Accounting Principles And Contingency Operations Quiz
The Accounting Principles and Contingency Operations Quiz is designed to assess your understanding of fundamental accounting principles within the context of contingency operations. This quiz covers a range of topics, including accounting standards, financial reporting, and how businesses handle unforeseen events or contingencies.
Additionally, the quiz may explore how companies account for and disclose contingencies in their financial statements, considering the potential impact on financial stability.
This quiz is beneficial for accounting professionals, students, or anyone interested in gaining insights into accounting practices during periods of uncertainty or unforeseen events. It offers a valuable opportunity to test and enhance your Read morecomprehension of accounting principles within the unique context of contingency operations.
Questions and Answers
- 1.
What is the major difference between the responsibilities of the Financial Management Analysis and the Defense Finance and Accounting Service?
- A.
DFAS handles the accounting processes at base level
- B.
Structure within each field site is mostly standardized, but may vary at some locations
- C.
DFAS was activated to reduce costs and improve the overall quality of DOD financial management
- D.
FMA handles the accounting processes at base level serves as liaison between the base organizations and the field site
Correct Answer
D. FMA handles the accounting processes at base level serves as liaison between the base organizations and the field siteExplanation
The major difference between the responsibilities of the Financial Management Analysis (FMA) and the Defense Finance and Accounting Service (DFAS) is that FMA not only handles the accounting processes at the base level but also serves as a liaison between the base organizations and the field site. On the other hand, DFAS solely focuses on handling the accounting processes at the base level.Rate this question:
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- 2.
Overall responsibility for obligation accounting is maintained by:
- A.
Reports and analysis
- B.
The acquisition division
- C.
Accounting and Finance
- D.
The security processing division
Correct Answer
C. Accounting and FinanceExplanation
Accounting and Finance is responsible for maintaining overall responsibility for obligation accounting. This department is specifically dedicated to managing financial transactions, recording and analyzing financial data, and ensuring compliance with accounting principles. They are responsible for tracking and managing obligations, including payments, expenses, and liabilities. This department plays a crucial role in maintaining accurate financial records and providing reports and analysis to support decision-making processes. The other options, such as the acquisition division and the security processing division, may have their own specific responsibilities but are not primarily responsible for obligation accounting.Rate this question:
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- 3.
All accounting classifications must contain at least the accounting and disbursing station number and the:
- A.
ESP code
- B.
Allotment code
- C.
Budget activity code
- D.
Appropriation symbol
Correct Answer
D. Appropriation symbolExplanation
All accounting classifications must contain the appropriation symbol because it is a unique identifier that represents the specific fund or budget being used for a particular transaction or activity. The appropriation symbol helps to track and allocate funds accurately, ensuring that the money is used for its intended purpose and preventing any misuse or confusion. It is an essential component of accounting classifications as it provides important information about the source and nature of the funds being used.Rate this question:
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- 4.
Which funds are established to record collections for no year and clearing accounts?
- A.
Trust
- B.
Deposit
- C.
General
- D.
Revolving
Correct Answer
B. DepositExplanation
Deposit funds are established to record collections for no year and clearing accounts. These funds are typically used to hold money temporarily until it is transferred to the appropriate recipient or account. They are often used by organizations to keep track of funds that are not specifically designated for a particular purpose or time period.Rate this question:
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- 5.
Which code identifies the item being purchased?
- A.
ESP
- B.
EEIC
- C.
Sales
- D.
ADSN
Correct Answer
B. EEICExplanation
The code "EEIC" identifies the item being purchased.Rate this question:
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- 6.
The disbursement accounting process begins when:
- A.
Goods are received
- B.
Payment is received
- C.
Payment is requested
- D.
An item/service is requested
Correct Answer
D. An item/service is requestedExplanation
The disbursement accounting process begins when an item or service is requested. This means that when someone requests for a particular item or service, the process of disbursing funds to fulfill that request is initiated. This could involve various steps such as obtaining approvals, verifying the availability of funds, and initiating the payment process. Once the request is made, the disbursement accounting process ensures that the necessary financial transactions are carried out to fulfill the request.Rate this question:
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- 7.
Before making a payment, the Resource Advisor verifies:
- A.
Goods/services are received
- B.
Receiving report is processed
- C.
The invoice contains the proper data
- D.
