CDFM Module 3.3 Exam 2024 | CDFM Module
3.3 Actual Exam Update 2024 Questions and
Correct Answers Rated A+
1. required apportionment, allocation systems
2. expanded anti-deficiency, required reporting
3. mandated principles/standards and
4. established Joint Financial Management Improvement Program
(JFMIP) -ANSWER-1950 Accounting and Auditing Procedures Act
1. required direct deposit of Federal wages, salary and retirement
payments
2. amended the CFO act to require a consolidated financial statement
for the entire Executive Branch- prepared by the Treasury Department
and audited by the GAO
3. Required 24 Agencies to submit audited financial statements -
ANSWER-1994 Government Management Reform Act
1. required systems to support the control of cost of Government
2. required application of accounting standards to produce
consistency in financial reporting
3. required financial management systems to support full-cost
reporting and full disclosure of financial data -ANSWER-1996 FFMIA
A petty cash fund in the form of currency or coin for specifically
authorized cash payments. -ANSWER-Imprest Fund
A test of an entity's immediate solvency is made by comparing the
sum of cash and aged accounts receivable, commonly referred to as?
-ANSWER-Quick Assets- not including inventory
,Accounting and Policy procedures -ANSWER-Volume 4
Accounts that temporarily account for transactions that you know
belong to the government but you cannot match to a specific receipt or
expenditure account. -ANSWER-Clearing Accounts
Administrative Control of Funds and Anti-deficiency act -ANSWER-
Volume 14
Amends SFFAC 2 to discuss process and factors the Board considers
when deciding whether the information should be considered basic
information, required supplementary information or other
accompanying information. it. -ANSWER-SFFAC 6
Any enforceable agreement between an agency and a business
concern for the acquisition of property of services is called what? -
ANSWER-contract
Are amounts earned and collected from the selling of goods and
services. -ANSWER-Reimbursements
Are amounts owed to the entity. -ANSWER-Accounts Receivable
Are essential for public accountability and for an efficient and effective
functioning of our democratic system of government. -ANSWER-
Accounting and financial reporting standards
Are federal government funds that have been paid, but for whatever
reason, have not yet been identified to a specific organization. -
ANSWER-Undistributed disbursements
,Are revolving funds used for programs authorized by law to conduct a
cycle of business type operations, primarily with the public, in which
outlays generate collections. -ANSWER-Public Enterprise Funds
Are the recovery of excess payments and are credited to the
appropriation that made the payment. -ANSWER-Refunds
Are unique to one or more of the following reasons: historical, natural,
cultural, educational significance, artistic importance, or significant
architectural characteristics. -ANSWER-Heritage Assets
As amended by the Debt Collection Improvement Act of 1996,
strengthened ability to collect receivables from people who owe the
government -ANSWER-1982 Debt Collection Act
Assets = Liabilities + Net Position -ANSWER-Proprietary Accounting
Audits the financial performance of the Executive Branch and is often
referred to as the "watchdog" of Congress. -ANSWER-GAO
Budgetary Accounting Account Code -ANSWER-4000
Budgetary or Proprietary? A purchase order for supplies estimated to
cost $2M is issued, Delivery is not expected for at least 30 days, the
accounting transaction is an obligation of funds equal to the estimated
expenditure. -ANSWER-Budgetary
Budgetary or Proprietary? Allotment issued by appropriate agency
official. -ANSWER-Budgetary
Budgetary or Proprietary? Apportionment reviewed and approved by
OMB. -ANSWER-Budgetary
, Budgetary or Proprietary? Appropriation signed into law and treasury
warrant issued. -ANSWER-Budgetary
Budgetary or Proprietary? Commitments recorded in the accounting
records. -ANSWER-Budgetary
Budgetary or Proprietary? Congress APPROPRIATES and the
President signs the appropriation act for $100M for the year, and
Treasury issues the appropriation warrant. -ANSWER-Budgetary and
Proprietary
Budgetary or Proprietary? Goods and/or services delivered and
accepted; liability established; expended appropriations unpaid and
recorded. -ANSWER-Budgetary and Proprietary
Budgetary or Proprietary? Obligations issued but are not delivered; no
advances or prepaid. -ANSWER-Budgetary
Budgetary or Proprietary? Payment made. -ANSWER-Budgetary and
Proprietary
Budgetary or Proprietary? The goods are delivered along with the
vendors invoice equal to the original obligation $2M. -ANSWER-
Budgetary and Proprietary
Budgetary or Proprietary? With the receipt of the allotment the
installation/activity may begin its operations. A purchase request and
commitment form for supplies estimated cost $2M is issued: -
ANSWER-Budgetary
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