CDFM Exam Questions and Answers|
Latest Update
3.3.15: What year did GMRA require the consolidated, financial statement for the entire
Executive Branch? ✔️✔️1997)
3.3.15: What Act required federal wages be direct deposited? ✔️✔️GMRA 1994)
3.3.15: What Act required the use of the USSGL? ✔️✔️1996 FMFIA)
3.3.15: What three agencies established the FASAB and most effect the decisions of DoD
financial managers? ✔️✔️OMB, GAO, and Treasury)
3.3.15: What three things are required from auditors according to the FMFIA? ✔️✔️SoA, Report
on Internal Controls, and Report on Compliance w/Laws and Regs)
3.3.16: Who is the CFO of DoD, formulates DoD-wide financial management policies, and
directs DFAS? ✔️✔️Under secretary of Defense - Comptroller or USD(C))
3.3.17: What agency reports the DoD financial position and cost of operations? ✔️✔️DFAS)
3.3.17: What is the document number that identifies DoD's financial policy manual? ✔️✔️DoD
7000.14R - FMR)
3.3.17: What volume of the FMR is; ✔️✔️
Reimbursements? ✔️✔️11A - also 11B for WCFs)
,Travel ✔️✔️9)
Accounting policy/procedures? ✔️✔️4)
Administrative Control of Funds - ADA Violations? ✔️✔️14)
3.3.18: Match the following Accounting Standards Boards to the sectors they provide standards
for: ✔️✔️
FASB Federal Government ✔️✔️
GASB Private Sector ✔️✔️
FASAB State & Local Governement ✔️✔️
✔️✔️FASAB>Federal; GASB>State&Local; FASB>Private Sector)
3.3.19: OMB publishes what circular to implement FASAB policies? ✔️✔️Circ. A-136 "Form and
Content of Fin. Statements)
3.3.19: GAO publishes what circular to implement FASAB policies? ✔️✔️GAGAS or Generally
Accepted Government Auditing Standards)
3.3.22: What kind of funds are receipts not earmarked such as almost all income tax receipts?
✔️✔️General Funds)
3.3.22: What kind of funds includes the proceeds of general borrowing? ✔️✔️General Funds)
,3.3.22: General funds are or are not specifically linked to receipt accounts? ✔️✔️not)
3.3.22: What kind of funds are tied directly to receipts, or earmarked for special purposes?
✔️✔️Special Funds)
1.1.18: What are the 6 major steps to the formulation phase? ✔️✔️1. OMB issues Guidance
2. Organization develop draft;
3. Agency submits budget estimates to OMB;
4. OMB holds hearings on agency budgets;
5. Pres makes final decision;
6. Pres transmits budget to Congress)
3.3.22: What are the funds called that flow through intra-governmental business-type
operations such as DWCFs? ✔️✔️Intra-Governmental Funds)
3.3.24: What category of appropriation does mandatory spending or entitlements fall under?
✔️✔️Permanent or Indefinite Appropriations)
3.3.24: What kinds of appropriations do not expire? ✔️✔️No year and indefinite)
3.3.26: Does the Bona fide need rule apply to no - year funds? ✔️✔️No)
3.3.26: What are the two primary documents used to obligate budget authority? ✔️✔️Contract
and MIPR)
3.3.28: What is the balancing equation for Budgetary Accounting? ✔️✔️Resources = Status of
Resources)
, 3.3.28: What kind of accounting is cash basis and concerned primarily with the legal
requirement to control and manage budget authority? ✔️✔️Budgetary Accounting)
3.3.30: What kind of accounting is accrual basis and captures costs and revenues and then
applies them to the appropriate period? ✔️✔️Proprietary or financial accounting)
3.3.30: What is the balance equation for proprietary accounting? ✔️✔️Assets = Liabilities + NP)
3.3.30: What is the equation for the statement of net costs? ✔️✔️Expenses - Exchange Revenue
= Net Costs of Operations)
3.3.36: Undistributed disbursements are placed in what kind of account? ✔️✔️suspense)
3.3.36: What are the funds in a petty cash account called? ✔️✔️Imprest Funds)
3.3.36: Accounts receivables can be the result of reimbursement owed or what else?
