GFEBS Debt Management Exam Questions and Answers 100% Pass
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Course
GFEBS
Institution
GFEBS
GFEBS Debt Management Exam
Questions and Answers 100% Pass
Treasury Reporting: Reason Status Codes - 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 h...
Treasury Reporting: Reason Status Codes - ✔✔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? - ✔✔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.
, How is interest applied? - ✔✔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? - ✔✔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 - ✔✔Current Value of Funds
Fees - ✔✔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 - ✔✔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
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