DFMC EXAM 2 | 130 QUESTIONS | WITH COMPLETE SOLUTIONS/NEWES
UPDATE
Study online at https://quizlet.com/_h8n6sy
1. What is the goal of FM legisla- to enhance internal controls, uniform accounting standards,
tion? ensure accountability and track performance
2. who is responsible for devel- OMB
opment of budget and execu-
tion, overseeing agency per-
formance, reports directly to
the president, and reviews reg-
ulations?
3. which act has QDR and ADR GPRA (government performance and results act of 1993)
which is now the NDS
4. which act required quarterly GPRA 2010 modernization (government performance and re-
assessments, established the sults act)
CFO, pio, and PIC?
5. which act increases the statu- budget control act
tory limit on debt, & required
sequestration
6. in the FM environment who gao, omb, and department of the Treasury (fiscal service bu-
are the external agencies? reau)
7. independent, works for Con- gao
gress, supports, audit agency
ops, investigates illegal activi-
ties, and considered the watch
dogs?
8. goals of the CFO act of 1990 quality information for management
, DFMC EXAM 2 | 130 QUESTIONS | WITH COMPLETE SOLUTIONS/NEWES
UPDATE
Study online at https://quizlet.com/_h8n6sy
uniform accounting standards
improve accountability and measure performance
enhance internal controls
9. most comprehensive financial Chief financial officer act of 1990 CFO
improvement act in 40 years
which created the office of
federal financial management
with financial standards, finan-
cial integrity and analysis, fi-
nancial systems, and required
appointment of CFOs
10. the purpose of this act was government performance and results act of 1993, GPRA
to increase public confidence,
program effectiveness, and in-
ternal management. The idea
was the strategic plan (QDR,
later molded into NDS)
11. amended the CFO act, and re- government management reform act of 1994, GRMA
quired agency-wide audited fi-
nancial statements
12. insured, timely, reliable, con- federal financial management improvement act of 1996, FFMI
sistent financial data, uni-
form across federal govern-
ment from year to year, and
the basis for use of reliable fi-
nancial data
, DFMC EXAM 2 | 130 QUESTIONS | WITH COMPLETE SOLUTIONS/NEWES
UPDATE
Study online at https://quizlet.com/_h8n6sy
13.
14. IT management reform act, re- clinger Cohen act
quired CIO to coordinate with
CFO so IT was treated as a cap-
ital investment
15. emphasized internal controls sarbanes Oakley act of 2002
and independent analysis
16. sells bonds/notes, manages bureau of fiscal services (Treasury)
deposit systems, and man-
ages public debt
17. has nine members who es- FASAB
tablish generally accepted ac-
counting standards principles
18. internal to the DOD FM envi- IG and military department components
ronment
19. Alpine financial statements, dodig
independent, relevant and
timely oversight
20. internal to the FM environ- military department audit agencies
ment and provides recom-
mendations
21. provides long-term align- PPBE
ment of mission require-
ments and funding (system-
atic, synchronized process.
UPDATE
Study online at https://quizlet.com/_h8n6sy
1. What is the goal of FM legisla- to enhance internal controls, uniform accounting standards,
tion? ensure accountability and track performance
2. who is responsible for devel- OMB
opment of budget and execu-
tion, overseeing agency per-
formance, reports directly to
the president, and reviews reg-
ulations?
3. which act has QDR and ADR GPRA (government performance and results act of 1993)
which is now the NDS
4. which act required quarterly GPRA 2010 modernization (government performance and re-
assessments, established the sults act)
CFO, pio, and PIC?
5. which act increases the statu- budget control act
tory limit on debt, & required
sequestration
6. in the FM environment who gao, omb, and department of the Treasury (fiscal service bu-
are the external agencies? reau)
7. independent, works for Con- gao
gress, supports, audit agency
ops, investigates illegal activi-
ties, and considered the watch
dogs?
8. goals of the CFO act of 1990 quality information for management
, DFMC EXAM 2 | 130 QUESTIONS | WITH COMPLETE SOLUTIONS/NEWES
UPDATE
Study online at https://quizlet.com/_h8n6sy
uniform accounting standards
improve accountability and measure performance
enhance internal controls
9. most comprehensive financial Chief financial officer act of 1990 CFO
improvement act in 40 years
which created the office of
federal financial management
with financial standards, finan-
cial integrity and analysis, fi-
nancial systems, and required
appointment of CFOs
10. the purpose of this act was government performance and results act of 1993, GPRA
to increase public confidence,
program effectiveness, and in-
ternal management. The idea
was the strategic plan (QDR,
later molded into NDS)
11. amended the CFO act, and re- government management reform act of 1994, GRMA
quired agency-wide audited fi-
nancial statements
12. insured, timely, reliable, con- federal financial management improvement act of 1996, FFMI
sistent financial data, uni-
form across federal govern-
ment from year to year, and
the basis for use of reliable fi-
nancial data
, DFMC EXAM 2 | 130 QUESTIONS | WITH COMPLETE SOLUTIONS/NEWES
UPDATE
Study online at https://quizlet.com/_h8n6sy
13.
14. IT management reform act, re- clinger Cohen act
quired CIO to coordinate with
CFO so IT was treated as a cap-
ital investment
15. emphasized internal controls sarbanes Oakley act of 2002
and independent analysis
16. sells bonds/notes, manages bureau of fiscal services (Treasury)
deposit systems, and man-
ages public debt
17. has nine members who es- FASAB
tablish generally accepted ac-
counting standards principles
18. internal to the DOD FM envi- IG and military department components
ronment
19. Alpine financial statements, dodig
independent, relevant and
timely oversight
20. internal to the FM environ- military department audit agencies
ment and provides recom-
mendations
21. provides long-term align- PPBE
ment of mission require-
ments and funding (system-
atic, synchronized process.
