DFMC 24A Final Exam Study Questions with
Correct Answers| Latest Update
? - ✔✔Federal Open Market Committee
Why is accounting important? - ✔✔Helps keep score. Auditable financial statement.
Who is responsible for financial statement content? - ✔✔Components or Agencies
Who is responsible for compliation/preparation of financial statements? - ✔✔DFAS
Who is responsible for adjudicating disagreements between DFAS and component/agency? - ✔✔OSD
Comptroller
Who established standards for government accounting? - ✔✔The Governmental Accounting
Standards Board
What three systems/processes together make up the DoD Decision Support System? - ✔✔JCIDS, DAS,
PPBE
Objectives of Joint Capabilities Integration & Development System (JCIDS)? - ✔✔(1) Manage and
prioritize capability requirements, (2) identify tradeoffs to prioritize and categorize (3) categorize
requirements (deliberate, urgent, emergent)
What body of people employs JCIDS to identify, assess, validate, and prioritize joint military capabilities
requirements? - ✔✔JROC (Joint Requirements Oversight Council), chaired by the Chairman of the
Joint Chiefs of Staff
This effort/document identifies and assesses Joint Force capability gaps? - ✔✔Capabilities Based
Assessment
, The Initial Capabilities Document (ICD) does what? - ✔✔Quantifies capability requirements, proposes
material and/or non-material approaches to close the gap
What purpose does DAS (Defense Acquisition System) serve? - ✔✔Management process to acquire
weapons systems to satisfy an identified capability need
What body within DAS advises the Chair (USD-A&S) on major defense programs and focuses on
interoperability, time-phased requirements, and demonstrates technology maturity? - ✔✔Defense
Acquisition Board (DAB)
Name a few requirements challenges the DAB must reconcile? - ✔✔Incomplete or rushed analysis,
vague/poorly written requirements, requirements creep, cost and schedule estimates based on
incomplete or poorly written requirements
What three internal control objectives does OMB Circular A-123 prescribe? - ✔✔(1) Effective and
efficient operations; (2) reliability in financial reporting; and (3) compliancewith laws and regulations
In what document does DoD codify a Managers' Internal Control Program (MICP)? - ✔✔DoD
Instruction 5010.40
What is the overarching purpose of internal controls? - ✔✔Provide reasonable assurance that entity
objectives are achieved
What are the five components of internal control? - ✔✔CRIME: (1) Control Activities; (2) Risk
Assessment; (3) Information and Communication; (4) Monitoring; and (5) Control Environment
What common phrase is associated with the Control Environment component of internal controls;
leadership must do what? - ✔✔Establish/maintain a positive "tone at the top"
There are three types of internal control deficiencies. Which is most critical and who must they be
reported to? - ✔✔Material Weakness (OMB and Congress)
Correct Answers| Latest Update
? - ✔✔Federal Open Market Committee
Why is accounting important? - ✔✔Helps keep score. Auditable financial statement.
Who is responsible for financial statement content? - ✔✔Components or Agencies
Who is responsible for compliation/preparation of financial statements? - ✔✔DFAS
Who is responsible for adjudicating disagreements between DFAS and component/agency? - ✔✔OSD
Comptroller
Who established standards for government accounting? - ✔✔The Governmental Accounting
Standards Board
What three systems/processes together make up the DoD Decision Support System? - ✔✔JCIDS, DAS,
PPBE
Objectives of Joint Capabilities Integration & Development System (JCIDS)? - ✔✔(1) Manage and
prioritize capability requirements, (2) identify tradeoffs to prioritize and categorize (3) categorize
requirements (deliberate, urgent, emergent)
What body of people employs JCIDS to identify, assess, validate, and prioritize joint military capabilities
requirements? - ✔✔JROC (Joint Requirements Oversight Council), chaired by the Chairman of the
Joint Chiefs of Staff
This effort/document identifies and assesses Joint Force capability gaps? - ✔✔Capabilities Based
Assessment
, The Initial Capabilities Document (ICD) does what? - ✔✔Quantifies capability requirements, proposes
material and/or non-material approaches to close the gap
What purpose does DAS (Defense Acquisition System) serve? - ✔✔Management process to acquire
weapons systems to satisfy an identified capability need
What body within DAS advises the Chair (USD-A&S) on major defense programs and focuses on
interoperability, time-phased requirements, and demonstrates technology maturity? - ✔✔Defense
Acquisition Board (DAB)
Name a few requirements challenges the DAB must reconcile? - ✔✔Incomplete or rushed analysis,
vague/poorly written requirements, requirements creep, cost and schedule estimates based on
incomplete or poorly written requirements
What three internal control objectives does OMB Circular A-123 prescribe? - ✔✔(1) Effective and
efficient operations; (2) reliability in financial reporting; and (3) compliancewith laws and regulations
In what document does DoD codify a Managers' Internal Control Program (MICP)? - ✔✔DoD
Instruction 5010.40
What is the overarching purpose of internal controls? - ✔✔Provide reasonable assurance that entity
objectives are achieved
What are the five components of internal control? - ✔✔CRIME: (1) Control Activities; (2) Risk
Assessment; (3) Information and Communication; (4) Monitoring; and (5) Control Environment
What common phrase is associated with the Control Environment component of internal controls;
leadership must do what? - ✔✔Establish/maintain a positive "tone at the top"
There are three types of internal control deficiencies. Which is most critical and who must they be
reported to? - ✔✔Material Weakness (OMB and Congress)
