CDFM Test 3
1921 Budget and Accounting Act did what? - ANS-1 Established the GAO to audit the
Executive Branch.
2 Established the Bureau of the Budget (now OMB)
three Required President to post a comprehensive countrywide finances.
A take a look at is decided to be undeliverable if - ANS-after 60 days from the date of
trouble, has been not possible to deliver
A take a look at that receives mutilated is referred to as - ANS-Spoiled Check
A collection and processing service furnished through a financial institution that hurries up
the drift of budget to the Treasury General Account - ANS-Lockbox collections
A Judgmental Sample can only be used for - ANS-Reaching conclusions about the sample
A vendor Payment ought to be supported with the aid of the subsequent - ANS-A Copy of
the settlement
A right bill
Proof of receipt
An acceptance document
Accountable individuals inside the DoD - ANS-Certifying Officers, Disbursing Officers, and
Departmental Accountable Officials
Acid Test Ratio - ANS-The general brief property divided by means of contemporary
liabilities
Acquisition fee need to be recorded in - ANS-Property Management gadget, that's a
subsidiary gadget to the General Ledger
Advance Payment to contractor can be made if - ANS-1. Contractor gives good enough
security
2. It is determined that to provide the advance is inside the public hobby or facilitates country
wide protection.
Three. The improve is constrained to no greater than the unpaid agreement price.
Agencies need to reimburse the Judgment Fund in these times - ANS-1. Contract Disputes
2. No FEAR Act (Notification and Federal Anti-discrimination and Retaliation Act)
3. EEO Settlement Claims
All Contractors are supplied a 1099. What date are all 1099s required to be despatched to
IRS - ANS-February twenty eighth
All Transaction have what sort of Entry - ANS-Budgetary
An enforceable settlement between the Government and a industrial vendor (dealer) to offer
specific goods and/or offerings to the Federal Government. - ANS-Contracts
An identity wide variety that shows the authority to acquire and disburse public civilian
budget and problem assessments at the Treasury - ANS-Disbursing Station Symbol Number
(DSSN)
An undeliverable check have to be processed on what shape - ANS-SF 1098
Audit Planning Phase - ANS-Define audit's goals and scope and methodology (OSM)
Consider materiality (significance) and internal control effectiveness in processes
, Auditors have to - ANS-evaluate whether the audited entity has taken suitable, corrective
motion to cope with findings and hints from prior audits which might be large within the
context of the audit goals
Auditors need to acquire - ANS-Sufficient and appropriate evidence that
computer-processed statistics are legitimate and dependable whilst the ones facts are giant
to the auditors findings
Audits ought to be - ANS-Organized and Controlled
Audits of the Federal Government entities are - ANS-vital factors of public accountability and
control.
Required through rules; subsequently, executive groups have to observe requirements
By law who must audit US authorities consolidated statements and cannot contract it out -
ANS-GAO
Cancelled or closed bills who acquire a reimbursement should - ANS-deposit the refund in
miscellaneous receipt in Treasury
Cash in Disbursing Offices ought to be - ANS-Balanced daily on DD Form 2657 as a
everlasting written document
Congressional Budget Act of 1974 did what - ANS-1. Governs the congressional price range
process
2. Defines some key finances phrases, consisting of finances authority, that are utilized in all
stages of the price range technique.
3. Establishes the House and Senate price range committees and the congressional price
range office (CBO)
Cost Savings - ANS-reduction of accredited software (POM)
Debt collection includes series of money owed from what three groups - ANS-Current
Employees and Military Members
Former Employees and Military Members
Vendors
DoD additives need to provide set off payment facts to who, on what form, how regularly -
ANS-DFAS on Report 1619 Quarterly
DFAS on Report 1607 Annually
Does Bona Fide need observe to no 12 months funds - ANS-No
Doubtful Travel Claim - ANS-Traveler questions the choice of a Certifying Officer
During which audit section could the auditor choose the maximum essential areas for audit
coverage - ANS-Planning Phase
Easy distinction between Reimbursements and Refunds - ANS-Reimbursements = Earned
Refunds = Excess
Elements required in a voucher for it to reason a legitimate transaction - ANS-1. Voucher
Heading and Date
2. Accounting Classification to be charged
three. Amount to be dispensed
4. Method of Disbursement
five. Payee
Entitlement Process - ANS-Entitling
Authorization
Voucher Preparation
Certification
Excess device no longer evaluated for value via auditor - ANS-should not be expressed as
having financial fee
1921 Budget and Accounting Act did what? - ANS-1 Established the GAO to audit the
Executive Branch.
