1|Page
CDFM MODULE 3 EXAM LATEST 2026 ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
1982 Debt Collection Act, as amended by the Debt-Collection
Improvement Act of 1996, - ANSWER-strengthened ability to
collect receivables from people who owe the government.
1982 Federal Managers' Financial Intergrity Act (FMFIA) required
- ANSWER-agencies to set up an Internal Control Program and
report annually any aspects of their accounting systems not
conforming to GAO's principles/standards.
1990 Chief Financial Officers (CFO) Act required - ANSWER-
appointment of a Chief Financial Officer in 24 major Federal
agencies and required audited financial reports for business
operations.
1993 Government Performance and Results Act (GPRA) as
amended by the GPRA Modernization Act of 2010 (P.L. 111-352)
required agencies to: - ANSWER-- Define long-term goals;
,2|Page
- Set performance targets; and
- Report actual performance
1994 Government Management Reform Act (GMRA) - ANSWER--
Required direct deposit of Federal wages, salary, and retirement
payments;
- Amended the CFO Act to require a consolidated financial
statement for the entire Executive Branch; and
- Required 24 agencies to submit audited financial statements
1996 Federal Financial Management Improvement Act (FFMIA) -
ANSWER-- Required systems to support the control of cost
Government;
- Required application of accounting standards to produce
consistency in financial reporting; and
- Required financial management systems to support full-cost
reporting and full disclosure of financial data
,3|Page
2002 Accountability of Tax Dollars Act required - ANSWER-each
covered Executive Branch Agency to prepare and submit audited
financial statements.
2010 National Defense Authorization Act (PL 111-84, Section
1003) required - ANSWER-that DoD financial statements be
validated as ready for audit by 30 September 2017.
In conjunction with the CFO council, ___ conducts a continuous
program for improving accounting and financial reporting in the
Federal Government. - ANSWER-Office of Management and
Budget (*OMB*)
As an agent of Congress, the ___ audits the financial
performance of the Executive Branch and is often referred to as
the watchdog of Congress. - ANSWER-Government
Accountability Office (*GAO*)
The ____; manages the balances and flow of funds required to
support the Government formulates and recommends economic,
financial, tax, and fiscal policies; serves as the financial agent for
, 4|Page
the US Government; enforces the law; manufactures coins and
currency; compiles the consolidated Federal financial statements;
and publishes the US Standard GL, which feeds to all the
financial reports and makes the consolidated financial statements
possible. - ANSWER-Department of the Treasury
Established in *1990* by the Comptroller General, the Secretary
of the Treasury, and the Director of *OMB*, it is responsible for
codifying the Generally-Accepted Accounting Principles (*GAAP*)
for the Federal Government. - ANSWER-Federal Accounting
Standards Advisory Board (*FASAB*)
After a FASAB recommendation is adopted, it is published as a -
ANSWER-Statement of Federal Financial Accounting Concept
(*SFFAC*) or
Statement of Federal Financial Accounting Standard (*SFFAS*)
What are the Accounting Standards Boards? - ANSWER-*FSAB*
- Financial Accounting Standards Board
*GASB* - Government Accounting Standards Board
*FASAB* - Federal Accounting Standards Board
CDFM MODULE 3 EXAM LATEST 2026 ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
1982 Debt Collection Act, as amended by the Debt-Collection
Improvement Act of 1996, - ANSWER-strengthened ability to
collect receivables from people who owe the government.
1982 Federal Managers' Financial Intergrity Act (FMFIA) required
- ANSWER-agencies to set up an Internal Control Program and
report annually any aspects of their accounting systems not
conforming to GAO's principles/standards.
1990 Chief Financial Officers (CFO) Act required - ANSWER-
appointment of a Chief Financial Officer in 24 major Federal
agencies and required audited financial reports for business
operations.
1993 Government Performance and Results Act (GPRA) as
amended by the GPRA Modernization Act of 2010 (P.L. 111-352)
required agencies to: - ANSWER-- Define long-term goals;
,2|Page
- Set performance targets; and
- Report actual performance
1994 Government Management Reform Act (GMRA) - ANSWER--
Required direct deposit of Federal wages, salary, and retirement
payments;
- Amended the CFO Act to require a consolidated financial
statement for the entire Executive Branch; and
- Required 24 agencies to submit audited financial statements
1996 Federal Financial Management Improvement Act (FFMIA) -
ANSWER-- Required systems to support the control of cost
Government;
- Required application of accounting standards to produce
consistency in financial reporting; and
- Required financial management systems to support full-cost
reporting and full disclosure of financial data
,3|Page
2002 Accountability of Tax Dollars Act required - ANSWER-each
covered Executive Branch Agency to prepare and submit audited
financial statements.
2010 National Defense Authorization Act (PL 111-84, Section
1003) required - ANSWER-that DoD financial statements be
validated as ready for audit by 30 September 2017.
In conjunction with the CFO council, ___ conducts a continuous
program for improving accounting and financial reporting in the
Federal Government. - ANSWER-Office of Management and
Budget (*OMB*)
As an agent of Congress, the ___ audits the financial
performance of the Executive Branch and is often referred to as
the watchdog of Congress. - ANSWER-Government
Accountability Office (*GAO*)
The ____; manages the balances and flow of funds required to
support the Government formulates and recommends economic,
financial, tax, and fiscal policies; serves as the financial agent for
, 4|Page
the US Government; enforces the law; manufactures coins and
currency; compiles the consolidated Federal financial statements;
and publishes the US Standard GL, which feeds to all the
financial reports and makes the consolidated financial statements
possible. - ANSWER-Department of the Treasury
Established in *1990* by the Comptroller General, the Secretary
of the Treasury, and the Director of *OMB*, it is responsible for
codifying the Generally-Accepted Accounting Principles (*GAAP*)
for the Federal Government. - ANSWER-Federal Accounting
Standards Advisory Board (*FASAB*)
After a FASAB recommendation is adopted, it is published as a -
ANSWER-Statement of Federal Financial Accounting Concept
(*SFFAC*) or
Statement of Federal Financial Accounting Standard (*SFFAS*)
What are the Accounting Standards Boards? - ANSWER-*FSAB*
- Financial Accounting Standards Board
*GASB* - Government Accounting Standards Board
*FASAB* - Federal Accounting Standards Board
