CDFM Exam 3 Questions & Answers | 200 Questions with
100% Correct Answers | Verified |
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
Government audits provide essential elements of public accountability and what?
Control
Which standards generally apply to all Federal Government audits
GAO Standards or GAGAS
, Who conducts, supervises, monitors and initiates audits and investigations
relating to DoD programs and operations?
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?
DoD IG Audit Handbook
Auditors auditing with personal impairments violate which general standard?
Independence
How many CPEs must an auditor complete every 2 years? What's the minimum
per year?
The auditor is restricted access to essential data necesssary to satisfy the audit
objective. What type of impairment would this be?
External
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?
100% Correct Answers | Verified |
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
Government audits provide essential elements of public accountability and what?
Control
Which standards generally apply to all Federal Government audits
GAO Standards or GAGAS
, Who conducts, supervises, monitors and initiates audits and investigations
relating to DoD programs and operations?
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?
DoD IG Audit Handbook
Auditors auditing with personal impairments violate which general standard?
Independence
How many CPEs must an auditor complete every 2 years? What's the minimum
per year?
The auditor is restricted access to essential data necesssary to satisfy the audit
objective. What type of impairment would this be?
External
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?
