Federal Financial Mangement Exam
Questions and Answers Graded A+
The Government Organizations that most affect the decisions of DoD financial
managers are - Correct answer-OMB--The office of federal finanicial management
has oversight of continuous program for improving accounting and financial
reporting in the federal government.
GAO--the watchdog of congress. GAO audits the financial performance of the
executive branch.
Dep of Treasury--manages the balances and flow of funds required to support the
government--responsible for codifying the GAAP for the Federal Government
and Federal Accounting Standard Advisory Board (FASAB).
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
, GAAP is a concept that encompasses the conventions, rules, and procedures
necessary to define an accepted accounting practice at a particular time, and
accounting systems must comply with GAAP to ensure consistency of results. -
Correct answer-Generally-Accepted Accounting Principles (GAAP
Financial Accounting Standards Board (FASB) - Correct answer-Issues GAAP for
non-governmental, not-far-profit entities
Government Accounting Standards Board (GASB) - Correct answer-Issues GAAP
for state and local governmental, not-far-profit entities
Federal Accounting Standards Advisory Board (FASAB) - Correct answer-Issues
GAAP for the federal government
In October 1999, the American Institute of certified public accountant (AICPA)
formally recognized the FASAB as the body designated to establish GAAP for the
federal government.
Three agencies share responsibility for implementing the federal accounting
standards. - Correct answer-Office Management and Budget (OMB)
Government Accountability Office (GAO)
Department of the Treasury
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
Questions and Answers Graded A+
The Government Organizations that most affect the decisions of DoD financial
managers are - Correct answer-OMB--The office of federal finanicial management
has oversight of continuous program for improving accounting and financial
reporting in the federal government.
GAO--the watchdog of congress. GAO audits the financial performance of the
executive branch.
Dep of Treasury--manages the balances and flow of funds required to support the
government--responsible for codifying the GAAP for the Federal Government
and Federal Accounting Standard Advisory Board (FASAB).
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
, GAAP is a concept that encompasses the conventions, rules, and procedures
necessary to define an accepted accounting practice at a particular time, and
accounting systems must comply with GAAP to ensure consistency of results. -
Correct answer-Generally-Accepted Accounting Principles (GAAP
Financial Accounting Standards Board (FASB) - Correct answer-Issues GAAP for
non-governmental, not-far-profit entities
Government Accounting Standards Board (GASB) - Correct answer-Issues GAAP
for state and local governmental, not-far-profit entities
Federal Accounting Standards Advisory Board (FASAB) - Correct answer-Issues
GAAP for the federal government
In October 1999, the American Institute of certified public accountant (AICPA)
formally recognized the FASAB as the body designated to establish GAAP for the
federal government.
Three agencies share responsibility for implementing the federal accounting
standards. - Correct answer-Office Management and Budget (OMB)
Government Accountability Office (GAO)
Department of the Treasury
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
