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Exam (elaborations)

GFEBS Debt Management Exam Practice Questions and Answers

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GFEBS Debt Management Exam Practice Questions and Answers Treasury Reporting: Reason Status Codes - Correct Answer️️ -Reason Status codes assist with the preparation of the TROR. Reason Status codes indicate the state of the debt throughout the debt lifecycle and assist the accounting syste...

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  • September 25, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • GFEBS
  • GFEBS
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EmillyCharlotte
TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS
RESERVED
FIRST PUBLISHED: SEPTEMBER 2024

GFEBS Debt Management Exam
Practice Questions and Answers


Treasury Reporting: Reason Status Codes - Correct Answer✔️✔️-Reason Status codes

assist with the preparation of the TROR. Reason Status codes indicate the state of the

debt throughout the debt lifecycle and assist the accounting system with determining

how to categorize the debt.




Changes in the reason status code occur through business events or are manually

entered into the accounting system. These changes also occur via interfaces from

entitlement and revenue systems

When is interest applied? - Correct Answer✔️✔️-Interest is applied 30 days after the debit

notice due date (i.e., day 31). Additional interest will accrue for each 30 day period until

payment is received. The interest calculation program is automatically executed on a

daily basis, but only updates the account every 30 days. In the process of fully collecting

a debt that includes principal, interest, fees, and penalties the remittances received are

first applied to reduce penalties, fees, interest, and then principal.




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, TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS
RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
How is interest applied? - Correct Answer✔️✔️-The Run Interest Calculation Program is

run automatically. It can be manually run by the Debt Management Processor if needed.

Interest accrues continually until the debt is collected or written off.

Who determines the applied interest amount? - Correct Answer✔️✔️-The U.S. Treasury

requires the Current Value of Funds Rate (CVFR) to be used as the interest rate. When

the debt record is created the interest rate (%) is assigned to the accounts receivables

record. The rate is fixed for the life of the debt.

CVFR - Correct Answer✔️✔️-Current Value of Funds

Fees - Correct Answer✔️✔️-are assessed to cover the additional costs incurred in

handling a debt beyond the date on which payment was due. They are applied only if

payment is not made by the due date specified on the billing form and / or demand

letter. The DoD components calculate fees based upon actual costs incurred. If the

actual cost is not available, fees may be determined by historical costs or by the cost

analysis method that supports determination of the charge.

Penalties - Correct Answer✔️✔️-are charges on delinquent debt to discourage

delinquencies and encourage early payment of the debt in full. The rate to be assessed

is set by law at more than six percent per year and is assessed on the portion of a debt

remaining delinquent for more than 90 days. The charges will accrue and be assessed

from the date of delinquency.




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