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Module 3 Competency 2 Finance questions with answers.
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Module 3 Competency 2 Finance questions with answers.
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Module 3 Competency 2 Financequestions with answers.
4 distinct functions of DoD finance ANS - 1) Entitlement
2) Paying
3) Collecting
4) Controlling public funds
What are offices responsible for payments and collections called? ANS - Disbursing offices
The senior accountable individual within a disbursing office ANS - Disbursing Officer (DO)
Who is the principle agency responsible for DoD finance? Who designated this agency? ANS - DFAS,
Secretary of Defense
Who has authority and control of DFAS? ANS - Under Secretary of Defense (Comptroller)
Who is the principle DoD executive for finance and accounting requirements, systems, and functions.
ANS - Director of DFAS
What are the 9 FMR volumes associated with DoD finance? ANS - 1, 4, 5, 6a, 7a, 7b, 8, 9, 10
What is U.S. Code Title 10? ANS - The Armed Forces code. Outlines responsibilities for each of the
armed forces as well as DoD
Debt Collection Improvement Act of 1996 ANS - Maximize collections of delinquent nontax debt and
prevent or reduce losses by improving the screening of borrowers
What is U.S. Code Title 31? ANS - Money and Finance
, 4 steps of the entitlement process ANS - 1) Entitling
2) Authorization
3) Voucher preparation
4) Certification
What is "authorization" in the entitlement process? ANS - There must be documentation that contains
evidence that performance has occurred, the actual or estimates computation of funds due, and be
certified for payment.
What is the DO's authority to make payments for the Government? ANS - The disbursement voucher
Disbursement vouchers must be a form approved by whom? ANS - The Comptroller General of the U.S.
The 4 traditional supporting documents for vendor payment ANS - 1) Copy of the contract
2) A proper invoice
3) Proof of receipt
4) Proof of acceptance
5 elements of a disbursement voucher ANS - 1) Voucher heading and date
2) Accounting classification to be charged
3) Amount to be disbursed
4) Method of disbursement
5) Payee
What is included in a voucher heading? ANS - The complete name and mailing address of the paying
disbursing office, the date the voucher was prepared, the voucher number and the info required in the
paid by or brief block
When are disbursement voucher numbers assigned? ANS - At the beginning of the fiscal year,
communicated from the DO to the supporting offices
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