Good/services are received and receiving report is processed
Correct Answer
D. Good/services are received and receiving report is processedExplanation
The Resource Advisor verifies that goods/services are received and the receiving report is processed before making a payment. This ensures that the organization has actually received the goods/services and that the necessary documentation has been completed. By confirming these two factors, the Resource Advisor can ensure that the payment is accurate and valid.Rate this question:
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- 8.
After receiving utility estimates from CE, the field site enters the estimate into:
- A.
GAFS as UFO
- B.
GAFS as FOU
- C.
SBSS as UFO
- D.
SBSS as FOU
Correct Answer
A. GAFS as UFOExplanation
The field site enters the utility estimates received from CE into GAFS as UFO.Rate this question:
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- 9.
Which of the following is not an obligation stage?
- A.
AEP
- B.
COO
- C.
UOO
- D.
AEU
Correct Answer
B. COOExplanation
The correct answer is COO. COO does not represent an obligation stage. The other options, AEP, UOO, and AEU, are all commonly used acronyms to represent different stages of obligations. The acronym COO does not correspond to any known stage of obligation.Rate this question:
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- 10.
Which stage of accounting liquidates the obligation?
- A.
AEP
- B.
COO
- C.
UOO
- D.
AEU
Correct Answer
A. AEPExplanation
The stage of accounting that liquidates the obligation is AEP. This stage refers to the process of settling or paying off a financial obligation or debt. It involves the actual payment of the amount owed, which effectively eliminates the obligation.Rate this question:
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- 11.
What are the steps of processing a document in the Automated Business Services System?
- A.
Approver; resource advisor; certifying official
- B.
Resource advisor; approver; certifying official
- C.
Certifying official; approver; resource advisor
- D.
Certifying official; resource advisor; approver
Correct Answer
A. Approver; resource advisor; certifying officialExplanation
The correct order of steps in processing a document in the Automated Business Services System is Approver, Resource Advisor, Certifying Official. This means that the document first goes to the Approver who reviews and approves it. Then, it is passed on to the Resource Advisor who ensures that the necessary resources are available for the document. Finally, the document is sent to the Certifying Official who verifies and certifies its accuracy.Rate this question:
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- 12.
Which system was designed to automate the accounts payable process?
- A.
SPS
- B.
GAFS
- C.
IAPS
- D.
ABSS
Correct Answer
C. IAPSExplanation
IAPS stands for Invoice Automation and Payment System, which is a system designed specifically to automate the accounts payable process. It streamlines the process of receiving and processing invoices, making it more efficient and reducing the need for manual data entry. With IAPS, businesses can automate tasks such as invoice matching, approval workflows, and payment processing, ultimately saving time and improving accuracy in the accounts payable process.Rate this question:
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- 13.
Which system is an FM initiative that will transform business and financial management processes and systems to provide accurate, reliable, and timely business information to support effective business decision making was designed to automate records of Air Force members who travel?
- A.
RTS
- B.
IAPS
- C.
ORLV
- D.
DEAMS
Correct Answer
D. DEAMSExplanation
DEAMS stands for Defense Enterprise Accounting and Management System. It is an FM initiative that aims to transform business and financial management processes and systems. DEAMS is designed to automate the records of Air Force members who travel, providing accurate, reliable, and timely business information. This system supports effective business decision making by streamlining and centralizing financial management functions, ensuring transparency and efficiency in managing travel expenses and reimbursements.Rate this question:
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- 14.
Who appoints the certifying official in writing?
- A.
DO
- B.
RA
- C.
FSO
- D.
DDO
Correct Answer
C. FSOExplanation
The certifying official in writing is appointed by the FSO.Rate this question:
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- 15.
Who shares pecuniary liability with the Financial Service Office (FSO)?
- A.
RA
- B.
Budget officer
- C.
Certifying official
- D.
Contracting officer
Correct Answer
C. Certifying officialExplanation
The certifying official shares pecuniary liability with the Financial Service Office (FSO). This means that they are jointly responsible for any financial obligations or liabilities incurred by the organization. The certifying official is responsible for ensuring that all financial transactions are accurate, lawful, and properly documented. They certify that funds are available and that the expenditure is in accordance with applicable laws and regulations. By sharing pecuniary liability with the FSO, the certifying official helps to ensure financial accountability and transparency within the organization.Rate this question:
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- 16.
Which is not a step in the fund's certification process?
- A.
