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Financial Management – 0301 questions with answers.
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Financial Management – 0301 questionswith answers.
(ELO 3) Purpose of Financial Management ANS -Properly execute the legal and admin responsibilities of
funds
(ELO 4) Identify the agency within the Department of Defense (DoD) responsible for finance and
accounting policies, procedures, standards, systems and operations ANS -Defense Finance and
Accounting Service (DFAS)
- Official accounting firm for the DoD
- Processes payments, runs payment cycles, corrects system problems, assists MC Commands with
financial problems/issues
- Compiles, processes and maintains official accounting records and reports for the USMC
(ELO 9) With the aid of reference, identify the types of documentation required to perform financial
management functions for a command. ANS -It is critical that documented appointments and
delegations of authority are established for individual performing functions with financial implications.
Requires:
- Appointment Letters
- DD-577 Appointment/Termination Record - Authorized signatures
- NAVMC 11869 Notice of Delegation of Authority
Appointment Letter ANS -Will be signed by the CO/Accountable Officer and will be retained for 10 years
(3 active, 7 archived)
Outlines all responsibilities of the appointed individual
, DD 577 ANS -Appointment/Termination Record - Authorized Signature
NAVMC 11869 ANS -Delegation of Authority
Will identify specific individuals that have been delegated authority for the following duties:
- Sign and receipt for government property and services for use within the department or section
- Turn in excess or damaged government property
- Submit purchase requests for supplies and/or services
- Sign and authorize the use of Urgency of Need Designator "A" (i.e. priorites 01, 02, 03)
(ELO 10) With the aid of references, identify the appointing authority for financial management roles
and responsibilities within a command. ANS -CO
(ELO 8) With the aid of references, given a list of financial management roles, select the responsibilities
associated with the financial management role. ANS -Comptroller
Commanding Officer
Fiscal/Budget and Accounting Officer (SupO)
Supply Resource manager, Certifying Officer (SupO)
Supply AIS Administrator
Fiscal clerk
Requisition Clerk
GCPC Card Holder
Unit Travel Card Holder
Comptroller Roles and Responsibilities ANS -Comptroller office or G-8 section at MSC level or higher:
- Provides guidance and direction concerning financial matters to CG
- Maintains budget plans and program schedules for MSC
- Formulates budgets and review execution for prior, current, and future Fiscal Years (FY)
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