CDFM MODULE 3 EXAM 2023-2024 REAL EXAM 200 QUESTIONS AND CORRECT ANSWERS(DETAILED ANSWERS)

CDFM MODULE 3 EXAM 2023-2024 REAL

EXAM 200 QUESTIONS AND CORRECT

ANSWERS(DETAILED ANSWERS)

The Budget and Accounting Act of 1921 established the GAO- Legislative Branchto audit financial transactions of which branch of the Government? - ANSWERExecutive Branch

The GPRA requires agencies to define goals, set performance targets, and report

what? - ANSWER- Actual Performance

Any enforceable agreement between an agency and a business concern for the

acquisition of property of services is called what? - ANSWER- contract

What term is used to describe Federal Government funds that have been paid but

have not yet been identified to a specific organization? - ANSWER- Undistributed

Disbursements

What term is used in SFFAS #4 to describe the process of accumulating,

measuring, analyzing, interpreting, and reporting cost? - ANSWER- Managerial

Cost Accounting

What are the two self-balancing set of accounts the U.S. Government Standard

General Ledger - USGSGL? - ANSWER- Budgetary and Propriety

In proprietary accounting, assets equal liabilities plus? - ANSWER- Net position

PP&E defines tangible assets with an estimated useful life of more than what

number of years? - ANSWER- Two years

What is the statement of Budgetary Resources equation? - ANSWER- Budgetary

Resources = Status of Budgetary Resources

Which financial statement shows the components of the net cost of the reporting

entity's operation for the period? - ANSWER- Statement of Net Cost

What DoD accounting entity maintains a central general ledger? - ANSWERDFAS

Which three Federal Agencies established FASAB? - ANSWER- Comptroller

General

Department of Treasury

OMB

What are the three accounting systems that make up the Federal accounting

framework? - ANSWER- Budgetary Accounting

Financial Accounting

Managerial Cost Accounting

Federal accounting must satisfy two sets of users of accounting information/reports

which are? - ANSWER- External users

Internal users

Required audited financial statements for the business activities of the 24

designated CFO agencies. - ANSWER- CFO Act

Where do the statutory requirements come from? - ANSWER- The Constitution

No money shall be drawn from the Treasury but in Consequence of Appropriations

and a regular statement of Account of the Receipts and Expenditures of all public

Money shall be published from time to time. - ANSWER- Article 1, Section 9,

Clause 7

Where can we see the products of all accounting transactions? - ANSWERBalance Sheets, Statement of Net Cost, and Statements of Operations and Changes

in Net position

What ACT established the GAO to audit the Executive Branch? - ANSWER- 1921

Budget and Accounting Act

What act established the GSA? - ANSWER- 1949 Federal Property and

Administrative Services Act

What act required apportionment, allocation systems

and established Joint Financial Management Improvement Program (JFMIP) -

ANSWER- 1950 Accounting and Auditing Procedures Act

What act required agencies to pay bills when due or pay interest and limit

advanced payments? - ANSWER- 1982 Prompt Payment Act

What act strengthened ability to collect receivables from people who owe the

government? - ANSWER- 1982 Debt Collection Act

What act required internal controls for accounting systems? - ANSWER- 1982

Federal Managers' Financial Integrity Act

What act required CFO appointments in 24 federal agencies? - ANSWER- 1990

CFO Act

What act required agencies to report actual performance? - ANSWER- 1993

GPRA act

What act required fully auditable financial systems? - ANSWER- 1996 FFMIA act

What act required direct deposit and 24 agencies submit auditable statements. -

ANSWER- 1994 Government Management Reform Act

What act required that each covered executive branch agency submit audited

financial statements? - ANSWER- 2002 Accountability of Tax Dollars Act

Which act required agencies be ready for audit by 30 September 2017? -

ANSWER- 2010 National Defense Authorization Act

The government organizations that most affect the decisions of DoD Financial

Managers are? - ANSWER- OMB

GAO

Department of Treasury

FASAB

Conducts a continuous program for improving accounting and financial reporting

in the Federal Government. - ANSWER- OMB

Audits the financial performance of the Executive Branch and is often referred to

as the "watchdog" of Congress. - ANSWER- GAO

The Federal Governments banker treasury; manages balances and flow of funds

and compiles the consolidated Federal financial statements and published the U.S.

Standard General Ledger. - ANSWER- Department of Treasury

Established in 1990 by the Comptroller General is responsible for codifying the

Generally - Accepted Accounting Principles - GAAP for the Federal Government -

ANSWER- FASAB

What is the mission statement of the Federal Accounting Standards Advisory

Board- FASAB - ANSWER- To recommend accounting standards for the Federal

Government after considering the financial and budgetary information needs of

congressional oversight groups, Executive agencies and the needs for other users

of Federal financial information.

Once the FASAB recommendation is adopted, where is it published? - ANSWERAs a Statement of Federal Financial Accounting Concept or a Statement of Federal

Financial Accounting Standard.

What are the three approved Accounting Standards Boards? - ANSWER- Financial

Accounting Standards Board

Government Accounting Standards Board

Federal Accounting Standards Advisory Board

Issues standards of accounting, referred to as the Generally Accepted Accounting

Principles- GAAPS for non-governmental, not for profit, entities. - ANSWERFinancial Accounting Standards Board

Issues Generally Accepted Accounting Principles for state and local government,

not for profit entities. - ANSWER- Government Accounting Standards Board

Was finally recognized as the body designated to establish GAAP for the Federal

Government in October 1999 by the American Institute of Certified Public

Accountants - AICPA- governing council. - ANSWER- Federal Accounting

Standards Advisory Board