Financial Statement Analysis for
Leaders Exam Questions & Answers
(Grade A+)
Program managers need Federal financial information about: -
correct answer ✅Budgetary resources available for use
______ is a condition where the agency can measure the possible
outcomes and losses arising from a certain decision. -
correct answer ✅Risk
The Performance and Accountability Report (PAR) and Agency
Financial Report (AFR) are required to contain all of the same
sections EXCEPT: -
correct answer ✅Performance Section
What arises when the risk involved in decision making cannot be
calculated? -
correct answer ✅Uncertainty
Which of the following is NOT a key contributor during the agency
level period-end close process? -
correct answer ✅Office of the Under Secretary of Defense,
Comptroller (OUSD(C))
, Financial Statement Analysis for
Leaders Exam Questions & Answers
(Grade A+)
"Collect cash" is the final phase of the _______business process. -
correct answer ✅Order-to-cash
Each end-to-end business process includes: -
correct answer ✅Both budgetary and proprietary entries.
The Summary of Financial Statement Audit does not report
______________. -
correct answer ✅Compliance with the Federal Financial
Management Improvement Act
As a financial manager, if you wanted to understand the difference
between budgeted amount and actual amounts, you would use: -
correct answer ✅Variance analysis
Ensuring all Journal Vouchers (JVs) net to zero, ensuring JVs are
mapped to the correct accounting period, and ensuring the
supporting documentation actually support the cause of the JV are
all steps associated with what other key performance indicators? -
correct answer ✅Defense Finance and Accounting Service (DFAS)
JVs review.
Leaders Exam Questions & Answers
(Grade A+)
Program managers need Federal financial information about: -
correct answer ✅Budgetary resources available for use
______ is a condition where the agency can measure the possible
outcomes and losses arising from a certain decision. -
correct answer ✅Risk
The Performance and Accountability Report (PAR) and Agency
Financial Report (AFR) are required to contain all of the same
sections EXCEPT: -
correct answer ✅Performance Section
What arises when the risk involved in decision making cannot be
calculated? -
correct answer ✅Uncertainty
Which of the following is NOT a key contributor during the agency
level period-end close process? -
correct answer ✅Office of the Under Secretary of Defense,
Comptroller (OUSD(C))
, Financial Statement Analysis for
Leaders Exam Questions & Answers
(Grade A+)
"Collect cash" is the final phase of the _______business process. -
correct answer ✅Order-to-cash
Each end-to-end business process includes: -
correct answer ✅Both budgetary and proprietary entries.
The Summary of Financial Statement Audit does not report
______________. -
correct answer ✅Compliance with the Federal Financial
Management Improvement Act
As a financial manager, if you wanted to understand the difference
between budgeted amount and actual amounts, you would use: -
correct answer ✅Variance analysis
Ensuring all Journal Vouchers (JVs) net to zero, ensuring JVs are
mapped to the correct accounting period, and ensuring the
supporting documentation actually support the cause of the JV are
all steps associated with what other key performance indicators? -
correct answer ✅Defense Finance and Accounting Service (DFAS)
JVs review.
