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CDFM Exam 3 Questions with 100% Correct Answers
| Verified for Latest Update |100% Solved
Who are determined to be accountable individuals for the DoD? - ✔✔Certifying & Disbursing Officers & DAOs If a contracting officer signs a contract in advance of an appropriation, what type of violation has occurred? - ✔✔ADA What are the 4 major functions in DoD Finance? - ✔✔Entitlements, Payments, Collections, Control of Public Funds What 3 primary types of officials are accountable individuals in the DoD? - ✔✔Certifying & Disbursing Officers & DAOs When collecting debts owed by vendors that have failed to properly respond to demand letters, what is the next step? - ✔✔Do not pay list If a civilian employee receives less than 90% of his/her pay and allowances, what may he/she request? - ✔✔Special Pay When a civilian employee PCSs from OCONUS to CONUS, who pays? - ✔✔OCONUS Activity
How often does the disbursing officer need to inspect and document office security measures? - ✔✔Semi-annually What are the two self-balancing sets of accounts in the USGSGL? - ✔✔Budgetary and Proprietary In proprietary accounting, assets equal liabilities plus what? - ✔✔Net position The aggregate amount of an entity's funds in the Treasury is in what account? - ✔✔Fund Balance with Treasury PP&E defines tangible assets with an estimated useful life of more than what number of years? - ✔✔ 2 Which three federal agencies established the FASAB? - ✔✔GAO, Treasury & OMB What is the Federal law that specifically required existing CFO agencies to have financial statements that successfully pass a financial audit? - ✔✔The Government Management Reform Act of 1994 In which of the four waves of the FIAR process would a DoD entity expect to have an auditable statement of budgetary resources? - ✔✔Wave 2
Which type of audit is expected to determine financial information is presented...
- ✔✔Financial Audit Which type of audit is expected to determine whether...(no mention of finance) - ✔✔Performance Audit During what audit phase would the auditor select the most important areas for audit coverage? - ✔✔Planning What is the name of the GAO standard that provides reasonable assurance that DoD auditors comply with applicable auditing standards and DoD audit policies? - ✔✔Quality Control and Assurance What term is used to describe Federal Government funds that have been paid out but have not yet been identified to a specific organization? - ✔✔Undistributed Disbursements What DoD accounting entity maintains a central general ledger? - ✔✔DFAS What are the supporting documents required in the DoD Payment Package?
- ✔✔Contract Invoice Proof of Receipt Acceptance Document
What law established the House & Senate Budget Committees and the CBO? - ✔✔The congressional budget act of 1974 What are the 3 phases of a governmental audit? - ✔✔Planning, Review & Report What are the general standards for audits and engagements? - ✔✔Auditor Independence Auditor Professional Judgement Auditor Competence Quality Control & Assurance What is the established rule for Fiscal Law? - ✔✔The expenditure of public funds is proper only when authorized by Congress, not that public funds may be expended unless prohibited by Congress What was created by the Budget and Accounting Act of 1921? - ✔✔- Requirement for annual budget
- Created budget office (Bureau of the Budget, became OMB in 1970)
- Established Government Accounting Office (Now GAO) What did the Bureau of the Budget become the OMB? - ✔✔ 1970
What are the five types of general operating expenses? - ✔✔Training, Travel, Postage, Books & Periodicals, and Miscellaneous items Training, Travel, Postage, Books & Periodicals, and Miscellaneous items are all examples of what type of expense? - ✔✔General Operating Expenses Are awards allowed for sick leave balances? - ✔✔No What are the three tests of the necessary expense doctrine? - ✔✔Logical Relationship Not prohibited by Law Not Funded Elsewhere
- Logical Relationship
- Not prohibited by Law
- Not Funded Elsewhere These are the three tests of what? - ✔✔The necessary expense doctrine What does the Bona Fide Needs rule provide? - ✔✔That you will only obligate for the material requirements of the period of fund availability Does the Bona Fide need rule apply to when the order is purchased or when goods are delivered?
