Module 3: Accounting and Finance: Competency Area 3: Accounting

Question 1

1. The Budget and Accounting Act of 1921 established the GAO (Legislative Branch) to audit financial transactions of which branch of the Government?

Answer 1

Executive Branch

Question 2

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

Answer 2

Actual Performance

Question 3

3. Any enforceable agreement between an agency and a business concern of the acquisition of property of services is called what?

Answer 3

Contract

Question 4

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

Answer 4

Undistributed Disbursements

Question 5

5. What term is used in SFFAS #4 to describe the process of accumulating, measuring, analyzing, interpreting, and reporting cost?

Answer 5

Managerial Cost Accounting

Question 6

6. What are the two self-balancing sets of accounts in the USSGL?

Answer 6

Budgetary and Proprietary

Question 7

7. In proprietary accounting, assets equal liabilities plus what?

Answer 7

Net position

Question 8

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

Answer 8

FBwT

Question 9

9. PP&E defines tangible assets with an estimated useful life of more than what number of years?

Answer 9

Two years

Question 10

10. What is the Statement of Budget Resources (SBR) equation?

Answer 10

Budgetary Resources = Status of Budget Resources

Question 11

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

Answer 11

Statement of Net Cost (SNC)

Question 12

12. What DoD accounting entity maintains a central general ledger?

Answer 12

DFAS

Question 13

13. Which three federal agencies established the FASAB?

Answer 13

Government Accountability Office (GAO)
Department of Treasury (Treasury)
Office of Management and Budget (OMB)