CDFM Module 3: Accounting and Finance

Review 80 CDFM-MODULE-3 practice questions with answer explanations and community insights.

Question 1

Which of the following describes the last informal opportunity during an audit to ensure the accuracy of reported information and discuss any factual matters still in dispute before release of the draft report?

  1. Management Notification
  2. Termination of an Audit
  3. Management Conferences
  4. Exit Conferences

Question 2

What is the difference between Expense Costs and Investment Costs?

  1. Expense costs cover items to maintain the organization, while investment costs result in acquiring items that benefit future periods, such as real property.
  2. Expense costs cover civilian salaries, while investment costs cover military salaries and training.
  3. Expense costs cover civilian salaries, materials, and services, while Investment costs cover military salaries, equipment, and construction.
  4. Expense costs are paid using Operations and Maintenance and Procurement appropriations, while investment costs are paid using Research, Development, Test, and Evaluation, and Military Construction appropriations.

Question 3

Risk assessments, agency inspector general reviews, self-reported errors, and reports from the public are possible sources of:

  1. prompt payment actions.
  2. executive orders.
  3. continuing resolution requirements.
  4. improper payment information.

Question 4

Unless otherwise specified in the contract or if there is a disagreement over quantity, quality, or contractor compliance with a contract requirement, what is constructive acceptance of goods and/or services?

  1. 7 calendar days
  2. 14 calendar days
  3. 15 calendar days
  4. 30 calendar days

Question 5

Audit working papers are least likely to include documentation showing how:

  1. management schedules were prepared.
  2. controls were tested.
  3. conclusions were supported.
  4. objectives were formulated.