CDFM Module 3: Accounting and Finance

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

Question 11

The Budgetary accounting equation is:

  1. Resources = Status of Resources
  2. Resources = Assets – Net Position
  3. Assets = Liabilities + Net Position
  4. Owners Equity = Assets + Liabilities

Question 12

What is needed for an entity’s adjusted trial balance data to pass the Governmentwide Treasury Account Symbol Adjusted Trial Balance System (GTAS)?

  1. Validating trial balance data through Tie-Point Reconciliations of budgetary and proprietary accounts
  2. Completing the Budget Execution Transaction Review
  3. Submitting a request for an exemption to the alignment of DoD Standard General Ledger (SGL) accounts
  4. Updating the Department of Defense (DoD) United States Standard General Ledger (USSGL) Transaction Library

Question 13

The Report on Budget Execution and Budgetary Resources (SF-133) is divided into what four sections?

  1. 1) Status of Budgetary Resources, 2) Changes in Committed Balance, 3) Changes in Obligated Balance, 4) Fund Balance with Treasury
  2. 1) Budgetary Resources, 2) Status of Budgetary Resources, 3) Changes in Obligated Balance, 4) Budget Authority and Outlays, NET
  3. 1) Status of Budgetary Resources, 2) Changes in Obligated Balance, 3) Changes in Committed Balance, 4) Budget Authority and Outlays, NET
  4. 1) Budgetary Resources, 2) Changes in Obligated Balance, 3) Budget Authority and Outlays, NET, 4) Fund Balance with Treasury

Question 14

When a past event or transaction causes a measurable, probable, but uncertain future outflow of resources, what should be recognized in the financial statements and reports?

  1. A Liability for Clearing Accounts
  2. A Contingent Liability
  3. An Accounts Receivable
  4. A Prepayment Liability

Question 15

What element of a vendor invoice is necessary to disburse funds?

  1. The invoice must have the official logo of the agency services are being provided for.
  2. The invoice must have the mailing address of the customer service point of contact of the vendor.
  3. The invoice must be submitted for evaluation via certified mail.
  4. The invoice must be computed correctly with the facts provided.