EXECUTION EXAM PART 1: Apportionment

EXECUTION EXAM PART 1: Apportionment Here is your test result.The dots represent the choices you have made. The highlighted questions are the questions you have missed. Remediation Accessed shows whether you accessed those links.'N' represents links not visited and 'Y' represents visited links. Back to Status page contains 22 Questions 1) Which of the following is NOT part of the apportionment process? [Recognize how a defense acquisition program receives budget authority through the apportionment process.] Authorization Allotment Apportionment Allocation 2) Which of the following statements is FALSE regarding rescissions? [Recall the rules for the use of the deferral and rescission provisions of the Budget and Impoundment Control Act of 1974.] If Congress does nothing, the rescission is in force and the funds are cancelled Congress must pass a rescission bill within 45 days of continuous session after receipt of the rescission request A rescission is a permanent impoundment (i.e., cancellation) of funding If Congress does not pass a rescission bill, the President must release the funds for execution. 3) Obligation and expenditure plans: [Identify the purposes and contents of obligation plans and expenditure plans.] Are prepared by the Program Management Offices Should always be coordinated with the regional Defense Finance and Accounting Service (DFAS) office Should reflect the most optimistic schedule for executing funds Should include as many fourth-quarter obligations and expenditures as possible to minimize DAU Page 1 of 6 This study source was downloaded by from CourseH on :22:41 GMT -06:00 4) All of the following may occur for acquisition programs whose actual obligations and expenditures appear to be significantly lower than their planned levels EXCEPT: [Recognize when and how an acquisition program may be impacted by unfavorable execution of its obligation and expenditure plans.] Keep all or most of their funds by claiming that the variance is due to normal backlog at the government contracting officer Have some or all of their available funds reprogrammed in the year of execution to meet other needs Keep all or most of their funds if they can show that unusual problems are causing their actuals to appear lower than they really are Have their budget requests for future years adjusted by Component or OSD budget analysts 5) Which one of the following is FALSE concerning the Contract Funds Status Report (CFSR)? [Identify the purpose and contents of the Contract Funds Status Report (CFSR).] A CFSR is always required for contracts exceeding $1 million (constant FY 1990 dollars) in value A CFSR should not be required for a Firm Fixed Price contract that does not require special funding visibility Information on the CFSR can be used to determine whether additional funds are needed for the contract A CFSR should not be required for contracts less than 6 months in duration 6) An internal reprogramming action: [Recognize the various categories of reprogramming, including the approval authorities and the types of reprogramming actions covered by each category.] May be used to move funds to and from ``transfer accounts`` such as the Environmental Restoration, Army account Must be approved by Congress May be used to increase the appropriated amount of an RDT&E program element by $10 million or more May be used to redirect funds to a different purpose than authorized or appropriated by Congress 7) Which of the following is true concerning below-threshold reprogrammings in Procurement appropriations? [Identify the threshold amounts and level of control for each appropriation category for below-threshold reprogramming.] [Remediation Accessed :N] he amount taken from an existing Line Item must be less than $20 million or 20% of the Line Item’s original value, whichever is less The amount added to an existing Program Element must be less than $10 million DAU Page 2 of 6 This study source was downloaded by from CourseH on :22:41 GMT -06:00 The amount added to an existing Project must be less than $2 million or 25% of the Project’s original value, whichever is greater 8) Time now is February 2014 . Which of the following appropriations is CURRENT at this time? Select all that apply. (TWO correct answers.) [Identify when an appropriation is current, expired, or cancelled.] FY 2013 Military Personnel, Army  FY 2012 Shipbuilding and Conversion, Navy FY 2010 Procurement, Marine Corps  FY 2011 Military Construction, Air Force 9) Reimbursable orders are recorded as obligations when: [Recognize the DoD rules governing obligations.] The providing activity accepts the order in writing The ordering activity delivers the order to the providing activity The providing activity performs the work or delivers the product ordered The providing activity awards a contract to a third party to perform the work ordered 10) Why do organizations perform a Mid-Year review of their programs` obligations and