Cdfm Module 3 Section 1

Front 1

The rule that states a fiscal year appropriation may be only obligated to meet a legitimate need arising in the fiscal(s) for which the appropriation was made is called the ________________.

Back 1

Bona Fide Need

Front 2

The _______audits the performance of the executive branch.

Back 2

General Accounting Office

Front 3

The accounting entity for DoD that maintains a central general ledger to account for DoD resources, determines cost operations, is _______

Back 3

Defense Finance Accounting Services

Front 4

The regulation that is composed of 15 volumes and provides DoD components with the policy and procedures within the responsibility of the Under Secretary of Defense (Comptroller) is the__________

Back 4

The DoD 7000.14R, Financial Management Regulation (FMR)

Front 5

The FMR 7000.14 volume that covers the form and content of DoD Audited Financial Statement is ___

Back 5

Volume 6b

Front 6

_______are revolving funds used for programs authorized by law to conduct a cycle of business–type operations in which outlays generate collections.

Back 6

Public Enterprise Funds

Front 7

__________are part of the budget and record receipts not earmarked by law for a specific purpose, such as almost all income tax receipts.

Back 7

General Funds

Front 8

The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for Memorandum is _____________.

Back 8

8000

Front 9

__________account for the receipt and expenditure of monies by the government for carrying out specific purposes and programs in accordance with the terms of a statute that designates the fund as a trust fund.

Back 9

Trust Funds

Front 10

The Federal accounting framework includes three accounting systems ________, ________, &_______.

Back 10

Budgetary accounting, financial accounting, & managerial cost accounting

Front 11

A MIPIR maybe used as a __________ or__________ and __________cross fiscal years.

Back 11

Project Orders, Economy Act Orders: may

Front 12

The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for assets is _____________.

Back 12

1000

Front 13

The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for Net Position (Capital) is _____________.

Back 13

3000

Front 14

The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for Liabilities is _____________.

Back 14

2000

Front 15

The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for Revenues and Financing Sources is _____________.

Back 15

5000

Front 16

__________consist of receipts for Federal fund receipts that laws have earmarked for specific purposes and associated appropriation accounts for the expenditure of the earmarked receipts.

Back 16

Special Funds

Front 17

True or False? The Foreign Currency Fluctuation reports are the DD–Comp (1751) Foreign Currency Fluctuations, Construction Defense and DD–COMP (1506) Foreign Currency Fluctuations, Defense.

Back 17

TRUE

Front 18

The ___________ assists the President in preparation (A11) and execution (A34) of the budget.

Back 18

Office of Management & Budget

Front 19

The _________ is the federal government banker. They manage the balances and flow of funds required to support the government.

Back 19

Department of the Treasury

Front 20

The Budgetary accounting equation is ________________.

Back 20

Resources = Status of Resources

Front 21

The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for Gains and losses is _____________.

Back 21

7000

Front 22

The Proprietary Accounting equation is___________.

Back 22

Assets=Liabilities + Net Position

Front 23

Items intended to be used by entity, tangible assets and not intended for sale are considered_______.

Back 23

Plant, Property & Equipment

Front 24

The process of accumulating, measuring, analyzing, interpreting and reporting cost is called_________.

Back 24

Managerial Cost Accounting

Front 25

The measurement of an entity's ability to meet its current obligations is called________. It is a measure of liquidity.

Back 25

Current Ratio

Front 26

The test of an entity's immediate solvency is made by comparing the sum of cash and accts receivable commonly known as the quick assets to current liabilities is known as ______________. It is also known as the acid–test.

Back 26

Quick Ratio

Front 27

The quotient of two numbers which allows the manager to assess the behavior over a period of time is called__________.

Back 27

Ratio analysis

Front 28

The ____________issues standards for state and local governmental, not for profit entities.

Back 28

Government Accounting Standards Board

Front 29

The _________ is calculated by taking sales and subtracting the cost of goods sold.

Back 29

Gross Margin

Front 30

The _________is calculated by taking sales and subtracting the cost of goods sold and dividing that amount by sales.

Back 30

Gross Margin Profit Ratio

Front 31

The ____________ is calculated by taking net profit divided by sales.

Back 31

Net Profit Margin Ratio

Front 32

T or F: When adaquate written criteria is not available for the conduct of an audit it is not appropriate to develop criteria for the audit.

Back 32

FALSE

Front 33

The ______ is the investigative arm of Congress.

Back 33

General Accounting Office

Front 34

The _______ exists to support the Congress in meeting its Constitutional responsibilities and to help improve the performance and accountability of the federal government for the American people. They examine the use of public funds, evaluates federal programs and activities, and provides analyses, options, recommendations, and other assistance to help the Congress make effective oversight, policly, and funding decisions.

Back 34

General Accounting Office

Front 35

The American Institute of Certified Public Accountants governing Council voted to recognize the ___________ as the standards–setting body for federal government entities.

Back 35

Federal Accounting Standards Advisory Board (FASAB)

Front 36

________ are the recovery of excess payments and are credited to _________.

Back 36

Refunds; the appropriation that made the payment

Front 37

_______are amounts earned and collected from the selling of goods and services and must be approved by ____________.

Back 37

Reimbursements; Under Secretary of Defense (Comptroller)

Front 38

The military pay is always calculated on a _______month.

Back 38

30

Front 39

All of the following are examples of military allowance EXCEPT.
A. Bonus Payments
B. Subsistence
C. Housing
D. Clothing

Back 39

Bonus Payments

Front 40

The ___________ activities are designed to ensure the executive branch's accountability to the Congress under the Constitution and the government's accountability to the American people.

Back 40

General Accounting Office

Front 41

If a payable, under $100.00, owed by the government and not billed within ________ or if the amount is over $100.00 and documentation exists that at least ___ written attempts have been sent, the item is written off and deobligated.

Back 41

90 days; 2 written attempts

Front 42

The _________ or Balance Sheet presents assets, liabilities, and equity of the DoD component as of the end of the Fiscal year.

Back 42

Statement of Financial Position

Front 43

The ________ or revenue and expense statement, presents the financial results of activities of the reporting entity for the fiscal year including revenues and other financial sources such as appropriations, and operating expenses.

Back 43

Statement of Operations and Changes in Net Position

Front 44

The authority to review and approve financial reports and statements prepared by DoD components for transmittal to the Secretary of Defense, the OMB, the President, the Congress or external groups is that of the______.

Back 44

Chief Financial Officer, DoD

Front 45

An ________represents the amount of disbursements as reported by the finance networks which have not been accepted by the operating level accounting entity.

Back 45

Un Distributed Disbursements

Front 46

The ______account represents the net funds available to DoD that are not yet deposited in the US Treasury or are not considered an asset of DoD Component.

Back 46

Cash

Front 47

The ________ account represents the amounts received for which a deposit has not been issued by the US Treasury.

Back 47

UnDeposited Collections

Front 48

The __________includes items that are related to the cost of producing or purchasing the goods that were sold in that accounting period.

Back 48

Cost of Goods Sold

Front 49

True or False? Plant, Property and equipment for DoD represents items such as buildings, land, ships and planes which are capitilized and depreciated over at least a 10 year period.

Back 49

FALSE

Front 50

Under federal statues, DoD employees are not allowed to work longer than 8 hour work days even if the combined total of the two week period is only 40 hours.

Back 50

FALSE