CDFM Test 3 |227 questions with verified answers
1921 Budget and Accounting Act did what? Ans✓✓✓ 1 Established the GAO to
audit the Executive Branch.
2 Established the Bureau of the Budget (now OMB)
3 Required President to submit a comprehensive national budget.
A check is determined to be undeliverable if Ans✓✓✓ after 60 days from the
date of issue, has been impossible to deliver
A check that gets mutilated is known as Ans✓✓✓ Spoiled Check
A collection and processing service provided by a financial institution that
accelerates the flow of funds to the Treasury General Account Ans✓✓✓ Lockbox
collections
A Judgmental Sample can only be used for Ans✓✓✓ Reaching conclusions about
the sample
A vendor Payment must be supported by the following Ans✓✓✓ A Copy of the
contract
A proper invoice
Proof of receipt
An acceptance document
Accountable individuals in the DoD Ans✓✓✓ Certifying Officers, Disbursing
Officers, and Departmental Accountable Officials
,Acid Test Ratio Ans✓✓✓ The total quick assets divided by current liabilities
Acquisition value should be recorded in Ans✓✓✓ Property Management system,
which is a subsidiary system to the General Ledger
Advance Payment to contractor can be made if Ans✓✓✓ 1. Contractor gives
adequate security
2. It is determined that to provide the advance is in the public interest or
facilitates national defense.
3. The advance is limited to no more than the unpaid contract price.
Agencies must reimburse the Judgment Fund in these instances Ans✓✓✓ 1.
Contract Disputes
2. No FEAR Act (Notification and Federal Anti-discrimination and Retaliation Act)
3. EEO Settlement Claims
All Contractors are provided a 1099. What date are all 1099s required to be sent
to IRS Ans✓✓✓ February 28th
All Transaction have what type of Entry Ans✓✓✓ Budgetary
An enforceable agreement between the Government and a commercial vendor
(supplier) to provide specific goods and/or services to the Federal Government.
Ans✓✓✓ Contracts
, An identification number that indicates the authority to receive and disburse
public civilian funds and issue checks on the Treasury Ans✓✓✓ Disbursing
Station Symbol Number (DSSN)
An undeliverable check must be processed on what form Ans✓✓✓ SF 1098
Audit Planning Phase Ans✓✓✓ Define audit's objectives and scope and
methodology (OSM)
Consider materiality (significance) and internal control effectiveness in
procedures
Auditors should Ans✓✓✓ evaluate whether the audited entity has taken
appropriate, corrective action to address findings and recommendations from
prior audits that are significant within the context of the audit objectives
Auditors should obtain Ans✓✓✓ Sufficient and appropriate evidence that
computer-processed data are valid and reliable when those data are significant to
the auditors findings
Audits must be Ans✓✓✓ Organized and Controlled
Audits of the Federal Government entities are Ans✓✓✓ essential elements of
public accountability and control.
Required by legislation; hence, executive agencies must comply with
requirements
By law who must audit US government consolidated statements and can not
contract it out Ans✓✓✓ GAO
1921 Budget and Accounting Act did what? Ans✓✓✓ 1 Established the GAO to
audit the Executive Branch.
2 Established the Bureau of the Budget (now OMB)
3 Required President to submit a comprehensive national budget.
A check is determined to be undeliverable if Ans✓✓✓ after 60 days from the
date of issue, has been impossible to deliver
A check that gets mutilated is known as Ans✓✓✓ Spoiled Check
A collection and processing service provided by a financial institution that
accelerates the flow of funds to the Treasury General Account Ans✓✓✓ Lockbox
collections
A Judgmental Sample can only be used for Ans✓✓✓ Reaching conclusions about
the sample
A vendor Payment must be supported by the following Ans✓✓✓ A Copy of the
contract
A proper invoice
Proof of receipt
An acceptance document
Accountable individuals in the DoD Ans✓✓✓ Certifying Officers, Disbursing
Officers, and Departmental Accountable Officials
,Acid Test Ratio Ans✓✓✓ The total quick assets divided by current liabilities
Acquisition value should be recorded in Ans✓✓✓ Property Management system,
which is a subsidiary system to the General Ledger
Advance Payment to contractor can be made if Ans✓✓✓ 1. Contractor gives
adequate security
2. It is determined that to provide the advance is in the public interest or
facilitates national defense.
3. The advance is limited to no more than the unpaid contract price.
Agencies must reimburse the Judgment Fund in these instances Ans✓✓✓ 1.
Contract Disputes
2. No FEAR Act (Notification and Federal Anti-discrimination and Retaliation Act)
3. EEO Settlement Claims
All Contractors are provided a 1099. What date are all 1099s required to be sent
to IRS Ans✓✓✓ February 28th
All Transaction have what type of Entry Ans✓✓✓ Budgetary
An enforceable agreement between the Government and a commercial vendor
(supplier) to provide specific goods and/or services to the Federal Government.
Ans✓✓✓ Contracts
, An identification number that indicates the authority to receive and disburse
public civilian funds and issue checks on the Treasury Ans✓✓✓ Disbursing
Station Symbol Number (DSSN)
An undeliverable check must be processed on what form Ans✓✓✓ SF 1098
Audit Planning Phase Ans✓✓✓ Define audit's objectives and scope and
methodology (OSM)
Consider materiality (significance) and internal control effectiveness in
procedures
Auditors should Ans✓✓✓ evaluate whether the audited entity has taken
appropriate, corrective action to address findings and recommendations from
prior audits that are significant within the context of the audit objectives
Auditors should obtain Ans✓✓✓ Sufficient and appropriate evidence that
computer-processed data are valid and reliable when those data are significant to
the auditors findings
Audits must be Ans✓✓✓ Organized and Controlled
Audits of the Federal Government entities are Ans✓✓✓ essential elements of
public accountability and control.
Required by legislation; hence, executive agencies must comply with
requirements
By law who must audit US government consolidated statements and can not
contract it out Ans✓✓✓ GAO
