CDFM - Module 3 Exam Questions and
Answers 100% Pass |Already Graded
A+| Verified and Updated
The ___ of a General PP&E asset consists of the amount paid for the
asset plus transportation, installation and other related costs of
obtaining the asset and preparing it for use. - correct answer -
acquisition value
In May, 2003, the FASAB issued ___, Eliminating the Category National
Defense Property, Plant and Equipment. - correct answer -SFFAS 23
___ consists of tangible assets classified as either Heritage Assets or
*Stewardship* Lang. - correct answer -Stewardship PP&E
___ is *land* and land rights other than that acquired for or in
connection with General PP&E, land acquired via the public domain, or
land acquired at not cost. - correct answer -Stewardship Land
,___ are PP&E that are unique for one or more of the following reasons:
historical, natural, cultural, educational significance; artistic importance;
or significant architectural characteristics. - correct answer -Hertiage
Assets
DoD Financial Reporting includes: - correct answer -- Balance Sheet
- Statement of Net Cost
- Statement of Changes in Net Position
- Statement of Budgetary Resources
- Statement of Custodial Activity
Significant accounting principles and policies used by an organization
should be summarized as a ... - correct answer -footnote
The ___ presents, as of a specific time, amounts of future economic
benefits owned or managed by the reporting entity (*assets*), amounts
owed by the entity (*liabilities*), and the differences (*net position*). -
correct answer -Balance Sheet
,___ as the process of accumulating, measuring, analyzing, interpreting,
and reporting cost. ___ is a basic part of the financial management
system in that it supports and provides data to the budgetary and
financial accounting functions and, by itself, provides useful information
for both internal and external users. - correct answer -Managerial cost
accounting
Current Ratio = - correct answer -Cash + Accounts Receivable +
Inventory /
Current Liabilities
Quick Ratio = - correct answer -Cash + Accounts Receivable /
Current Liabilities
Current Ratio is defined as - correct answer -A fundamental
measurement in the analysis of balance sheet position is the
comparison of current assets with current liabilities as of a date.
, Quick Ratio is defined as - correct answer -A test of an entity's
immediate solvency is made by comparing the sum of cash and aged
accounts receivable.
The total of the quick assets, when divided by current liabilities, gives
the ratio of quick assets to current liabilities, also known as the ... -
correct answer -acid-test ratio
The Government Management Reform Act of ___ expanded on the CFO
Act by requiring ___ CFO agencies to have audited financial statements.
- correct answer -1994, 24
The DoD's annual budget is __ % of the Federal Government's
discretionary budget. - correct answer -56
The strategic, long-term plan devised by DoD to produce the required
*auditable* financial statements is known as the ... - correct answer -
Financial Improvement and Audit Readiness (*FIAR*) Program
Answers 100% Pass |Already Graded
A+| Verified and Updated
The ___ of a General PP&E asset consists of the amount paid for the
asset plus transportation, installation and other related costs of
obtaining the asset and preparing it for use. - correct answer -
acquisition value
In May, 2003, the FASAB issued ___, Eliminating the Category National
Defense Property, Plant and Equipment. - correct answer -SFFAS 23
___ consists of tangible assets classified as either Heritage Assets or
*Stewardship* Lang. - correct answer -Stewardship PP&E
___ is *land* and land rights other than that acquired for or in
connection with General PP&E, land acquired via the public domain, or
land acquired at not cost. - correct answer -Stewardship Land
,___ are PP&E that are unique for one or more of the following reasons:
historical, natural, cultural, educational significance; artistic importance;
or significant architectural characteristics. - correct answer -Hertiage
Assets
DoD Financial Reporting includes: - correct answer -- Balance Sheet
- Statement of Net Cost
- Statement of Changes in Net Position
- Statement of Budgetary Resources
- Statement of Custodial Activity
Significant accounting principles and policies used by an organization
should be summarized as a ... - correct answer -footnote
The ___ presents, as of a specific time, amounts of future economic
benefits owned or managed by the reporting entity (*assets*), amounts
owed by the entity (*liabilities*), and the differences (*net position*). -
correct answer -Balance Sheet
,___ as the process of accumulating, measuring, analyzing, interpreting,
and reporting cost. ___ is a basic part of the financial management
system in that it supports and provides data to the budgetary and
financial accounting functions and, by itself, provides useful information
for both internal and external users. - correct answer -Managerial cost
accounting
Current Ratio = - correct answer -Cash + Accounts Receivable +
Inventory /
Current Liabilities
Quick Ratio = - correct answer -Cash + Accounts Receivable /
Current Liabilities
Current Ratio is defined as - correct answer -A fundamental
measurement in the analysis of balance sheet position is the
comparison of current assets with current liabilities as of a date.
, Quick Ratio is defined as - correct answer -A test of an entity's
immediate solvency is made by comparing the sum of cash and aged
accounts receivable.
The total of the quick assets, when divided by current liabilities, gives
the ratio of quick assets to current liabilities, also known as the ... -
correct answer -acid-test ratio
The Government Management Reform Act of ___ expanded on the CFO
Act by requiring ___ CFO agencies to have audited financial statements.
- correct answer -1994, 24
The DoD's annual budget is __ % of the Federal Government's
discretionary budget. - correct answer -56
The strategic, long-term plan devised by DoD to produce the required
*auditable* financial statements is known as the ... - correct answer -
Financial Improvement and Audit Readiness (*FIAR*) Program