expenditures? [Recognize the purpose of Mid-Year reviews.] to determine if they are on track to obligate and/or expend funds to close-out unliquidated obligations on the program to reconcile program invoices to reconcile program contract discrepancies 11) True or False. Per DFAS guidance, program offices should continuously monitor financial activity to ensure financial transactions are valid and correctly recorded in a timely manner, such as commitments, obligations, expenses, and disbursements. [Identify the financial manager`s role in reconciling Monthly and End-of-Year reports to DFAS data.] DAU Page 3 of 6 This study source was downloaded by from CourseH on :22:41 GMT -06:00 True 12) What are the responsibilities of the FM during the Triannual Review (TAR)? Select three. [Identify the responsibilities of the financial manager in the Triannual Review (TAR) process.]  provide data on Unfulfilled Customer Orders(UFCO) and accounts receivable  identify dormant commitments and unliquidated obligations that are eligible for close out reconcile contract payments and incomplete travel orders  review and reconcile accounts payable balances 13) True or False. Unliquidated balances in expired accounts that are not supported by documentary evidence, must be deobligated after closure/cancellation. [Identify the role the financial manager plays in deobligating funds.] [Remediation Accessed :N] True False 14) True or False. Financial managers resolve unmatched disbursements (UMDs) by conducting research and implementing corrective actions. [Identify the role the financial manager plays in resolving unmatched disbursements.] False True 15) True or False. Any funds not obligated at the end of the fiscal year can be restored in the next fiscal year. [Recognize funds issues and reconciliation problems associated with Fiscal Year Close-Out.] False True 16) Financial managers performing contract reconciliation will compare databases, research differences, and ________. [Identify the financial manager`s role in the process of contract reconciliation.] identify root causes make system and process adjustments to resolve issues ensure those involved in errors are dismissed manage the daily operations of contract reconciliations DAU Page 4 of 6 This study source was downloaded by from CourseH on :22:41 GMT -06:00 underwater demolition personnel? [Identify the purpose(s) for which each of the major appropriation categories of interest to the defense acquisition community (RDT&E, Procurement, O&M, MILCON, and MILPERS) may be used.] Military Personnel Research, Development, Test, and Evaluation Military Construction Procurement 18) You have a system that is not in production, but requires some modifications that have no impact to performance and does not require DT or IOT&E. Therefore, you should be using the _______ appropriation to fund the development, test & evaluation of the product improvement. [Identify the proper appropriation used to fund each of the three phases (development, production, and installation) of a product improvement effort.] O&M Procurement RDT&E 19) True or False. If the unit cost of items within a system is greater than $250,000, these costs are considered ``Expense`` costs. [Recognize the criteria for determining Expense and Investment Cost.] False True 20) To be included in __________________ a business activity must meet _____ criteria. [Identify the criteria in order for a business activity to be included in the Working Capital Fund.] a Working Capital Fund; four the Procurement appropriation category; three the President`s Working Fund; two the Capital Investments Fund; four 21) A current appropriation may be used to: (select the best answer) [Recognize the rules governing the use of funds during each of the three phases of an appropriation`s life-cycle.] All of these are correct DAU Page 5 of 6 This study source was downloaded by from CourseH on :22:41 GMT -06:00 Pay bills related to a cancelled appropriation of the same type, up to 1% of the current appropriation amount or the unliquidated balance of the cancelled appropriation, whichever is less Adjust obligations previously made against it 22) $700,000 was committed in January for a Procurement-funded contract to be awarded in June. Thanks to healthy competition, the Procuring Contracting Officer was able to accept a bid of $500,000 for the work. According to the rules governing commitments: (select one) [Recognize the DoD rules governing commitments.] The extra $200,000 from the original commitment can be decommitted in the same transaction that records the $500,000 obligation The extra $200,000 from the original commitment remains committed until the appropriation expires A $700,000 obligation must be recorded The original commitment amount must be decreased by $200,000 for 90 days prior to the obligation being recorded Back to Status page DAU Page 6 of 6 This study source was downloaded by from CourseH on :22:41 GMT -06:00 Powered by TCPDF ()