FEDERAL FINANCIAL MANAGEMENT
QUESTIONS AND CORRECT
ANSWERS
TheA2GovernmentA2OrganizationsA2thatA2mostA2affectA2theA2decisionsA2ofA2DoDA2financial
A2managersA2areA2-A2Ans--OMB--
TheA2officeA2ofA2federalA2finanicialA2managementA2hasA2oversightA2ofA2continuousA2progr
amA2forA2improvingA2accountingA2andA2financialA2reportingA2inA2theA2federalA2government.
GAO--
theA2watchdogA2ofA2congress.A2GAOA2auditsA2theA2financialA2performanceA2ofA2theA2exec
utiveA2branch.
A2DepA2ofA2Treasury--
managesA2theA2balancesA2andA2flowA2ofA2fundsA2requiredA2toA2supportA2theA2government-
-responsibleA2forA2codifyingA2theA2GAAPA2forA2theA2FederalA2Government
A2 andA2FederalA2AccountingA2StandardA2AdvisoryA2BoardA2(FASAB).
GAAPA2isA2aA2conceptA2thatA2encompassesA2theA2conventions,A2rules,A2andA2procedures
A2necessaryA2toA2defineA2anA2acceptedA2accountingA2practiceA2atA2aA2particularA2time,A2an
dA2accountingA2systemsA2mustA2complyA2withA2GAAPA2toA2ensureA2consistencyA2ofA2resul
ts.A2-A2Ans--Generally-AcceptedA2AccountingA2PrinciplesA2(GAAP
FinancialA2AccountingA2StandardsA2BoardA2(FASB)A2-A2Ans--IssuesA2GAAPA2forA2non-
governmental,A2not-far-profitA2entities
GovernmentA2AccountingA2StandardsA2BoardA2(GASB)A2-A2Ans--
IssuesA2GAAPA2forA2stateA2andA2localA2governmental,A2not-far-profitA2entities
FederalA2AccountingA2StandardsA2AdvisoryA2BoardA2(FASAB)A2-A2Ans--
IssuesA2GAAPA2forA2theA2federalA2governmentA2
InA2OctoberA21999,A2theA2AmericanA2InstituteA2ofA2certifiedA2publicA2accountantA2(AICPA)
A2formallyA2recognizedA2theA2FASABA2asA2theA2bodyA2designatedA2toA2establishA2GAAPA2f
orA2theA2federalA2government.
ThreeA2agenciesA2shareA2responsibilityA2forA2implementingA2theA2federalA2accountingA2st
andards.A2-A2Ans--OfficeA2ManagementA2andA2BudgetA2(OMB)
GovernmentA2AccountabilityA2OfficeA2(GAO)
DepartmentA2ofA2theA2Treasury
QUESTIONS AND CORRECT
ANSWERS
TheA2GovernmentA2OrganizationsA2thatA2mostA2affectA2theA2decisionsA2ofA2DoDA2financial
A2managersA2areA2-A2Ans--OMB--
TheA2officeA2ofA2federalA2finanicialA2managementA2hasA2oversightA2ofA2continuousA2progr
amA2forA2improvingA2accountingA2andA2financialA2reportingA2inA2theA2federalA2government.
GAO--
theA2watchdogA2ofA2congress.A2GAOA2auditsA2theA2financialA2performanceA2ofA2theA2exec
utiveA2branch.
A2DepA2ofA2Treasury--
managesA2theA2balancesA2andA2flowA2ofA2fundsA2requiredA2toA2supportA2theA2government-
-responsibleA2forA2codifyingA2theA2GAAPA2forA2theA2FederalA2Government
A2 andA2FederalA2AccountingA2StandardA2AdvisoryA2BoardA2(FASAB).
GAAPA2isA2aA2conceptA2thatA2encompassesA2theA2conventions,A2rules,A2andA2procedures
A2necessaryA2toA2defineA2anA2acceptedA2accountingA2practiceA2atA2aA2particularA2time,A2an
dA2accountingA2systemsA2mustA2complyA2withA2GAAPA2toA2ensureA2consistencyA2ofA2resul
ts.A2-A2Ans--Generally-AcceptedA2AccountingA2PrinciplesA2(GAAP
FinancialA2AccountingA2StandardsA2BoardA2(FASB)A2-A2Ans--IssuesA2GAAPA2forA2non-
governmental,A2not-far-profitA2entities
GovernmentA2AccountingA2StandardsA2BoardA2(GASB)A2-A2Ans--
IssuesA2GAAPA2forA2stateA2andA2localA2governmental,A2not-far-profitA2entities
FederalA2AccountingA2StandardsA2AdvisoryA2BoardA2(FASAB)A2-A2Ans--
IssuesA2GAAPA2forA2theA2federalA2governmentA2
InA2OctoberA21999,A2theA2AmericanA2InstituteA2ofA2certifiedA2publicA2accountantA2(AICPA)
A2formallyA2recognizedA2theA2FASABA2asA2theA2bodyA2designatedA2toA2establishA2GAAPA2f
orA2theA2federalA2government.
ThreeA2agenciesA2shareA2responsibilityA2forA2implementingA2theA2federalA2accountingA2st
andards.A2-A2Ans--OfficeA2ManagementA2andA2BudgetA2(OMB)
GovernmentA2AccountabilityA2OfficeA2(GAO)
DepartmentA2ofA2theA2Treasury