2 Established the Bureau of the Budget (now OMB)
three Required President to post a comprehensive countrywide finances.
A take a look at is decided to be undeliverable if - ANS-after 60 days from the date of
trouble, has been not possible to deliver
A take a look at that receives mutilated is referred to as - ANS-Spoiled Check
A collection and processing service furnished through a financial institution that hurries up
the drift of budget to the Treasury General Account - ANS-Lockbox collections
A Judgmental Sample can only be used for - ANS-Reaching conclusions about the sample
A vendor Payment ought to be supported with the aid of the subsequent - ANS-A Copy of
the settlement
A right bill
Proof of receipt
An acceptance document
Accountable individuals inside the DoD - ANS-Certifying Officers, Disbursing Officers, and
Departmental Accountable Officials
Acid Test Ratio - ANS-The general brief property divided by means of contemporary
liabilities
Acquisition fee need to be recorded in - ANS-Property Management gadget, that's a
subsidiary gadget to the General Ledger
Advance Payment to contractor can be made if - ANS-1. Contractor gives good enough
security
2. It is determined that to provide the advance is inside the public hobby or facilitates country
wide protection.
Three. The improve is constrained to no greater than the unpaid agreement price.
Agencies need to reimburse the Judgment Fund in these times - ANS-1. Contract Disputes
2. No FEAR Act (Notification and Federal Anti-discrimination and Retaliation Act)
3. EEO Settlement Claims
All Contractors are supplied a 1099. What date are all 1099s required to be despatched to
IRS - ANS-February twenty eighth
All Transaction have what sort of Entry - ANS-Budgetary
An enforceable settlement between the Government and a industrial vendor (dealer) to offer
specific goods and/or offerings to the Federal Government. - ANS-Contracts
An identity wide variety that shows the authority to acquire and disburse public civilian
budget and problem assessments at the Treasury - ANS-Disbursing Station Symbol Number
(DSSN)
An undeliverable check have to be processed on what shape - ANS-SF 1098
Audit Planning Phase - ANS-Define audit's goals and scope and methodology (OSM)
Consider materiality (significance) and internal control effectiveness in processes
, Auditors have to - ANS-evaluate whether the audited entity has taken suitable, corrective
motion to cope with findings and hints from prior audits which might be large within the
context of the audit goals
Auditors need to acquire - ANS-Sufficient and appropriate evidence that
computer-processed statistics are legitimate and dependable whilst the ones facts are giant
to the auditors findings
Audits ought to be - ANS-Organized and Controlled
Audits of the Federal Government entities are - ANS-vital factors of public accountability and
control.
Required through rules; subsequently, executive groups have to observe requirements
By law who must audit US authorities consolidated statements and cannot contract it out -
ANS-GAO
Cancelled or closed bills who acquire a reimbursement should - ANS-deposit the refund in
miscellaneous receipt in Treasury
Cash in Disbursing Offices ought to be - ANS-Balanced daily on DD Form 2657 as a
everlasting written document
Congressional Budget Act of 1974 did what - ANS-1. Governs the congressional price range
process
2. Defines some key finances phrases, consisting of finances authority, that are utilized in all
stages of the price range technique.
3. Establishes the House and Senate price range committees and the congressional price
range office (CBO)
Cost Savings - ANS-reduction of accredited software (POM)
Debt collection includes series of money owed from what three groups - ANS-Current
Employees and Military Members
Former Employees and Military Members
Vendors
DoD additives need to provide set off payment facts to who, on what form, how regularly -
ANS-DFAS on Report 1619 Quarterly
DFAS on Report 1607 Annually
Does Bona Fide need observe to no 12 months funds - ANS-No
Doubtful Travel Claim - ANS-Traveler questions the choice of a Certifying Officer
During which audit section could the auditor choose the maximum essential areas for audit
coverage - ANS-Planning Phase
Easy distinction between Reimbursements and Refunds - ANS-Reimbursements = Earned
Refunds = Excess
Elements required in a voucher for it to reason a legitimate transaction - ANS-1. Voucher
Heading and Date
2. Accounting Classification to be charged
three. Amount to be dispensed
4. Method of Disbursement
five. Payee
Entitlement Process - ANS-Entitling
Authorization
Voucher Preparation
Certification
Excess device no longer evaluated for value via auditor - ANS-should not be expressed as
having financial fee
