GFEBS QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS
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Course
GFEBS
Institution
GFEBS
GFEBS QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS Objectives for GFEBS Implementation 1. Enable the automation and integration of the majority of the Army's business processes.
2. Use of common data and business practices across the Army and throughout DoD by using the Standard Financial Informa...
GFEBS QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS Objectives for GFEBS Implementation ✔✔1. Enable the automation and integration of the majority of the Army's business processes. 2. Use of common data and business practices across the Army and throughout DoD by using the Standard Financial Information Structure (SFIS) to standardize data. 3. Enable users to produce and access information in a real -time environment. systems repl aced ✔✔two major systems replaced were the Standard Finance System (STANFINS) and the Standard Operation and Maintenance Army Research and Development System (SOMARDS). L. 3 - SDRN ✔✔Standard document reference number SFIS ✔✔Standard Financial Informatio n Structure (SFIS sfis PLUS gfebs ALLOWS ✔✔The use of SFIS within GFEBS facilitates end -to-end connection of key business activities and provides: •a means to record and track auditable financial information •a basis for conducting sound financial analysis •timely and reliable executive decision support Funds Management ✔✔Includes budget authority, fund allocation, maintaining funds availability, performing funds analysis, budgetary accounting, and generating reports Cost Management ✔✔Includes c apturing cost accounting data, performing cost assignment, cost accumulation, revenue accumulation, cost monitoring, and generating reports.
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