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<\/p>\n\n\n\n
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<\/p>\n\n\n\n
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<\/p>\n\n\n\n
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<\/p>\n","protected":false},"excerpt":{"rendered":"
CDFM MODULE 3 EXAM 2023-2024 REALEXAM 200 QUESTIONS AND CORRECTANSWERS(DETAILED ANSWERS)The Budget and Accounting Act of 1921 established the GAO- Legislative Branchto audit financial transactions of which branch of the Government? – ANSWERExecutive BranchThe GPRA requires agencies to define goals, set performance targets, and reportwhat? – ANSWER- Actual PerformanceAny enforceable agreement between an agency and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-113586","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/113586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=113586"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/113586\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=113586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=113586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=113586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}