CDFM Module 3.3 Accounting questions with
verified answers
________ are funds that conduct business-type operations primarily between
government agencies. The budget records the collections and outlays in the same
account. Ans✓✓✓ Intra-Governmental Funds
________ are the recovery of excess payments and are credited to _________.
Ans✓✓✓ Refunds; the appropriation that made the payment
________ is a technique that allocates the cost of an item as an operating
expense over the period for which the asset is expected to provide benefits.
Ans✓✓✓ Depreciating
__________account for the receipt and expenditure of monies by the
government for carrying out specific purposes and programs in accordance with
the terms of a statute that designates the fund as a trust fund. Ans✓✓✓ Trust
Funds
__________are part of the budget and record receipts not earmarked by law for a
specific purpose, such as almost all income tax receipts. Ans✓✓✓ General Funds
__________consist of receipts for Federal fund receipts that laws have earmarked
for specific purposes and associated appropriation accounts for the expenditure
of the earmarked receipts. Ans✓✓✓ Special Funds
_______are amounts earned and collected from the selling of goods and services
and must be approved by ____________. Ans✓✓✓ Reimbursements; Under
Secretary of Defense (Comptroller)
,_______are revolving funds used for programs authorized by law to conduct a
cycle of business-type operations in which outlays generate collections. Ans✓✓✓
Public Enterprise Funds
A MIPR maybe used as a __________ or__________ and __________cross fiscal
years. Ans✓✓✓ Project Orders, Economy Act Orders: may
Accounts receivable subsidiary records should be reconciled to the control
accounts_______________ Ans✓✓✓ at least monthly
All debts and amounts resulting from the occurrence of any event for which a
determination is made that money is owed to US government shall be as a
__________________ Ans✓✓✓ accounts receivable
All of the following are examples of military allowance EXCEPT. Ans✓✓✓ Bonus
payments
An ________represents the amount of disbursements as reported by the finance
networks which have not been accepted by the operating level accounting entity.
Ans✓✓✓ Un Distributed Disbursements
An officer or employee shall be subject to appropriate discipline for violating the
Anti-Deficiency Act, but what determines the severity of the punishment?
Ans✓✓✓ Whether or not the act was willful
, Any cost that can be identified specifically with handling cases or accounts during
the debt collection process. (I.e., personnel, supplies, contract services) is a
________. Ans✓✓✓ Direct Costs
Any cost that can be identified specifically with the debt collection process and at
least one other activity is a ___________________. Ans✓✓✓ Indirect Costs
Any enforceable agreement between an agency and a business concern for the
acquisition of property or services is called a ________? Ans✓✓✓ Contract
As a rule, operating materials and supplies shall not exceed the amount expected
to be used within a ________ time period unless properly justified. Ans✓✓✓ 30
Compensatory time off must be used by the ________pay period after that in
which the overtime was worked. The unused comp time worked will be paid at
the overtime rate at which it was earned. Ans✓✓✓ 26th
Examples of premium pay include all except ____________. Ans✓✓✓ TDY pay
Fixed assets are those that are used in the production of other assets and have a
useful life of more than __________ years. Ans✓✓✓ 2
For the first time the _______, required annual audited financial statements for
the United States Government. Ans✓✓✓ Chief Financial Officers Act of 1990 as
amended by the Government Management Reform Act of 1994
verified answers
________ are funds that conduct business-type operations primarily between
government agencies. The budget records the collections and outlays in the same
account. Ans✓✓✓ Intra-Governmental Funds
________ are the recovery of excess payments and are credited to _________.
Ans✓✓✓ Refunds; the appropriation that made the payment
________ is a technique that allocates the cost of an item as an operating
expense over the period for which the asset is expected to provide benefits.
Ans✓✓✓ Depreciating
__________account for the receipt and expenditure of monies by the
government for carrying out specific purposes and programs in accordance with
the terms of a statute that designates the fund as a trust fund. Ans✓✓✓ Trust
Funds
__________are part of the budget and record receipts not earmarked by law for a
specific purpose, such as almost all income tax receipts. Ans✓✓✓ General Funds
__________consist of receipts for Federal fund receipts that laws have earmarked
for specific purposes and associated appropriation accounts for the expenditure
of the earmarked receipts. Ans✓✓✓ Special Funds
_______are amounts earned and collected from the selling of goods and services
and must be approved by ____________. Ans✓✓✓ Reimbursements; Under
Secretary of Defense (Comptroller)
,_______are revolving funds used for programs authorized by law to conduct a
cycle of business-type operations in which outlays generate collections. Ans✓✓✓
Public Enterprise Funds
A MIPR maybe used as a __________ or__________ and __________cross fiscal
years. Ans✓✓✓ Project Orders, Economy Act Orders: may
Accounts receivable subsidiary records should be reconciled to the control
accounts_______________ Ans✓✓✓ at least monthly
All debts and amounts resulting from the occurrence of any event for which a
determination is made that money is owed to US government shall be as a
__________________ Ans✓✓✓ accounts receivable
All of the following are examples of military allowance EXCEPT. Ans✓✓✓ Bonus
payments
An ________represents the amount of disbursements as reported by the finance
networks which have not been accepted by the operating level accounting entity.
Ans✓✓✓ Un Distributed Disbursements
An officer or employee shall be subject to appropriate discipline for violating the
Anti-Deficiency Act, but what determines the severity of the punishment?
Ans✓✓✓ Whether or not the act was willful
, Any cost that can be identified specifically with handling cases or accounts during
the debt collection process. (I.e., personnel, supplies, contract services) is a
________. Ans✓✓✓ Direct Costs
Any cost that can be identified specifically with the debt collection process and at
least one other activity is a ___________________. Ans✓✓✓ Indirect Costs
Any enforceable agreement between an agency and a business concern for the
acquisition of property or services is called a ________? Ans✓✓✓ Contract
As a rule, operating materials and supplies shall not exceed the amount expected
to be used within a ________ time period unless properly justified. Ans✓✓✓ 30
Compensatory time off must be used by the ________pay period after that in
which the overtime was worked. The unused comp time worked will be paid at
the overtime rate at which it was earned. Ans✓✓✓ 26th
Examples of premium pay include all except ____________. Ans✓✓✓ TDY pay
Fixed assets are those that are used in the production of other assets and have a
useful life of more than __________ years. Ans✓✓✓ 2
For the first time the _______, required annual audited financial statements for
the United States Government. Ans✓✓✓ Chief Financial Officers Act of 1990 as
amended by the Government Management Reform Act of 1994
