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CDFM Module 3 Competency 3 - Accounting and Finance questions with answers.
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CDFM Module 3 Competency 3 -Accounting and Finance questions with
answers.
What are the types of accounting behind the federal accounting framework? Who are the primary users
of federal financial information? ANS -Budgetary
Proprietary
Managerial Cost accounting
External users (citizens and congress)
Internal users (agency heads and management)
What estbalishes the statutory requirements for accounting? ANS -the US Constitution, Article 1 section
9 clause 7
"No money shall be drawn from treasury, but in consequence of appropriations made by law; and a
regular statement of account of the receipts and expenditures to all public money shall be published
from time to time."
What is the CFO act of 1990? ANS -Required audited financial statements for the business activities of
the 24 designated CFO agencies.
Required audits of working capital fund activities only
What is the Government Management Reform Act of 1994? ANS -Amended the CFO Act to require
audited financial statements for the 24 CFO agencies and an audited financial report of the US
government (starting with FY97)
Required EVERYTHING to be audited
DoD still hasn't passed an audit
,What are the names of the federal financial statements? ANS -Balance Sheets
Statements of Net Cost
Statements of Operations and Changes in Net Position
What is the difference between debt and a deficit? ANS -Deficits are for one year
Debt is the cumulative result of each year's financial outcomes
What is the aim Digital Accountability and Transparency act of 2014? ANS -•Aims to make information
on federal expenditures more easily accessible and transparent for the public
•Requires Treasury to establish common standards for financial data provided by all government
agencies and expand the amount of data agencies must provide to the government website USA
Spending
•Focused on standardization of accounting terms, systems and report contents to enable the public to
better understand the reported information and making the information available via a centralized web
site
What are the purposes of the Digital Accountability and Transparency Act of 2014? ANS -Purposes are
to:
•Disclose direct federal agency expenditures and link federal information to federal programs
•Establish government-wide financial data standards
•Simplify reporting for entries receiving federal funds
•Improve the quality of data by holding federal agencies accountable for the completeness and accuracy
of data submitted to a centralized data web site
List the most significant accounting related legislation and summarize the most significant aspect of each
one ANS -1921 Budget and Accounting Act - Established the GAO and OMB, and required President to
submit President's Budget
1949 Federal Property and Administrative Services Act - Established the General Services Administration
, 1950 Accounting and Auditing Procedures Act - Required apportionment and allocation systems;
expanded ADA/required reporting
1982 PPA - required interest payments if gov does not pay invoice within 30 days
1982 Debt Collection Act - If can't collect debt w/in 180 days, refer to treasury
1982 Federal Managers' Financial Integrity Act - Estbalished internal control requirements
1990 CFO Act - mandated audit of business ops.
1993 GPRA - added all agencies/operations to audit requirement
1994 GMRA - Set long term objectives, annual performance plans, annual performance report
requirements
1996 Federal Management Improvement Act - (full cost reporting, i.e., managerial cost accounting
requirement) - Required systems to support control of cost of government, use of GL at transaction level
What are the Gov. orgs that most affect decisions of DoD financial managers? ANS -OMB
GAO
Treasury
FASAB
What is OMB's role in affecting DoD financial management decision making? ANS -President's
comptroller - OMB Conducts a continuous program for improving accounting/finnacial reporting in
federal gov. Has primary oversight over this effort. OMB also assists the President in preparing and
overseeing budget execution.
What is GAO's role in affecting DoD financial management decision making? ANS -Audits financial
performance of the executive and is often referred to as watchdog of congress. Works directly for
congress.
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