GFEBS EXAMPREP REVIEW SHEET WITH TESTED QUESTIONS AND COMPLETE SOLUTIONS

GFEBS EXAMPREP REVIEW SHEET WITH
TESTED QUESTIONS AND COMPLETE
SOLUTIONS

●● Reconciling the Army's cash account with the U.S. Treasury is a
critical aspect of maintaining the Army's General Fund GL and fund
balance with the U.S. Treasury
Answer: true


●● Which of the options below provides a uniform COA and technical
guidance to be used in standardizing federal agency accounting?
Answer: USSGL
None of the above


●● Activities involved in the Year-End Close sub-process of FI include
Answer: all of the above


●● What organization passes down the business rules for executing the
year-end close tasks? These business rules include policies and cut-off
dates
Answer: HQDA

, ●● Which of the following documents are closed out at the end of the
year?
Answer: all PRs, POs, Open payables w/expiring and canceling funds


●● The United States Treasury is one of the key financial organizations
interacting with GFEBS by serving as the central bank for all
government agencies.
Answer: true


●● What system does GFEBS utilize for accounting?
Answer: the USSGL accounting numbering system


●● To correct the error of the disbursement/collection belonging to
GFEBS, GFEBS will match the disbursement/collection with the correct
GFEBS invoice or billing document and perform an internal adjustment,
and DCAS will process a 1081 reversal with the U.S. Treasury and
GFEBS.
Answer: true


●● GFEBS reconciles the collections and expenditures process through
the DCAS on a daily basis.
Answer: true