CDFM Module 3: Accounting and Finance

CDFM Module 3: Accounting and Finance practice questions, page 2 of 4, with answer review and explanations.

Question 6

If an audit results in a “modified opinion”, then:

  1. all audited areas are not meeting standards.
  2. the completed audit surpassed the requirements for an unmodified opinion.
  3. some material audit areas are not meeting standards.
  4. all funds and assets have been accounted for.

Question 7

A Reservist with no dependents who is ordered to annual training duty and assigned government quarters (barracks) is entitled to which basic allowance for housing (BAH)?

  1. BAH-Partial
  2. BAH-Differential
  3. BAH-I
  4. BAH-II

Question 8

Funds may be obligated:

  1. at the time a payment is made if no obligation has been previously recorded.
  2. when an obligation of the government has been incurred or is reasonably anticipated outside of the government contracting process.
  3. in an expired appropriation if a replacement contract is awarded after a contractor default.
  4. for contingent liabilities to ensure funds are reserved for possible cost increases.

Question 9

Who did the Chief Financial Officers Act of 1990 give authority to for financial management reporting?

  1. Governmental Accounting Standards Board
  2. Financial Accounting Standards Board
  3. Office of Management and Budget
  4. Government Accountability Office

Question 10

An agency contracts for severable services in August. The term of the contract is one year. May the agency award the one-year contract, obligating those funds available in August for the entire term of the one-year contract?

  1. No, two separate contracts must be awarded. Each contract must be limited to a specific fiscal year.
  2. Yes, 10 U.S.C. § 2410(a) permits funding a one-year severable service contract crossing fiscal years to be funded with a single-year appropriation.
  3. No, a severable service contract crossing fiscal years requires separate year appropriations for each part of the contract performed in a different fiscal year.
  4. Yes, but only if the agency knows future year funds will not be available.