CDFM question with answers
What is the Budgetary Account formula? - -Recourses = Status of Resources
Source of Incoming Funds = Use/location of Funds
-Under the Prompt Pay Rules, when is Constructive Acceptance considered to take place? - -when
acceptance document has not been received in a timely manner (NLT 7 calendar days after receipt
-What are the 5 valid voucher requirements - -(1) voucher heading and date
(2) Line of Accounting (LOA)
(3) amount
(4) method of payment
(5) payee
-What are 3 Federal Financial Statements? - -(1) Balance Sheet
(2) Statement of Net Cost
(3) Statement of Net Position
-What is the O&M limitation on minor construction? - -$750K or up to $1.5M for health or safety
related requirements with congressional approval.
-A maximum Earmark may not be augmented with funds from the general appropriation but any un-
obligated amounts may be used for other objects in the general appropriation pertains to which
Earmark concept? - -Earmark concept: Not to Exceed
-Proprietary/Financial Accounting tracks - -assets
,-What specific statutory authority allows an agency to incur obligations in anticipation or in advance of
either receipts or an appropriation of liquidating cash with which to pay the obligation? - -Contract
Authority
-Personal Impairments result from what? - -relationships or beliefs that might weaken or slant audit
findings
-Measures and controls the use of the resources according to the purposes for which budget authority
was enacted and that records receipts and other collections by source (self balancing). - -Budgetary
Accounting
-Who is responsible for the use of appropriated funds as to the proper purpose, time, and amount? - -
Fiduciary Certifier (Fund Certifying Official)
-What results when auditors are deterred from acting objectively and exercising professional skepticism
by actual or perceived pressures from management and employees? - -External Impairments
-Who determines that relief of accountable individuals is appropriate (per criteria) and who must grant
the relief? - -SECDEF delegated to DFAS, CG
-What is the Investment Threshold level set by Congress to use O&M? - -$250K
-The bona fide needs rule does not apply to what type(s) of appropriations? - -No-Year Appropriations
-What are amounts earned or collected from the selling of goods and services called? - -
Reimbursements
-What are the 3 travel entitlement requirements? - -(1) travel orders
(2) use of travel card if possible
, (3) travel claims
-What are three types of Earmarking? - -(1) not to exceed
(2) not less than
(3) exclusively for
-What type of sampling has the advantage of enabling the Auditor to project the sample result to the
universe? - -Statistical
-10 US Code 2410A - -Severable/12 Months
-31 US Code 1502 pertains to what? - -Bona Fide Needs Act
-Contractors must provide a 1099 to the IRS NLT - -28 February
-Reservists without dependents, even when living in barracks, is entitled to what? - -partial basic
allowance for housing (partial BAH)
-Inspector Generals (IGs) report directly to the? - -Agency Head
-No payments shall be made without? - -Certification
-What is the basic authority for the use of public funds? - -US Constitution
-List the two types of revolving funds. - -(1) Public Enterprise Funds
(2) Intra-Governmental Funds
What is the Budgetary Account formula? - -Recourses = Status of Resources
Source of Incoming Funds = Use/location of Funds
-Under the Prompt Pay Rules, when is Constructive Acceptance considered to take place? - -when
acceptance document has not been received in a timely manner (NLT 7 calendar days after receipt
-What are the 5 valid voucher requirements - -(1) voucher heading and date
(2) Line of Accounting (LOA)
(3) amount
(4) method of payment
(5) payee
-What are 3 Federal Financial Statements? - -(1) Balance Sheet
(2) Statement of Net Cost
(3) Statement of Net Position
-What is the O&M limitation on minor construction? - -$750K or up to $1.5M for health or safety
related requirements with congressional approval.
-A maximum Earmark may not be augmented with funds from the general appropriation but any un-
obligated amounts may be used for other objects in the general appropriation pertains to which
Earmark concept? - -Earmark concept: Not to Exceed
-Proprietary/Financial Accounting tracks - -assets
,-What specific statutory authority allows an agency to incur obligations in anticipation or in advance of
either receipts or an appropriation of liquidating cash with which to pay the obligation? - -Contract
Authority
-Personal Impairments result from what? - -relationships or beliefs that might weaken or slant audit
findings
-Measures and controls the use of the resources according to the purposes for which budget authority
was enacted and that records receipts and other collections by source (self balancing). - -Budgetary
Accounting
-Who is responsible for the use of appropriated funds as to the proper purpose, time, and amount? - -
Fiduciary Certifier (Fund Certifying Official)
-What results when auditors are deterred from acting objectively and exercising professional skepticism
by actual or perceived pressures from management and employees? - -External Impairments
-Who determines that relief of accountable individuals is appropriate (per criteria) and who must grant
the relief? - -SECDEF delegated to DFAS, CG
-What is the Investment Threshold level set by Congress to use O&M? - -$250K
-The bona fide needs rule does not apply to what type(s) of appropriations? - -No-Year Appropriations
-What are amounts earned or collected from the selling of goods and services called? - -
Reimbursements
-What are the 3 travel entitlement requirements? - -(1) travel orders
(2) use of travel card if possible
, (3) travel claims
-What are three types of Earmarking? - -(1) not to exceed
(2) not less than
(3) exclusively for
-What type of sampling has the advantage of enabling the Auditor to project the sample result to the
universe? - -Statistical
-10 US Code 2410A - -Severable/12 Months
-31 US Code 1502 pertains to what? - -Bona Fide Needs Act
-Contractors must provide a 1099 to the IRS NLT - -28 February
-Reservists without dependents, even when living in barracks, is entitled to what? - -partial basic
allowance for housing (partial BAH)
-Inspector Generals (IGs) report directly to the? - -Agency Head
-No payments shall be made without? - -Certification
-What is the basic authority for the use of public funds? - -US Constitution
-List the two types of revolving funds. - -(1) Public Enterprise Funds
(2) Intra-Governmental Funds
