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The Core Financial Management System questions with actual answers.
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The Core Financial Management Systemquestions with actual answers.
Each agency should maintain financial management system components that comply with uniform
Federal accounting concepts and standards as they are endorsed by the ________________________ in
it's Statements of Federal Financial Accounting Standards (SFFAS). ANS - Federal Accounting Standards
Advisory Board (FASAB)
Which of the following is NOT a use of Funds Control Process must monitor? ANS - Spending against
specifics contract
_________________________ provides that agencies are individually responsible for establishing and
maintaining a single integrated financial management system and have an ongoing financial systems
improvement planning process that includes periodic review of the agency's financial system
capabilities. ANS - Office of Management and Budget (OMB) Circular A-123, Appendix D
The _________________________ Process must record the withdrawal or cancellation of unobligated
allotments and suballotments (both expired and unexpired) for all or selected Treasury Appropriation
Fund Symbols (TAFS) and selected organizations at the end of a fiscal period or on demand. ANS -
Funds Distribution
The ____________________________ Process must ensure that it can validate that duplicate
documents are not being recorded into the system by editing document numbers or storing additional
information that makes the document number unique (as in date stamp on a utility bill). ANS -
Document and Transaction Control
The _____________________________ must maintain a chart of accounts that is consistent with the
United States Standard General Ledger (USSGL) Chart of Accounts, including the proprietary, budgetary,
and memorandum accounts, basic numbering structure, and account titles. ANS - General Ledger
Management Function
The ______________________________ requires that each agency create an maintain an integrated
agency accounting and financial management system that complies with applicable accounting
principles, standards, and requirements and internal control standards, and with the policies and
, requirements prescribed by the Director of the Office of Management and Budget (OMB). ANS - Chief
Financial Officers' Act
The ________________________________ Process system should generate the Daily General Ledger
and Subsidiary Ledger Exception Reports. ANS - General Ledger Analysis and Reconciliation
The _______________________________ Process provides for the establishment of identifiers for the
desired cost objects in the processes, systems, and applications that make up the accounting system and
for the collection of cost data. ANS - Cost Setup and Accumulation
The ________________________________ function is made up of Accounting Classification; Document
and Transaction Control; Document Referencing and Modification; System-Generated Transaction; and
Audit trails. ANS - System Management
The _________________________________ Process records an agency's budgetary resources and
supports the establishment of legal budgetary limitations within the agency including appropriation
warrants, apportionment, reapportionments, transfer allocations, and continuing resolutions. ANS -
Budget Authority
The Federal Financial Management System Requirements (FFMSR) states that a Federal financial
management system's performance must include all the following EXCEPT: ANS - Provide timely,
reliable, and complete financial management information for decision makers at the agency level only
Which of the following in NOT a focus area of the Office of Management and Budget (OMB) Circular A-
123, Appendix D? ANS - Consolidating acquisition policies for systems
Recording the establishment and replenishment of impress funds, United States Standard General
Ledger (USSGL) prescribed general ledger entries for the payment of advances, prepaid expenses, loans,
and grants, and payment made on behalf of another agency, citing the other agency's funding
information fare examples of the __________. ANS - Disbursing Process: Recording Function
The Government Accountability Office (GAO) found that Department of Denfense's (DoD's) senior-level
leadership is a addressing the Department's financial management challenges by updating the
_________________________ and the accompanying Guidance. ANS - Financial Improvement and
Audit Readiness (FIAR) Plan
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