage
AGA GAFRB Exam Specifications
- Exam Code:
- GAFRB
- Exam Name:
- Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB)
- Provider:
- AGA
- Time:
- 180 min
- Passing Percentage:
- 60%
- Version:
- 6.0
Question Types with Explanations
- 115 Single Select
115 Questions with Answers
- PDF Printable (Q & A)
- 3 Months
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Real Exam-like Questions and Answers (115 total)
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Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Syllabus Topics
For Examination 2: Governmental Accounting, Financial Reporting and Budgeting, you will learn to manage government funds, classify balances across funds, and apply the applicable reporting framework while preparing statements for each fund type. You will also develop budgeting and accounting skills, recognize revenues and expenditures in a public sector context, establish internal controls and audit readiness, track assets and long-term debt, identify required disclosures, and analyze budget-to-actual results to support accountability and performance measurement.
Major Topics Covered
- Explore fundamental fund accounting concepts and the classification of governmental funds, including assets, liabilities, and fund balances.
- Understand the framework for governmental financial reporting, including statements of net position and activities and the role of notes to financial statements.
- Learn budgeting fundamentals and budgetary accounting, including encumbrances, appropriations, and interfund transfers.
- Discover revenue recognition and expenditure recognition under governmental accounting, including property taxes, intergovernmental revenues, and grant accounting.
- Master the presentation of financial statements for different fund types (governmental, proprietary, fiduciary) and their measurement focus.
- Analyze internal controls, compliance requirements, and audit readiness for public sector financial reporting.
- Grasp asset management, depreciation, capital assets, and long-term debt reporting in a government setting.
- Explore reporting requirements such as required supplementary information (RSI), management's discussion and analysis, and notes disclosures.
- Examine budget-to-actual reporting, performance metrics, and financial statement disclosures that support accountability.
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