CDFM Exam 3 Questions with Verified
Solutions
Who are determined to be accountable individuals for the DoD? - ANS-Certifying &
Disbursing Officers & DAOs
If a contracting officer signs a contract in advance of an appropriation, what type of
violation has occurred? - ANS-ADA
What are the 4 major functions in DoD Finance? - ANS-Entitlements, Payments,
Collections, Control of Public Funds
What 3 primary types of officials are accountable individuals in the DoD? - ANS-
Certifying & Disbursing Officers & DAOs
When collecting debts owed by vendors that have failed to properly respond to demand
letters, what is the next step? - ANS-Do not pay list
If a civilian employee receives less than 90% of his/her pay and allowances, what may
he/she request? - ANS-Special Pay
When a civilian employee PCSs from OCONUS to CONUS, who pays? - ANS-
OCONUS Activity
How often does the disbursing officer need to inspect and document office security
measures? - ANS-Semi-annually
What are the two self-balancing sets of accounts in the USGSGL? - ANS-Budgetary
and Proprietary
In proprietary accounting, assets equal liabilities plus what? - ANS-Net position
The aggregate amount of an entity's funds in the Treasury is in what account? - ANS-
Fund Balance with Treasury
PP&E defines tangible assets with an estimated useful life of more than what number of
years? - ANS-2
Which three federal agencies established the FASAB? - ANS-GAO, Treasury & OMB
, What is the Federal law that specifically required existing CFO agencies to have
financial statements that successfully pass a financial audit? - ANS-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? - ANS-Wave 2
Government audits provide essential elements of public accountability and what? -
ANS-Control
Which standards generally apply to all Federal Government audits - ANS-GAO
Standards or GAGAS
Who conducts, supervises, monitors and initiates audits and investigations relating to
DoD programs and operations? - ANS-DoD IG
Which is the DoD Document that provides policy for DoD audit and internal review
offices to use for conducting audits of DoD operations, systems, program and
functions? - ANS-DoD IG Audit Handbook
Auditors auditing with personal impairments violate which general standard? - ANS-
Independence
How many CPEs must an auditor complete every 2 years? What's the minimum per
year? - ANS-
The auditor is restricted access to essential data necesssary to satisfy the audit
objective. What type of impairment would this be? - ANS-External
Which type of audit is expected to determine financial information is presented... - ANS-
Financial Audit
Which type of audit is expected to determine whether...(no mention of finance) - ANS-
Performance Audit
During what audit phase would the auditor select the most important areas for audit
coverage? - ANS-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? - ANS-
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? - ANS-Undistributed
Disbursements
Solutions
Who are determined to be accountable individuals for the DoD? - ANS-Certifying &
Disbursing Officers & DAOs
If a contracting officer signs a contract in advance of an appropriation, what type of
violation has occurred? - ANS-ADA
What are the 4 major functions in DoD Finance? - ANS-Entitlements, Payments,
Collections, Control of Public Funds
What 3 primary types of officials are accountable individuals in the DoD? - ANS-
Certifying & Disbursing Officers & DAOs
When collecting debts owed by vendors that have failed to properly respond to demand
letters, what is the next step? - ANS-Do not pay list
If a civilian employee receives less than 90% of his/her pay and allowances, what may
he/she request? - ANS-Special Pay
When a civilian employee PCSs from OCONUS to CONUS, who pays? - ANS-
OCONUS Activity
How often does the disbursing officer need to inspect and document office security
measures? - ANS-Semi-annually
What are the two self-balancing sets of accounts in the USGSGL? - ANS-Budgetary
and Proprietary
In proprietary accounting, assets equal liabilities plus what? - ANS-Net position
The aggregate amount of an entity's funds in the Treasury is in what account? - ANS-
Fund Balance with Treasury
PP&E defines tangible assets with an estimated useful life of more than what number of
years? - ANS-2
Which three federal agencies established the FASAB? - ANS-GAO, Treasury & OMB
, What is the Federal law that specifically required existing CFO agencies to have
financial statements that successfully pass a financial audit? - ANS-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? - ANS-Wave 2
Government audits provide essential elements of public accountability and what? -
ANS-Control
Which standards generally apply to all Federal Government audits - ANS-GAO
Standards or GAGAS
Who conducts, supervises, monitors and initiates audits and investigations relating to
DoD programs and operations? - ANS-DoD IG
Which is the DoD Document that provides policy for DoD audit and internal review
offices to use for conducting audits of DoD operations, systems, program and
functions? - ANS-DoD IG Audit Handbook
Auditors auditing with personal impairments violate which general standard? - ANS-
Independence
How many CPEs must an auditor complete every 2 years? What's the minimum per
year? - ANS-
The auditor is restricted access to essential data necesssary to satisfy the audit
objective. What type of impairment would this be? - ANS-External
Which type of audit is expected to determine financial information is presented... - ANS-
Financial Audit
Which type of audit is expected to determine whether...(no mention of finance) - ANS-
Performance Audit
During what audit phase would the auditor select the most important areas for audit
coverage? - ANS-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? - ANS-
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? - ANS-Undistributed
Disbursements
