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CDFM 3 KC
CDFM Module 3 Knowledge Check
| Question | Answer |
|---|---|
| Federal appropriations law can be categorized into which three topical areas? | Purpose, Time, and Amount (PTA) |
| In the DoD, final decisions of Fiscal Law questions are "officially" rendered by whom? | DoD General Council, Courts |
| How many basic types of budget authority are used in the Federal Government? | Appropriations, Contract Authority, Borrowing Authority, Monetary Credits, Offsetting Collections and Receipts, Loand and Loan Guarantee Authority |
| Annual appropriations remain available for new obligations for how long? | They normally remain available for new obligations for ONE fiscal year |
| Operation and Maintenance (O&M) is an example of what type of appropriation? | Annual appropriation |
| RDT&E is an example of what type of appropriation? | Multi-year appropriation |
| Budget authority does not expire in what type of appropriation? | No-year appropriation |
| Article 1, Section 9, of the U.S. Constitution gives the power to appropriate funds for the operating the government to which branch of the government? | Legislative Branch (Congress) |
| Which law established the House and Senate Budget Committees and the Congressional Budget Office (CBO)? | Congressional Budget Act of 1974 |
| What are the three tests which must be met for use of the Necessary Expense doctrine? | Must bear a logical relationship, not prohibited by law, not funded elsewhere |
| Who are determined to be accountable officers in the Department of Defense? | Certifying and Disbursing Officers and Accountable Officials |
| Who grants relief of liability to a certifying officer for erroneous or illegal payments in the Department of Defense? | DoD General Counsel, The Defense Finance and Accounting Service |
| What type of budgetary resources remains available for new obligations for more than one fiscal year? | Multi-year authority |
| What type of budgetary resources remain available for new obligations until purpose for which they were provided is carried out? | No-year authority |
| What type of Congressional resolution can be thought of as a temporary appropriations act? | Continuing resolution |
| If a Contracting Officer signs a contract in advance of an appropriation, what type of violation has occurred? | Antideficiency Act Violation |
| What agency apportions funds for a working capital fund? | Office of Management and Budget (OMB) |
| What are the four major functions in DoD finance? | Entitlements, Payments, Collections, Control of Public Funds |
| What is the primary organization in DoD with the responsibility for Finance requirements? | The Defense Finance and Accounting Service (DFAS) |
| What is the acronym for disbursing office identification numbers? | Disbursing Station Symbol Numbers (DSSN) |
| What three primary types of officials are Accountable individuals in the DoD? | Certifying Officers, Disbursing Officers, Accountable Officials |
| Debt collection includes collection of debts from what three groups? | Current employees and military members, former employees and military members, vendors |
| What is the normal collection method for debts owed by active military members and civilian employees who are still in service? | Salary Offset |
| When collecting debts owed by vendors that have failed to properly respond to the demand letters, what is the next step? | Hold-up list |
| When in doubt about the proper use of an appropriation, the DO may request this from the OSD General Counsel on the propriety of the prospective payment. | An advance decision. |
| To what, along with accountibility, does certification equate? | Liability |
| Who, besides the disbursing officer, is likely to be held accountable for an improper payment? | The Certifying Officer |
| If a civilian employee receives less than 90% of his or her nromal biweekly pay and allowances, what may they request? | Special Pay |
| When a civilian employee moves from a job overseas to a job in the states, which organization pays for the Permanent Duty Travel? | The "losing" activity (The OCONUS activity) |
| Name the supporting documents required in the DoD Payment Package. | Contract, Invoice, Proof of Receipt, Acceptance Document |
| Name two key forms that provide accountability and control by Disbursing Officers. | Standard Form 1219, Statement of Accountability (monthly), DD Form 2657, Daily Statement of Accountability |
| Which individuals hold personal and pecuniary liability for their actions in financial transactions? | Certifying Officers, Disbursing Officers, and Accountable Officials |
| How often does the Disbursing Officer need to inspect and document office security measures? | Semi-annually |
| The Budget and Accounting Act of 1921 established the GAO (Legislative Branch) to audit financial transactions of which branch of government? | Executive Branch |
| The GPRA requires agencies to define goals, set performance targets, and report what? | Actual performance |
| Any enforceable agreement between an agency and a business concern for the acquisition of property or services is called what? | Contract |
| What term is used to describe Federal government funds that have been paid but have not yet been identified to a specific organization? | Undistributed Disbursements |
| What term is used in SFFAS #4 to describe the process of accumulating, measuring, analyzing, interpreting, and reporting cost? | Managerial Cost Accounting |
| What are the two self-balancing sets of accounts in the U.S. Government Standard General Ledger (USGSGL)? | Budgetary and Proprietary |
| In proprietary accounting, assets equal liabilities plus what? | Net position |
| The aggregate amount of an entity's funds in the Treasury is in what account? | Fund Balance with Treasury |
| PP&E defines tangible assets with an estimated useful life of more than what number of years? | Two Years |
| What is the Statement of Budgetary Resources equation? | Budgetary Resources = Status of Budgetary Resources |
| Which financial statement shows the components of the net cost of the reporting entity's operation for the period? | Statement of Net Cost |
| What DoD accounting entity maintains a central general ledger? | Defense Finance and Account Service (DFAS) |
| Government audits provide essential elements of public accountability and what? | Control |
| Which standards generally apply to all Federal government audits? | GAO Standards or GAGAS |
| Who conducts, supervises, monitors, and initiates audits and investigations relating to DoD programs and operations? | DoD Inspector General |
| Which is the DoD document that provides policy for DoD audit and internal review offices to use for conducting audits of DoD operations, systems, program, and functions? | DoDIG Audit Handbook |
| Auditors auditing with personal impairments violate which general standard? | Independence |
| How many hours of continuing professional education must an auditor complete every 2 years? What is the minimum number of hours that must be completed in any year of the 2-year support? | 80 hours in 2 years; 20 hours mininum each year |
| The auditor is restricted access to essential data necessary to satisfy the audit objective. What type of impairment would this be? | External impairment |
| What does a financial audit determine? | See Question 8 on Module 3 Section 4 KC |
| What does a performance audit determine? | See Question 9 on Module 3 Section 4 KC |
| Which audit phase involves gathering evidence and determining materiality and significance of the findings? | Review phase |
| During which audit phase would you select the most important areas for audit coverage? | Planning phase |
| What document includes the objectives of the audit, the findings, and when appropriate, the recommendations? | The Audit Report |
| What should be considered when evaluating the effectiveness of DoD audit organizations? | Audit benefits |
| What is the name of the GAO Standard that provides reasonable assurance that DoD auditors comply with applicable auditing standards and DoD audit policies? | Quality Control and Assurance |
| Inspection of office security, separate and secure storage of records and equipment, and restricted system access are examples of what kind of controls? | Internal Controls |
Created by:
jjfinley4