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CDFM 3.3 Accounting questions with answers.
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CDFM 3.3 Accounting questions withanswers.
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 ________________. ANS -Bona Fide
Need
The _______audits the performance of the executive branch. ANS -General Accounting Office
The accounting entity for DoD that maintains a central general ledger to account for DoD resources,
determines cost operations, is _______ ANS -Defense Finance Accounting Services
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__________
ANS -The DoD 7000.14R, Financial Management Regulation (FMR)
The FMR 7000.14 volume that covers the form and content of DoD Audited Financial Statement is ___
ANS -Volume 6b
_______are revolving funds used for programs authorized by law to conduct a cycle of business-type
operations in which outlays generate collections. ANS -Public Enterprise Funds
__________are part of the budget and record receipts not earmarked by law for a specific purpose, such
as almost all income tax receipts. ANS -General Funds
The US Standard General Ledger established the account structure (chart of account) The Federal
Accounting structure chart number for Memorandum is _____________. ANS -8000
__________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. ANS -Trust Funds
,The Federal accounting framework includes three accounting systems ________, ________, &_______.
ANS -Budgetary accounting, financial accounting, & managerial cost accounting
A MIPR maybe used as a __________ or__________ and __________cross fiscal years. ANS -Project
Orders, Economy Act Orders: may
The US Standard General Ledger established the account structure (chart of account) The Federal
Accounting structure chart number for assets is _____________. ANS -1000
The US Standard General Ledger established the account structure (chart of account) The Federal
Accounting structure chart number for Net Position (Capital) is _____________. ANS -3000
The US Standard General Ledger established the account structure (chart of account) The Federal
Accounting structure chart number for Liabilities is _____________. ANS -2000
The US Standard General Ledger established the account structure (chart of account) The Federal
Accounting structure chart number for Revenues and Financing Sources is _____________. ANS -5000
__________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. ANS -Special
Funds
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. ANS -
TRUE
The ___________ assists the President in preparation (A11) and execution (A34) of the budget. ANS -
Office of Management & Budget
The _________ is the federal government banker. They manage the balances and flow of funds required
to support the government. ANS -Department of the Treasury
, The Budgetary accounting equation is ________________. ANS -Resources = Status of Resources
The US Standard General Ledger established the account structure (chart of account) The Federal
Accounting structure chart number for Gains and losses is _____________. ANS -7000
The Proprietary Accounting equation is___________. ANS -Assets=Liabilities + Net Position
Items intended to be used by entity, tangible assets and not intended for sale are considered_______.
ANS -Plant, Property & Equipment
The process of accumulating, measuring, analyzing, interpreting and reporting cost is called_________.
ANS -Managerial Cost Accounting
The measurement of an entity's ability to meet its current obligations is called________. It is a measure
of liquidity. ANS -Current Ratio
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. ANS -Quick Ratio
The quotient of two numbers which allows the manager to assess the behavior over a period of time is
called__________. ANS -Ratio analysis
The ____________issues standards for state and local governmental, not for profit entities. ANS -
Government Accounting Standards Board
The _________ is calculated by taking sales and subtracting the cost of goods sold. ANS -Gross Margin
The _________is calculated by taking sales and subtracting the cost of goods sold and dividing that
amount by sales. ANS -Gross Margin Profit Ratio
The ____________ is calculated by taking net profit divided by sales. ANS -Net Profit Margin Ratio
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