GFEBS question with complete solution 2023 verified

GFEBS question with complete solution 2023 verifiedObjectives for GFEBS Implementation - correct answer 1. Enable the automation and integration of the majority of the Army's business processes. 2. Use of common data and business practices across the Army and throughout DoD by using the Standard Financial Information Structure (SFIS) to standardize data. 3. Enable users to produce and access information in a real-time environment. systems replaced - correct answer two major systems replaced were the Standard Finance System (STANFINS) and the Standard Operation and Maintenance Army Research and Development System (SOMARDS). L. 3 - SDRN - correct answer Standard document reference number SFIS - correct answer Standard Financial Information Structure (SFIS sfis PLUS gfebs ALLOWS - correct answer The use of SFIS within GFEBS facilitates end-to-end connection of key business activities and provides: •a means to record and track auditable financial information •a basis for conducting sound financial analysis •timely and reliable executive decision support Funds Management - correct answer Includes budget authority, fund allocation, maintaining funds availability, performing funds analysis, budgetary accounting, and generating reports Cost Management - correct answer Includes capturing cost accounting data, performing cost assignment, cost accumulation, revenue accumulation, cost monitoring, and generating reports. Financials - correct answer Includes maintaining the chart of accounts and transaction posting rules, recording Journal Voucher entries, posting transactions to the General Ledger and performing period end closing. Reimburseables - correct answer ncludes functions related to the generation of revenue and billing for reimbursable orders, and debt management. Spending Chain - correct answer Includes functions related to purchase requisitions, purchase orders, goods receipts, invoice receipts, and payments. GPC andMIPR Property, Plant and Equipment - correct answer Includes functions related to Plant Maintenance, Real Property, asset accounting, and Project Systems. Asset accounting - correct answer •Maintaining Asset Master Data •Transferring Assets •Selling or Disposing of Assets •Depreciating Assets •Retiring Assets