- ✔✔When goods are delivered
Where is the authority to allow severable services to cross fiscal years (but not longer than 12 months) found? - ✔✔10 USC 2410(a) What are the three circumstances where training beginning in the following year can be charged to the current year? - ✔✔1. Government must make a payment or deposit in the current year
- The scheduling is beyond the Government's control
- The time between obligation and performance is not excessive What is multi-year service contracting authority - ✔✔It allows a service contract for up to five years in five one-year increments What are the three requirements for funds to remain available from an expired appropriation for a replacement contract to an original contract that defaulted? - ✔✔1. A bona fide need must still exist
- The replacement contract is not to exceed the scope of the original
- The replacement contract is to be awarded in a reasonable period of time after termination of the original contract What funds pays for judgments made against the DoD? - ✔✔The DoD Judgement Fund What FY must be sourced to reimbursed the DoD Judgement Fund? - ✔✔Funds from the FY from when the judgment was made
What are the forms of Budget Authority? - ✔✔Appropriations Contract Authority Borrowing Authority Monetary Credits Offsetting Receipts Loan & Loan Guarantee How many forms of budget authority are there? - ✔✔ 6 What does 31 USC 1342 state about voluntary services? - ✔✔An officer or employee of the US Government or DC Government may not accept voluntary services for either government or employ personal services exceeding that authorized by law except for emergencies involving the safety of human life or the protection of property Can an appointee volunteer to serve without compensation if the compensation for their position is fixed by law? - ✔✔No What are three examples of statutorily authorized gratuitous services? - ✔✔- Red Cross
- Candy stripers in hospitals
- Museum volunteers
What does 31 USC 1517 say about apportionment? - ✔✔An officer or employee of the US Government may not make or authorize an expenditure of obligation exceeding an apportionment What is the funding flow? - ✔✔Appropriation Apportionment Allotment Commitment Obligation Outlay What is 31 USC 3302(b) - ✔✔The miscellaneous receipts statute What does 31 USC 3302(b) state? - ✔✔"...an official or agent of the Government receiving money for the Government from any source shall deposit the money in the Treasury as soon as practicable without deduction for any charge or claim" When must a notice of a suspected ADA violation be sent to higher headquarters? - ✔✔Within 10 days of discovery What are the 9 different legal requirements for recording obligations?a - ✔✔ 1
- Contracts 2 - Loan Agreements 3 - Interagency Orders
What is a disbursing officer? - ✔✔An officer of a Federal department or agency, civilian or military, who is designated to disburse monies What is a certifying officer? - ✔✔A Government officer or employee whose job is or includes certifying vouchers for payment and has no public funds in his/her possession What are three things certifying officers are responsible for? - ✔✔ 1 - The existence and correctness of the facts stated in the certificate, voucher, and supporting documentation 2 - The correctness of the computations on the voucher 3 - The legality of a proposed payment under the appropriation cited for payment Who provides advance decisions on certifications? - ✔✔DoD General Counsel When must the Comptroller General grant relief to an Accountable Official for physical loss of funds? - ✔✔- The SECDEF determines that the official was carrying out official duties when loss occurred
- The loss was not the result of an illegal, improper, or incorrect payment
- The loss was not the result of fault or negligence of the official
When must the Comptroller General grant relief to an Accountable Official for an illegal, incorrect, or improper payment? - ✔✔- The payment was not the result of bad faith or lack of reasonable care
- The certification or payment was based on official records
- No law specifically prohibited the payment
- The U.S. Government received value for the payment If the SECDEF (or DFAS Director) grants an accountable offical relief, can the Comptroller General overturn that decision? - ✔✔No What is the statute of limitations for relief for the accounts of accountable officials? - ✔✔ 3 Years for Error, none for Fraud What does contract authority authorize? - ✔✔The obligation of funds in advance of appropriations What types of expenditures are allowed under the Feed and Forage act? - ✔✔Clothing, subsistence, forage, fuel, quarters, transportation, or medical and hospital supplies Does the Feed and Forage act allow for construction? - ✔✔No
What is a certifying officer responsible for? - ✔✔Information stated in a voucher, supporting documents and records, legality of a proposed payment under the appropriation or fund involved, issuing advice to departmental accountable officials, etc. How long can a military member's family continue to receive quarters allowance after an active duty member dies? - ✔✔365 days How many discretionary allotments can a member have? - ✔✔ 6 How many hours of leave can an employe use under the Family Friendly Leave Act? - ✔✔104 hours of sick leave How long are civilian pay records maintained? - ✔✔56 Years What is civilian special pay? - ✔✔Pay for civilians who received less than 90% if his/her normal bi-weekly pay and allowances due to payroll error What is the travel voucher form? - ✔✔ 1351 - 2 What's the difference between a questionable and doubtful travel claim? - ✔✔Questionable = Certifying officer questions the validity of
Doubtful = Traveller questions decision of Certifying officer For permanent duty travel (PDT / PCS), who typically pays for the costs associated with a civilian move? - ✔✔The gaining unit For a civilian PDT, when does the gaining unit NOT have to pay? - ✔✔RIFs, DoD Priority Placement, BRAC moves, OCONUS to CONUS, OCONUS to Hawaii When can advance payments be made to contractors? - ✔✔1) Contractor gives adequate security
- It is determined that to provide the advance is in the public interest or facilitates national defense
- The advance is limited to no more than the unpaid contract price What are the 4 elements of a payment package? - ✔✔1. A copy of the PO or contract
- A proper invoice
- Receipt of the product or service
- Acceptance of the product or service What are the 10 items required on an invoice to make it proper? - ✔✔1. Name & address of contractor
- Invoice date
- Contract number
- IAW Discount terms
- IAW accelerated payment methods
- 30 days after invoice receipt When is interest on late payments made - ✔✔Only when the payment package is complete What is a DSSN - ✔✔An ID number that indicates the authority to receive and disburse public civilian funds and issue checks on the Treasury of the United States What are the three ways to make a disbursement? - ✔✔EFT, Check or Cash What are the rules for large disbursements? - ✔✔>= $50M, 3 business days notice to FMS
= $500M, 5 business days notice What is a lockbox collection? - ✔✔Processing service provided by a financial institution that accelerates the flow of funds to the treasury general account What form is associated with collections? - ✔✔DD Form 1131 What is the threshold for writing off delinquent debt? - ✔✔$
How long are US Treasury checks valid for? - ✔✔1 Year from date of issue What does the DoD Accounting system provide? - ✔✔Funds Control & Financial Information What was landmark legislation to correct decades of neglect in financial management? - ✔✔The CFO Act In USG accounting, what do Assets Equal? - ✔✔Assets = Liabilities + Net Position What was established by the 1921 Budget and Accounting Act? - ✔✔GAO & Bureau of Budget (Now OMB) What did the 1982 Financial Managers' Financial Integrity Act (FMFIA) require? - ✔✔Internal Control programs What did the 1990 CFO act require? - ✔✔Appointment of a CFO in 24 major federal agencies and financial reports for business operations What did the 1994 Government Management Reform Act (GMRA) require? - ✔✔Consolidated financial statements for the entire executive branch
