[REVIEWED] CDFM- MODULE 3 LATEST 2023-2024 QUESTIONS AND ANSWERS NEW STUDY GUIDE

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[REVIEWED] CDFM- MODULE 3 LATEST 2023-2024 QUESTIONS AND ANSWERS NEW STUDY GUIDE What are the three tests that must be met for use of the Necessary Expense doctrine? - correct answersMust bear a log... ical relationship Not prohibited by law Not funded elsewhere (p 3.1.17) Who grants relief of liability to a certifying officer for erroneous or illegal payments in the Department of Defense? - correct answersThe Defense Finance and Accounting Service (*DFAS*) What type of budgetary resources remains available for new obligations for more than one fiscal year? - correct answersMulti-year authority What type of Congressional resolution can be thought of as a temporary appropriations act? - correct answersContinuing Resolution (*CR*) What agency apportions funds for a working capital fund? - correct answersThe Office of Management and Budget (*OMB*) What is the acronym for disbursing office identification numbers? - correct answersDisbursing Station Symbol Numbers (*DSSN*) What three primary types of officials are accountable Individuals in the DoD? - correct answersCertifying Officers (*CO*), Disbursing Officers (*DO*), Departmental Accountable Officials (*DAO*) (p. 2.2.21, 2.2.64) What is the normal collection method for debts owed by active military members and civilian employees who are still in service? - correct answersSalary Offset garnishing When collecting debts owed by vendors that have failed to properly respond to the demand letters, what is the next step? - correct answersDo Not Pay List (p. 3.2.40) When in doubt about the proper use of an appropriation, what may the disbursing officer request form the OSD General Counsel on the propriety of the prospective payment? - correct answersAn Advance Decision (p. 3.2.12) When a civilian employee moves from a job overseas to a job in the states, which organization pays for the Permanent Duty Travel? - correct answersThe "*losing*" activity (the *OCONUS* activity) (p. 3.2.22) Name the supporting documents required in the DoD Payment Package? - correct answersContract Invoice Proof of Receipt Acceptance Document (p. 3.2.24) Name two key forms that provide accountability and control by Disbursing Officers? - correct answersStandard Form *1219*, Statement of Accountability (monthly) DD Form *2657*, Daily Statement of Accountability (p. 3.2.44) What term is used to describe Federal Government funds that have been paid but have not yet been identified to a specific organization? - correct answersUndistributed Disbursement (p. 3.3.39) The aggregate amount of an entity's funds in the Treasury is in what account? - correct answersFund Balance with Treasury (p. 3.3.39) Which three Federal agencies established the FASAB? - correct answersThe Government Accountability Office (*GAO*), the Department of Treasury, and the Office of Management and Budget (*OMB*) (p. 3.3.13) What is the Federal law that specifically required existing CFO agencies to have financial statements that successfully pass a financial audit? - correct answersThe Government Management Reform Act of 1994 (p. 3.4.5) Which standards generally apply to all Federal Government audits? - correct answersGAO Standards or GAGAS (p. 3.4.10) How many hours of continuing professional education must an auditor complete every 2 years? - correct answers80 hours in 2 years (p. 3.4.14) What is the minimum number of hours that must be completed in any year of the 2-year period? - correct answers20 hours minimum each year (p. 3.4.14) The auditor is restricted access to essential data necessary to satisfy the audit objective. What type of impairment would this be? - correct answersExternal Impairment (p. 3.4.12) Which type of audit is expected to determine whether: - The financial information is presented in accordance with established stated criteria; - The entity has adhered to specific financial compliance requirements; and - The entity's internal control structure over financial reporting and/or safeguarding of assets is suitably designed and implemented to achieve the control objective? - correct answersFinancial Audit (p. 3.4.22) Which type of audit is expected to determine whether: - The entity is acquiring, using, and protecting its resources economically and efficiently; - The entity's programs are achieving the desired results or benefits; and - The entity is accomplishing its mission in accordance with applicable laws, regulations, and public policies. - correct answersPerformance Audit (p. 3.4.22) What does Title 31 do? - correct answersProvides statutory authority for the use, control, and accountability of public funds. The established rule is that the expenditure of public funds is proper only when authorized by Congress, not that public funds may be expended unless prohibited by Congress. - correct answersBasic Axiom of Fiscal Law What are the sources of Fiscal Law? - correct answers- The Constitution - Authorization Acts - Appropriation Acts - General Statutes - CG Decisions & Courts [Show More]

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