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Flashcards in M3 Deck (47):
1

What is an undistributed disbursement?

Federal Government funds that have been paid but for whatever reason have not yet been identified to a specific organization; therefore they are placed in a suspense account.

2

What is an advance decision?

An advance decision as to the proprietary of certifying a payment or making a payment using appropriated funds provided by the DOD General Counsel to a departmental Accountable official, certifying officer, Disbursing Officer, or agency head acting as a certifying officer.

3

Federal appropriations law can be categorized into which three topical areas

Purpose
Time
Authorization
(PTA)

4

Final decisions of fiscal law questions are officially rendered by whom

DoD General Counsel

5

Who are determined to be accountable individuals in the DoD

Certifying Officials
Disbursing Officials
Departmental Accountable Officials

6

Who grants relief of liability to a certifying officer for erreronous or illegal payments in the DoD

DFAS

7

If a contracting officer signs a contract in advance of an appropriation what type of violation has occurred

Antideficiency Act Violation

8

What agency apportions funds for working capital fund

OMB

9

What is the primary organization in DoD with the responsibility for Finance requirements

DFAS

10

What three primary types of Officials are accountable individuals in the DoD

Certifying officers
Disbursing Officers
Departmental Accountable Official

11

When in doubt about the proper use of an appropriation what may the Disbursing Officer request from the OSD General Counsel on the propriety of the prospective payment

An advance decision

12

To what along Accountability does certification equate

Liability

13

Who besides the Disbursing Officer is likely to be held accountable for an improper payment

Certifying officer

14

When a civilian employee moves from a job oversees to a job in the states which organization pays for Permanent Duty Travel

Losing activity (the OCONUS)

15

Which individuals hold personal and pecuniary liability for their actions in financial transactions

Certifying officers
Disbursing Officers
Departmental Accountable officials

16

How often does the Disbursing Officer need to inspect and document office security measures

Semi-annual

17

Assuming you found it justified to take a discount what is the due date for making a discount payment

10 days after vendor invoice date

18

If you aren't able to take a discount what is the due date for a net payment

30 days after later of invoice receipt or acceptance

19

The GPRA requires agencies to define goals, set performance targets and report what

Actual performance

20

Any enforceable agreement between an agency and a business concern for the acquisition of property or services is called what

A contract

21

What term is used to describe Federal Government funds that have been paid but have not yet been identified to a specific organization

Undistributed Disbursements

22

Accounting Assets = liabilities + ____________

Net Position

23

The aggregate amount of an entity's funds in the Treasury is in what account

FBWT

24

PPE defines tangible assets with an estimated useful life of more than what number of years

Two years

25

What is the Statement of Budgetary Resources equation

Budgetary Resources = Status of Budgetary Resources

26

Which financial statement shows the components of the net cost of the reporting entity's operation for the period

Statement of Net Cost

27

What DoD Accounting entity maintains a central general ledger

DFAS

28

Which three Federal agencies established the FASAB

GAO

DoT

OMB

29

What is the Federal Law that specifically required existing CFO agencies to have financial statements that successfully pass a financial audit

Government Management Reform Act of 1994

30

Pay and confirm refers to the process of obtaining which of the following documents

Invoices
Receiving reports
Purchase orders
Purchase order amendments

Receiving reports

31

Primary equation characterizing financial (proprietary) accounting is

Assets = Liabilities + Net Position

32

Severable service contracts are for those services that

The agency receives something useful immediately upon the expenditure of funds or by the end of the FY

The government can terminate for convenience at any time yet still would have received benefits for the period under contract

33

If an agency receives a valid invoice related to an appropriation that is cancelled the agency

Must pay from a currently available appropriation of the same type with a limit up to 1% of the currently available appropriation or unextended balance of the applicable cancelled appropriation, whichever is less

34

Agency X has received an appropriation that is available until fully expended. To close this appropriation

The agency cannot close the appropriation. Instead the agency must fully obligate the appropriation.

35

The DoD has multiyear contracting authority. This means

DoD can sign a 5 year contract for severable services but obligate the contract incrementally over a 5 year period using O&M

36

Premium pay for civilians consists of certain types of pay such as

Overtime
Night
Holiday
Environmental

37

1990 Chief Financial Officer's Act

Required annual financial reports for agency business operations (revolving funds, trust funds, etc)

38

The FASAB is responsible for developing:

GAAP for the Federal Government

39

Which organization issues Standards of accounting, known as GAAP

FASB

40

What is the formula for budgetary accounting

Resources = status of resources

41

A tangible asset should be recorded in the proprietary accounting system at acquisition value which includes

Amount paid for the asset plus transportation, installation, and other related costs of obtaining the asset and preparing it for use

42

The Statement of Net Costs

Displays gross cost incurred by the reporting entity less any exchange revenue earned from its activities

43

According to GAGAS when gathering audit evidence for performance audits, auditors must consider if the evidence is

Sufficient and appropriate

44

The accounting and finance office prepares the Daily Statement of Accountability DD Form 2657

To report all transactions that affect fund balances for the day

45

A finance office experiences a check issue overdraft when

The amount of the check is greater than the amount the disbursing officer reports

46

Agencies performing reimbursable work may credit the reimbursement to

The appropriation of the performing agency used to perform the work

47

Constructive acceptance is considered to take place

Under prompt pay rules when the certifying officer has not received acceptance documents within 7 days