AGA CGFM - Section 3 Practice test exam Questions with
complete solutions verified by experts 2024/2025
Outlay - correct answer Payment to liquidate obligation
Outlays - correct answer Measure of gov spending
SF-133 - correct answer Fulfills legal requirement that president review fed
expenditures at least four times a year
Budgetary resources
Status of budgetary resources
Change in obligated balance
Budgetary authority and outlays, net - correct answer Sections of SF-133
Budgetary resources section of SF-133 - correct answer Shows whether
budgetary resources are available for obligation or not
Status of budgetary resources section of SF-133 - correct answer Indicates
amount of budgetary resources that have been obligated and amount not yet
obligated c
Change in obligated balance section of SF-133 - correct answer Reports how
obligated balances changed
Budget authority and outlays, net section of SF-133 - correct answer Reports
whether obligated amounts have been outlayed (spent) or not
,1. SF-133 presents smount for single Treasury account fund symbol, statement
of budgetary resources presents combined amount for all budget accounts
2. Statement of budgetary resources is audited when presented in annual
financial reports - correct answer Differences in SF-133 and Statement of
Budgetary Resources
Allotment - correct answer Formal delegation of authority, by head of fed entity
or other entity employees, to incur obligations within amount allotted
Commitment - correct answer Enhance planning and control, agencies reserve
budget authority through this for planned spending based on estimate
Commitment - correct answer Used to avoid overspending
No - correct answer Do commitments legally encumber funds
Undelivered orders - unpaid
Undelivered orders - paid (prepaid/advance)
Delivered orders - unpaid
Delivered orders - paid - correct answer Status of obligations
When goods/services are received and accepted - correct answer When are
appropriations considered expended
Prior year's appropriation - correct answer Goods/services used in current
year, but ordered in prior year are charged against what
Dr. Other appropriations realized
, Cr. Unapportioned authority - correct answer Entry to establish appropriation
of funds by congress
When OMB apportions the appropriation - correct answer When can entity
commit funds or charge expenditures against funds
Unapportioned authority (CR balance) - correct answer Represents balance of
appropriations not yet apportioned by OMB, but available for later appointment
Dr. Unapportioned authority
Cr. Apportionment - correct answer Entry to record apportionment of funds by
OMB
Dr. Apportionment
Cr. Allotments - realized resources - correct answer Entry to record allotment
of funds
Dr. Allotment - realized resources
Cr. Commitments - correct answer Entry to record purchase request for items
to be ordered
Dr. Commitment
Cr. Undelivered orders - unpaid - correct answer Entry to obligate funds for
supplies ordered but not delivered
Dr. Undelivered orders - unpaid
Cr. Delivered orders - unpaid - correct answer Entry when ordered items are
delivered
, Dr. Delivered orders - unpaid
Cr. Delivered orders - paid - correct answer Entry to recognize payment of
order
Dr. Undelivered orders - unpaid
Cr. Allotments - realized resources - correct answer Entry to de-obligate funds
Revolving fjnd - correct answer Established to account for activity when a
receipt is collected and expenditure against it is authorized
Deposit funds - correct answer Used to account for money that does not
belong to the gov
No, they are not owned by gov - correct answer Are deposit funds included in
budget totals
No - correct answer Does fed gov use fund accounting
Proprietary accounting - correct answer Focuses on financial consequences of
operations during period and financial position of entity
CFO Act - correct answer Required improvements to fed financial
management by charging OMB with leadership responsibilities, requiring
appointment of CFO at large agencies, and establishing annual financial
statement audits on pilot basis.
Government Management Reform Act of 1994 - correct answer Made CFO Act
requirements permanent, extended financial audit requirements to all agencies
covered in CFO Act and required audited gov wide consolidated financial
statements.
complete solutions verified by experts 2024/2025
Outlay - correct answer Payment to liquidate obligation
Outlays - correct answer Measure of gov spending
SF-133 - correct answer Fulfills legal requirement that president review fed
expenditures at least four times a year
Budgetary resources
Status of budgetary resources
Change in obligated balance
Budgetary authority and outlays, net - correct answer Sections of SF-133
Budgetary resources section of SF-133 - correct answer Shows whether
budgetary resources are available for obligation or not
Status of budgetary resources section of SF-133 - correct answer Indicates
amount of budgetary resources that have been obligated and amount not yet
obligated c
Change in obligated balance section of SF-133 - correct answer Reports how
obligated balances changed
Budget authority and outlays, net section of SF-133 - correct answer Reports
whether obligated amounts have been outlayed (spent) or not
,1. SF-133 presents smount for single Treasury account fund symbol, statement
of budgetary resources presents combined amount for all budget accounts
2. Statement of budgetary resources is audited when presented in annual
financial reports - correct answer Differences in SF-133 and Statement of
Budgetary Resources
Allotment - correct answer Formal delegation of authority, by head of fed entity
or other entity employees, to incur obligations within amount allotted
Commitment - correct answer Enhance planning and control, agencies reserve
budget authority through this for planned spending based on estimate
Commitment - correct answer Used to avoid overspending
No - correct answer Do commitments legally encumber funds
Undelivered orders - unpaid
Undelivered orders - paid (prepaid/advance)
Delivered orders - unpaid
Delivered orders - paid - correct answer Status of obligations
When goods/services are received and accepted - correct answer When are
appropriations considered expended
Prior year's appropriation - correct answer Goods/services used in current
year, but ordered in prior year are charged against what
Dr. Other appropriations realized
, Cr. Unapportioned authority - correct answer Entry to establish appropriation
of funds by congress
When OMB apportions the appropriation - correct answer When can entity
commit funds or charge expenditures against funds
Unapportioned authority (CR balance) - correct answer Represents balance of
appropriations not yet apportioned by OMB, but available for later appointment
Dr. Unapportioned authority
Cr. Apportionment - correct answer Entry to record apportionment of funds by
OMB
Dr. Apportionment
Cr. Allotments - realized resources - correct answer Entry to record allotment
of funds
Dr. Allotment - realized resources
Cr. Commitments - correct answer Entry to record purchase request for items
to be ordered
Dr. Commitment
Cr. Undelivered orders - unpaid - correct answer Entry to obligate funds for
supplies ordered but not delivered
Dr. Undelivered orders - unpaid
Cr. Delivered orders - unpaid - correct answer Entry when ordered items are
delivered
, Dr. Delivered orders - unpaid
Cr. Delivered orders - paid - correct answer Entry to recognize payment of
order
Dr. Undelivered orders - unpaid
Cr. Allotments - realized resources - correct answer Entry to de-obligate funds
Revolving fjnd - correct answer Established to account for activity when a
receipt is collected and expenditure against it is authorized
Deposit funds - correct answer Used to account for money that does not
belong to the gov
No, they are not owned by gov - correct answer Are deposit funds included in
budget totals
No - correct answer Does fed gov use fund accounting
Proprietary accounting - correct answer Focuses on financial consequences of
operations during period and financial position of entity
CFO Act - correct answer Required improvements to fed financial
management by charging OMB with leadership responsibilities, requiring
appointment of CFO at large agencies, and establishing annual financial
statement audits on pilot basis.
Government Management Reform Act of 1994 - correct answer Made CFO Act
requirements permanent, extended financial audit requirements to all agencies
covered in CFO Act and required audited gov wide consolidated financial
statements.
