DFMC EXAM 2 2024 UPDATED QUESTIONS AND CORRECT ANSWERS
What is the goal of FM legislation? - CORRECT ANSWER✅✅✅to enhance internal controls, uniform
accounting standards, ensure accountability and track performance
who is responsible for development of budget and execution, overseeing agency performance, reports
directly to the president, and reviews regulations? - CORRECT ANSWER✅✅✅OMB
which act has QDR and ADR which is now the NDS - CORRECT ANSWER✅✅✅GPRA (government
performance and results act of 1993)
which act required quarterly assessments, established the CFO, pio, and PIC? - CORRECT
ANSWER✅✅✅GPRA 2010 modernization (government performance and results act)
which act increases the statutory limit on debt, & required sequestration - CORRECT
ANSWER✅✅✅budget control act
in the FM environment who are the external agencies? - CORRECT ANSWER✅✅✅gao, omb, and
department of the Treasury (fiscal service bureau)
independent, works for Congress, supports, audit agency ops, investigates illegal activities, and
considered the watch dogs? - CORRECT ANSWER✅✅✅gao
goals of the CFO act of 1990 - CORRECT ANSWER✅✅✅quality information for management
uniform accounting standards
improve accountability and measure performance
enhance internal controls
, most comprehensive financial improvement act in 40 years which created the office of federal financial
management with financial standards, financial integrity and analysis, financial systems, and required
appointment of CFOs - CORRECT ANSWER✅✅✅Chief financial officer act of 1990 CFO
the purpose of this act was to increase public confidence, program effectiveness, and internal
management. The idea was the strategic plan (QDR, later molded into NDS) - CORRECT
ANSWER✅✅✅government performance and results act of 1993, GPRA
amended the CFO act, and required agency-wide audited financial statements - CORRECT
ANSWER✅✅✅government management reform act of 1994, GRMA
insured, timely, reliable, consistent financial data, uniform across federal government from year to year,
and the basis for use of reliable financial data - CORRECT ANSWER✅✅✅federal financial
management improvement act of 1996, FFMI
- CORRECT ANSWER✅✅✅
IT management reform act, required CIO to coordinate with CFO so IT was treated as a capital
investment - CORRECT ANSWER✅✅✅clinger Cohen act
emphasized internal controls and independent analysis - CORRECT ANSWER✅✅✅sarbanes Oakley
act of 2002
sells bonds/notes, manages deposit systems, and manages public debt - CORRECT
ANSWER✅✅✅bureau of fiscal services (Treasury)
has nine members who establish generally accepted accounting standards principles - CORRECT
ANSWER✅✅✅FASAB
internal to the DOD FM environment - CORRECT ANSWER✅✅✅IG and military department
components
What is the goal of FM legislation? - CORRECT ANSWER✅✅✅to enhance internal controls, uniform
accounting standards, ensure accountability and track performance
who is responsible for development of budget and execution, overseeing agency performance, reports
directly to the president, and reviews regulations? - CORRECT ANSWER✅✅✅OMB
which act has QDR and ADR which is now the NDS - CORRECT ANSWER✅✅✅GPRA (government
performance and results act of 1993)
which act required quarterly assessments, established the CFO, pio, and PIC? - CORRECT
ANSWER✅✅✅GPRA 2010 modernization (government performance and results act)
which act increases the statutory limit on debt, & required sequestration - CORRECT
ANSWER✅✅✅budget control act
in the FM environment who are the external agencies? - CORRECT ANSWER✅✅✅gao, omb, and
department of the Treasury (fiscal service bureau)
independent, works for Congress, supports, audit agency ops, investigates illegal activities, and
considered the watch dogs? - CORRECT ANSWER✅✅✅gao
goals of the CFO act of 1990 - CORRECT ANSWER✅✅✅quality information for management
uniform accounting standards
improve accountability and measure performance
enhance internal controls
, most comprehensive financial improvement act in 40 years which created the office of federal financial
management with financial standards, financial integrity and analysis, financial systems, and required
appointment of CFOs - CORRECT ANSWER✅✅✅Chief financial officer act of 1990 CFO
the purpose of this act was to increase public confidence, program effectiveness, and internal
management. The idea was the strategic plan (QDR, later molded into NDS) - CORRECT
ANSWER✅✅✅government performance and results act of 1993, GPRA
amended the CFO act, and required agency-wide audited financial statements - CORRECT
ANSWER✅✅✅government management reform act of 1994, GRMA
insured, timely, reliable, consistent financial data, uniform across federal government from year to year,
and the basis for use of reliable financial data - CORRECT ANSWER✅✅✅federal financial
management improvement act of 1996, FFMI
- CORRECT ANSWER✅✅✅
IT management reform act, required CIO to coordinate with CFO so IT was treated as a capital
investment - CORRECT ANSWER✅✅✅clinger Cohen act
emphasized internal controls and independent analysis - CORRECT ANSWER✅✅✅sarbanes Oakley
act of 2002
sells bonds/notes, manages deposit systems, and manages public debt - CORRECT
ANSWER✅✅✅bureau of fiscal services (Treasury)
has nine members who establish generally accepted accounting standards principles - CORRECT
ANSWER✅✅✅FASAB
internal to the DOD FM environment - CORRECT ANSWER✅✅✅IG and military department
components
