CDFM - Module 3 Exam Questions & Answers | Latest Update | Verified & Updated| 19 pages

Proprietary/Financial Accounting tracks - Answer ️️ -assets What specific statutory authority allows an agency to incur obligations in anticipation or in advance of either receipts or an appropriation of liquidating cash with which to pay the obligation? - Answer ️️ -Contract Authority Personal Impairments result from what? - Answer ️️ -relationships or beliefs that might weaken or slant audit findings Measures and controls the use of the resources according to the purposes for which budget authority was enacted and that records receipts and other collections by source (self balancing). - Answer ️️ -Budgetary Accounting Who is responsible for the use of appropriated funds as to the proper purpose, time, and amount? - Answer ️️ -Fiduciary Certifier (Fund Certifying Official) What results when auditors are deterred from acting objectively and exercising professional skepticism by actual or perceived pressures from management and employees? - Answer ️️ - External Impairments Who determines that relief of accountable individuals is appropriate (per criteria) and who must grant the relief? - Answer ️️ -SECDEF delegated to DFAS, CG What is the Investment Threshold level set by Congress to use O&M? - Answer ️️ -$250K The bona fide needs rule does not apply to what type(s) of appropriations? - Answer ️️ -No- Year Appropriations What are amounts earned or collected from the selling of goods and services called? - Answer ️️ -Reimbursements What are the 3 travel entitlement requirements? - Answer ️️ -(1) travel orders (2) use of travel card if possible (3) travel claims What are three types of Earmarking? - Answer ️️ -(1) not to exceed (2) not less than (3) exclusively for What type of sampling has the advantage of enabling the Auditor to project the sample result to the universe? - Answer ️️ -Statistical 10 US Code 2410A - Answer ️️ -Severable/12 Months 31 US Code 1502 pertains to what? - Answer ️️ -Bona Fide Needs Act Contractors must provide a 1099 to the IRS NLT - Answer ️️ -28 February Reservists without dependents, even when living in barracks, is entitled to what? - Answer ️️ - partial basic allowance for housing (partial BAH) Inspector Generals (IGs) report directly to the? - Answer ️️ -Agency Head No payments shall be made without? - Answer ️️ -Certification What is the basic authority for the use of public funds? - Answer ️️ -US Constitution List the two types of revolving funds. - Answer ️️ -(1) Public Enterprise Funds (2) Intra-Governmental Fun