CDFM Module 3 Correct Answers with complete solutions

CDFM Module 3 Correct Answers with complete solutions Federal appropriations law can be categorized into which three topical areas? Purpose, Time and Amount In the Department of Defense, final decision of fiscal law questions are "officially" rendered by whom? DoD General Counsel, Courts What are the basic types of budget authority used in the Federal Government? Appropriations Contract Authority Borrowing Authority Monetary Credits Offsetting Collections and Receipts Loan and Loan Guarantee Authority Annual appropriations remain available for new obligations for how long? They normally remain available for new obligations for ONE fiscal year Operation and Maintenance (O&M) is an example of what type of appropriation Annual appropriation RDT&E is an example of what type of appropriation? Multi-year appropriation Budget authority does not expire in what type of appropriation? No-year appropriation Article 1, Section 9, of the U.S. Constitution gives the power to appropriate funds for operating the Government to which branch of the Government? Legislative Branch (Congress) Which law established the House and the Senate Budget Committees and the Congressional Budget Office (CBO)? Congressional Budget Act of 1974 What are the three tests that must be met for use of Necessary Expense doctrine? Must bear a logical relationship, not prohibited by law, not funded elsewhere Who are determined to be accountable individuals in the DoD? Certifying and Disbursing Officers and Departmental Accountable Officials Who grants relief of liability to a certifying officer for erroneous or illegal payments in the Department of Defense? DFAS What type of budgetary resources remain available for new obligations for more than one fiscal year? Multi-year authority What type of budgetary resources remains available for new obligations until the purpose for which they were provided is carried out? No-year authority What type of Congressional resolution can be thought of as a temporary appropriations act? Continuing resolution If a Contracting Officers signs a contract in advance of an appropriation, what type of violation ahs occurred? Anti Deficiency Act Violation What agency apportions funds for working capital fund? OMB What are the four major functions in DoD Finance? Entitlements, Payments, Collections, Control of Public Funds What is the primary organization in DoD with the responsibility for Finance requirements? DFAS What is the acronym for disbursing office identification number? DSSN What three primary types of officials are accountable Individuals in the DoD? Certifying Officers, Disbursing Officers, Departmental Accountable Officials Debt collection incudes collection of debts from what three groups? Current Employees and Military Members, Former Employees and Military Members, Vendors What is the normal collection method for debts owed by active military members and civilian employees who are still in service? Salary Offset When collecting debts owed by vendors that have failed to properly respond to the demand letters, what is the next step? Do Not Pay List 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? An advance decision To what, along with accountability, does certification equate? Liability Who, besides the disbursing officer, is likely to be held accountable for an improper payment? The Certifying Officer If a civilian employee receives less than 90% of his or her normal biweekly pay and allowances, what may he or she request? Special Pay When a civilian employee moves from a job overseas to a job in the states, which organization pays for the Permanent Duty Travel? The "losing" activity (the OCONUS activity) Name the supporting documents required in the DoD Payment Package. Contract Invoice Proof of Receipt Acceptance Document Name two key forms that provide accountability and control by Disbursing Officers Standard Form 1219 Statement of Accountability (monthly), DD Form 2657, Daily Statement of Accountability Which individuals hold personal and pecuniary liability for their actions in financial transactions? Certifying Officers, Disbursing Officers, and Departmental Accountable Officials How often does the disbursing officer need to inspect and document office security measures? Semi-Annually The Budget and Accounting act of 1921 established the GAO (Legislative Branch) to audit financial transactions of which branch of the government? Executive Branch The GPRA requires agencies to define goals, set performance targets, and report what? Actual Performance Any enforceable agreement between an agency and a business concern for the acquisition of property or services is called what? A Contract What term is used to describe Federal Government funds that have been paid but have not yet been identified to a specific organization? Undistributed Disbursements What term is used in SFFAS #4 t describe the process of accumulating, measuring, analyzing, interpreting, and reporting cost? Managerial Cost Accounting What are the two self-balancing sets of accounts in the U.S. Government Standard General Ledger (USSGL) Budgetary and Proprietary In proprietary accounting, assets equal liabilities plus what? Net Position The aggregate amount of an entity's funds in the Treasury is in what account? Fund Balance with Treasury PP&E defines tangible assets with an estimated useful life of more than what number of years? Two years What is the Statement of Budgetary Resources equation? Budgetary Resources=Status of Budgetary Resources Which financial statement shows the components of the net cost of the reporting entity's operation for the period? Statement of Net Cost What DoD accounting entity maintains a central general ledger? DFAS Which three Federal agencies established FASAB? The Government Accountability Office (GAO), the Department of Treasury, and the Office of Management and Budget (OMB) What is the Federal law that specifically required existing CFO agencies to have financial statements that successfully pass a financial audit? The Government Management Reform Act of 1994 What is the definition of a 'successful' financial audit? Achieving a unqualified audit opinion In which of the four waves of the FIAR process would DOD entity expect to have an auditable Statement of Budgetary Resources, to include its Fund Balance with Treasury? Wave 2 Government audits provide essential elements of public accountability and what? Control Who conducts, supervises, monitors, and initiates audits and investigations relating to DoD programs and operations? Department of Defense Inspector General (DODIG) Which is the DoD document that provides policy for DoD audit and internal review offices to use for conducting audits of DoD operations, systems, program, and functions? DoDIG Audit Handbook Auditors auditing with personal impairments violate which general standard? Independence How many hours of continuing professional education must an auditor complete every 2 years? What is the minimum number of hours that must be completed in any year of the 2-year period? 80 hours in 2 years; 20 hours minimum each year The auditor has restricted access to essential data necessary to satisfy the audit objective. What type of impairment would this be? External Impairment Which type of audit is expected to determine whether: The financial information is presented in accordance with established stated criteria, the entity has adhered to specific financial compliance requirements; and the internal control structure over financial reporting and/or safeguarding of assets is suitably designed and implemented to achieve the control objectives? Financial Audit Which type of audit is expected to determine whether: -The entity acquiring, using, and protecting its resources economically and efficiently; programs are achieving the desired results or benefits; and is accomplishing its mission in accordance with applicable laws, regulations, and public policies Performance Audit Which audit phase involves gathering evidence and determining materiality and significance of the findings? Review phase During which audit phase would the auditor select the most important areas for audit coverage? Planning Phase What document includes the audit objectives, findings, and, recommendations (when appropriate)? The Audit Report What should be considered when evaluating the effectiveness of DoD audit organizations? Audit benefits