✔️✔️overpayment to a vendor that is due back to the government)
3.3.37: Travel advances are counted as ✔️✔️assets or liabilities) up until they are settled? (assets
> Accounts Receivable)
3.3.37: General, Heritage, and Stewardship are the three categories of what? ✔️✔️PP&E)
3.3.38: What is the capital threshold for which an asset is recorded as PP&E? ✔️✔️$20K = used to
be $100K prior to March 2006)
3.3.38: The acquisition value of a general PP&E item includes what? ✔️✔️the amount paid plus
all other related costs such as installation and transportation)
Latest Update
3.3.15: What year did GMRA require the consolidated, financial statement for the entire
Executive Branch? ✔️✔️1997)
3.3.15: What Act required federal wages be direct deposited? ✔️✔️GMRA 1994)
3.3.15: What Act required the use of the USSGL? ✔️✔️1996 FMFIA)
3.3.15: What three agencies established the FASAB and most effect the decisions of DoD
financial managers? ✔️✔️OMB, GAO, and Treasury)
3.3.15: What three things are required from auditors according to the FMFIA? ✔️✔️SoA, Report
on Internal Controls, and Report on Compliance w/Laws and Regs)
3.3.16: Who is the CFO of DoD, formulates DoD-wide financial management policies, and
directs DFAS? ✔️✔️Under secretary of Defense - Comptroller or USD(C))
3.3.17: What agency reports the DoD financial position and cost of operations? ✔️✔️DFAS)
3.3.17: What is the document number that identifies DoD's financial policy manual? ✔️✔️DoD
7000.14R - FMR)
3.3.17: What volume of the FMR is; ✔️✔️
Reimbursements? ✔️✔️11A - also 11B for WCFs)
,Travel ✔️✔️9)
Accounting policy/procedures? ✔️✔️4)
Administrative Control of Funds - ADA Violations? ✔️✔️14)
3.3.18: Match the following Accounting Standards Boards to the sectors they provide standards
for: ✔️✔️
FASB Federal Government ✔️✔️
GASB Private Sector ✔️✔️
FASAB State & Local Governement ✔️✔️
✔️✔️FASAB>Federal; GASB>State&Local; FASB>Private Sector)
3.3.19: OMB publishes what circular to implement FASAB policies? ✔️✔️Circ. A-136 "Form and
Content of Fin. Statements)
3.3.19: GAO publishes what circular to implement FASAB policies? ✔️✔️GAGAS or Generally
Accepted Government Auditing Standards)
3.3.22: What kind of funds are receipts not earmarked such as almost all income tax receipts?
✔️✔️General Funds)
3.3.22: What kind of funds includes the proceeds of general borrowing? ✔️✔️General Funds)
,3.3.22: General funds are or are not specifically linked to receipt accounts? ✔️✔️not)
3.3.22: What kind of funds are tied directly to receipts, or earmarked for special purposes?
✔️✔️Special Funds)
1.1.18: What are the 6 major steps to the formulation phase? ✔️✔️1. OMB issues Guidance
2. Organization develop draft;
3. Agency submits budget estimates to OMB;
4. OMB holds hearings on agency budgets;
5. Pres makes final decision;
6. Pres transmits budget to Congress)
3.3.22: What are the funds called that flow through intra-governmental business-type
operations such as DWCFs? ✔️✔️Intra-Governmental Funds)
3.3.24: What category of appropriation does mandatory spending or entitlements fall under?
✔️✔️Permanent or Indefinite Appropriations)
3.3.24: What kinds of appropriations do not expire? ✔️✔️No year and indefinite)
3.3.26: Does the Bona fide need rule apply to no - year funds? ✔️✔️No)
3.3.26: What are the two primary documents used to obligate budget authority? ✔️✔️Contract
and MIPR)
3.3.28: What is the balancing equation for Budgetary Accounting? ✔️✔️Resources = Status of
Resources)
, 3.3.28: What kind of accounting is cash basis and concerned primarily with the legal
requirement to control and manage budget authority? ✔️✔️Budgetary Accounting)
3.3.30: What kind of accounting is accrual basis and captures costs and revenues and then
applies them to the appropriate period? ✔️✔️Proprietary or financial accounting)
3.3.30: What is the balance equation for proprietary accounting? ✔️✔️Assets = Liabilities + NP)
3.3.30: What is the equation for the statement of net costs? ✔️✔️Expenses - Exchange Revenue
= Net Costs of Operations)
3.3.36: Undistributed disbursements are placed in what kind of account? ✔️✔️suspense)
3.3.36: What are the funds in a petty cash account called? ✔️✔️Imprest Funds)
3.3.36: Accounts receivables can be the result of reimbursement owed or what else?
✔️✔️overpayment to a vendor that is due back to the government)
3.3.37: Travel advances are counted as ✔️✔️assets or liabilities) up until they are settled? (assets
> Accounts Receivable)
3.3.37: General, Heritage, and Stewardship are the three categories of what? ✔️✔️PP&E)
3.3.38: What is the capital threshold for which an asset is recorded as PP&E? ✔️✔️$20K = used to
be $100K prior to March 2006)
3.3.38: The acquisition value of a general PP&E item includes what? ✔️✔️the amount paid plus
all other related costs such as installation and transportation)
