CDFM Exam 3|194 Questions with
Solutions A+ Graded
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
Solutions A+ Graded
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
