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.

Exam Code: GAFRB
Exam Questions: 116
Exam 2 - Governmental Accounting, Financial Reporting and Budgeting
Updated: 20 Feb, 2026
Question 1

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

Options :
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 

Options :
Answer: B

Question 3

Separate fund financial statements should be presented for  

Options :
Answer: B

Question 4

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?  

Options :
Answer: C

Question 5

Which of the following situations may cause contingent liabilities?  

Options :
Answer: B

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