Higher Test Marks with Free Online GAFRB Exam Practice

Assess the CertsIQ’s updated GAFRB exam questions for free online practice of your Exam 2 - Governmental Accounting, Financial Reporting and Budgeting test. Our GAFRB dumps questions will enhance your chances of passing the Certified Government Financial Manager certification exam with higher marks.

Question 1

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

Options :

A : legislature.

B : governing body.

C : taxpayers.

D : local media.

Answer: B

Question 2

An agency is developing a lee for services to cover all direct operating expenditures. Which of the following should be included in the fee calculation?

Options :

A : supplies, equipment depreciation, staffing

B : staffing, location rent, equipment depreciation

C : supplies, equipment depreciation, location rent

D : staffing, location rent, supplies

Answer: B

Question 3

Which of the following situations may cause contingent liabilities?

Options :

A : loss on the sale of an asset

B : building with asbestos

C : impairment of an asset

D : unrealized loss

Answer: B

Question 4

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

Options :

A : an enterprise fund.

B : a permanent fund.

C : an internal service fund.

D : a general fund.

Answer: B

Question 5

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

Options :

A : fiscally dependent organization.

B : component unit.

C : joint venture entity.

D : jointly governed organization.

Answer: B