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CDFM M3 > M3 > Flashcards

M3 Flashcards

1
Q

What is an undistributed disbursement?

A

Federal Government funds that have been paid but for whatever reason have not yet been identified to a specific organization; therefore they are placed in a suspense account.

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2
Q

What is an advance decision?

A

An advance decision as to the proprietary of certifying a payment or making a payment using appropriated funds provided by the DOD General Counsel to a departmental Accountable official, certifying officer, Disbursing Officer, or agency head acting as a certifying officer.

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3
Q

Federal appropriations law can be categorized into which three topical areas

A

Purpose
Time
Authorization
(PTA)

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4
Q

Final decisions of fiscal law questions are officially rendered by whom

A

DoD General Counsel

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5
Q

Who are determined to be accountable individuals in the DoD

A

Certifying Officials
Disbursing Officials
Departmental Accountable Officials

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6
Q

Who grants relief of liability to a certifying officer for erreronous or illegal payments in the DoD

A

DFAS

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7
Q

If a contracting officer signs a contract in advance of an appropriation what type of violation has occurred

A

Antideficiency Act Violation

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8
Q

What agency apportions funds for working capital fund

A

OMB

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9
Q

What is the primary organization in DoD with the responsibility for Finance requirements

A

DFAS

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10
Q

What three primary types of Officials are accountable individuals in the DoD

A

Certifying officers
Disbursing Officers
Departmental Accountable Official

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11
Q

When in doubt about the proper use of an appropriation what may the Disbursing Officer request from the OSD General Counsel on the propriety of the prospective payment

A

An advance decision

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12
Q

To what along Accountability does certification equate

A

Liability

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13
Q

Who besides the Disbursing Officer is likely to be held accountable for an improper payment

A

Certifying officer

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14
Q

When a civilian employee moves from a job oversees to a job in the states which organization pays for Permanent Duty Travel

A

Losing activity (the OCONUS)

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15
Q

Which individuals hold personal and pecuniary liability for their actions in financial transactions

A

Certifying officers
Disbursing Officers
Departmental Accountable officials

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16
Q

How often does the Disbursing Officer need to inspect and document office security measures

A

Semi-annual

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17
Q

Assuming you found it justified to take a discount what is the due date for making a discount payment

A

10 days after vendor invoice date

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18
Q

If you aren’t able to take a discount what is the due date for a net payment

A

30 days after later of invoice receipt or acceptance

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19
Q

The GPRA requires agencies to define goals, set performance targets and report what

A

Actual performance

20
Q

Any enforceable agreement between an agency and a business concern for the acquisition of property or services is called what

A

A contract

21
Q

What term is used to describe Federal Government funds that have been paid but have not yet been identified to a specific organization

A

Undistributed Disbursements

22
Q

Accounting Assets = liabilities + ____________

A

Net Position

23
Q

The aggregate amount of an entity’s funds in the Treasury is in what account

A

FBWT

24
Q

PPE defines tangible assets with an estimated useful life of more than what number of years

A

Two years

25
Q

What is the Statement of Budgetary Resources equation

A

Budgetary Resources = Status of Budgetary Resources

26
Q

Which financial statement shows the components of the net cost of the reporting entity’s operation for the period

A

Statement of Net Cost

27
Q

What DoD Accounting entity maintains a central general ledger

A

DFAS

28
Q

Which three Federal agencies established the FASAB

A

GAO

DoT

OMB

29
Q

What is the Federal Law that specifically required existing CFO agencies to have financial statements that successfully pass a financial audit

A

Government Management Reform Act of 1994

30
Q

Pay and confirm refers to the process of obtaining which of the following documents

Invoices
Receiving reports
Purchase orders
Purchase order amendments

A

Receiving reports

31
Q

Primary equation characterizing financial (proprietary) accounting is

A

Assets = Liabilities + Net Position

32
Q

Severable service contracts are for those services that

A

The agency receives something useful immediately upon the expenditure of funds or by the end of the FY

The government can terminate for convenience at any time yet still would have received benefits for the period under contract

33
Q

If an agency receives a valid invoice related to an appropriation that is cancelled the agency

A

Must pay from a currently available appropriation of the same type with a limit up to 1% of the currently available appropriation or unextended balance of the applicable cancelled appropriation, whichever is less

34
Q

Agency X has received an appropriation that is available until fully expended. To close this appropriation

A

The agency cannot close the appropriation. Instead the agency must fully obligate the appropriation.

35
Q

The DoD has multiyear contracting authority. This means

A

DoD can sign a 5 year contract for severable services but obligate the contract incrementally over a 5 year period using O&M

36
Q

Premium pay for civilians consists of certain types of pay such as

A

Overtime
Night
Holiday
Environmental

37
Q

1990 Chief Financial Officer’s Act

A

Required annual financial reports for agency business operations (revolving funds, trust funds, etc)

38
Q

The FASAB is responsible for developing:

A

GAAP for the Federal Government

39
Q

Which organization issues Standards of accounting, known as GAAP

A

FASB

40
Q

What is the formula for budgetary accounting

A

Resources = status of resources

41
Q

A tangible asset should be recorded in the proprietary accounting system at acquisition value which includes

A

Amount paid for the asset plus transportation, installation, and other related costs of obtaining the asset and preparing it for use

42
Q

The Statement of Net Costs

A

Displays gross cost incurred by the reporting entity less any exchange revenue earned from its activities

43
Q

According to GAGAS when gathering audit evidence for performance audits, auditors must consider if the evidence is

A

Sufficient and appropriate

44
Q

The accounting and finance office prepares the Daily Statement of Accountability DD Form 2657

A

To report all transactions that affect fund balances for the day

45
Q

A finance office experiences a check issue overdraft when

A

The amount of the check is greater than the amount the disbursing officer reports

46
Q

Agencies performing reimbursable work may credit the reimbursement to

A

The appropriation of the performing agency used to perform the work

47
Q

Constructive acceptance is considered to take place

A

Under prompt pay rules when the certifying officer has not received acceptance documents within 7 days

CDFM M3 (2 decks)

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