1|Page
CDFM MODULE 3 EXAM LATEST 2026-2027 ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
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
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
,2|Page
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
FASB includes - ANSWER-- Business Organizations (GAAP)
- Non-governmental not-for-profit
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GASB includes - ANSWER-- Governmental Organizations
(GAAP)
- Governmental not-for-profit
FASAB includes - ANSWER-- Federal Government (GAAP)
What agencies share responsibility for implementing the Federal
Accounting Standards? - ANSWER-- *OMB* via OMB Circular A-
136
- *GAO* via GAGAS
- *Depart of Treasury* via updated Standard General Ledger
SFFAC No. 1 - ANSWER-Objectives of
Federal Financial Reporting
(focus on uses, user needs)
SFFAC No. 2 - ANSWER-Entity and Display
(forms & content)
, 4|Page
SFFAC No. 3 - ANSWER-Management's
Discussion and Analysis
SFFAC No. 4 - ANSWER-Intended Audience and *Qualitative*
Characteristic for the Consolidated Financial Reports of the
United States Government
SFFAC No. 5 - ANSWER-Elements of *Accrual*-Basis Financial
Statements and Basic Recognition Criteria
SFFAC No. 6 - ANSWER-Distinguishing Basic *Information*,
Required Supplemental Information, and Other Accompanying
Information
SFFAC No. 7 - ANSWER-*Measurement* of the Elements of
Accrual-Basis Financial Statements in Periods After Initial
Recording
Statement Title/Year - No. 4 - ANSWER-Managerial Cost
Accounting Standards & Concepts (Jul 95)
CDFM MODULE 3 EXAM LATEST 2026-2027 ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
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
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
,2|Page
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
FASB includes - ANSWER-- Business Organizations (GAAP)
- Non-governmental not-for-profit
,3|Page
GASB includes - ANSWER-- Governmental Organizations
(GAAP)
- Governmental not-for-profit
FASAB includes - ANSWER-- Federal Government (GAAP)
What agencies share responsibility for implementing the Federal
Accounting Standards? - ANSWER-- *OMB* via OMB Circular A-
136
- *GAO* via GAGAS
- *Depart of Treasury* via updated Standard General Ledger
SFFAC No. 1 - ANSWER-Objectives of
Federal Financial Reporting
(focus on uses, user needs)
SFFAC No. 2 - ANSWER-Entity and Display
(forms & content)
, 4|Page
SFFAC No. 3 - ANSWER-Management's
Discussion and Analysis
SFFAC No. 4 - ANSWER-Intended Audience and *Qualitative*
Characteristic for the Consolidated Financial Reports of the
United States Government
SFFAC No. 5 - ANSWER-Elements of *Accrual*-Basis Financial
Statements and Basic Recognition Criteria
SFFAC No. 6 - ANSWER-Distinguishing Basic *Information*,
Required Supplemental Information, and Other Accompanying
Information
SFFAC No. 7 - ANSWER-*Measurement* of the Elements of
Accrual-Basis Financial Statements in Periods After Initial
Recording
Statement Title/Year - No. 4 - ANSWER-Managerial Cost
Accounting Standards & Concepts (Jul 95)