Post MAFR
- B.
Check the funds status
- C.
Review for completeness and accuracy
- D.
Verify the accuracy of accounting classification and fund cite
Correct Answer
A. Post MAFR -
- 17.
What type of codes will allow instant input of financial transactions?
- A.
Input
- B.
Reject
- C.
Override
- D.
Advance
Correct Answer
C. OverrideExplanation
Override codes are used to bypass certain restrictions or limitations in a system. In the context of financial transactions, an override code would allow instant input of transactions without the need for additional approval or verification. This can be useful in situations where time is of the essence, such as urgent or time-sensitive transactions. By using an override code, the user can bypass any potential delays or obstacles in the input process, ensuring instant input of financial transactions.Rate this question:
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- 18.
Obligations against a multiple year appropriation can cover what timeframe?
- A.
One year only
- B.
Only three years
- C.
Two through five years
- D.
Two through seven years
Correct Answer
C. Two through five yearsExplanation
Obligations against a multiple year appropriation can cover a timeframe of two through five years. This means that funds allocated for a specific project or program can be used and obligated over a period of two to five years, providing flexibility in budgeting and spending. This allows for longer-term planning and the ability to carry out projects that may require more time to complete.Rate this question:
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- 19.
An AF Form 616 is processed into the Integrated Accounts Payable System (IAPS) and a copy is retained to support what stage of accounting?
- A.
Obligation
- B.
Commitment
- C.
Accrued expenditures paid
- D.
Accrued expenditures unpaid
Correct Answer
B. CommitmentExplanation
An AF Form 616 is processed into the Integrated Accounts Payable System (IAPS) and a copy is retained to support the commitment stage of accounting. This form is used to document and authorize the commitment of funds for a specific purpose or project. By processing the form into the IAPS, it ensures that the commitment is accurately recorded and tracked in the financial system. Retaining a copy of the form also serves as evidence and support for the commitment made.Rate this question:
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- 20.
Which commitment document is used to designate the accounting classification for charges by the cardholders within the various organizations on base?
- A.
AF Form 9
- B.
AF Form 616
- C.
AF Form 4009
- D.
DD Form 448
Correct Answer
C. AF Form 4009Explanation
AF Form 4009 is the correct answer because it is the commitment document used to designate the accounting classification for charges by the cardholders within the various organizations on base. This form is specifically designed for this purpose and is used to ensure proper accounting and tracking of expenses made by cardholders. The other forms mentioned in the options are not specifically used for this purpose, making AF Form 4009 the correct choice.Rate this question:
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- 21.
After an ABSS user selects the form type, what is the next step?
- A.
Add the line items
- B.
Route the document
- C.
Add the line of accounting
- D.
Add the administrative data
Correct Answer
D. Add the administrative dataExplanation
After an ABSS user selects the form type, the next step is to add the administrative data. This includes entering relevant information such as the date, document number, and any other necessary details for the form. This step is important as it ensures that all necessary administrative information is accurately recorded before proceeding with the form.Rate this question:
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- 22.
What document is the most commonly used contracting document to procure supplies or services from local vendors?
- A.
SF 1449
- B.
SF 1034
- C.
SF 1442
- D.
DD Form 448-2
Correct Answer
A. SF 1449Explanation
SF 1449 is the most commonly used contracting document to procure supplies or services from local vendors. This document is used by the government as a standard form for soliciting bids, proposals, and information from potential contractors. It provides a clear and consistent format for vendors to submit their offers and includes important information such as the contract terms, pricing, delivery schedule, and payment terms. Using SF 1449 helps streamline the procurement process and ensures that all necessary information is included in the contract.Rate this question:
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- 23.
What document is used for construction projects exceeding $100,000?
- A.
SF 1449
- B.
SF 1034
- C.
SF 1442
- D.
DD Form 448-2
Correct Answer
C. SF 1442Explanation
SF 1442 is the correct answer for this question because it is the document used for construction projects exceeding $100,000. The SF 1442, also known as the Solicitation, Offer, and Award form, is used by the government to solicit offers from contractors and to award contracts for construction projects that exceed the specified amount. This form includes important information such as the project description, contract terms, and pricing, and is used to ensure transparency and accountability in the procurement process for large construction projects.Rate this question:
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- 24.
Who determines the category for a military interdepartmental purchase request?
- A.
BCE
- B.
OPLOC
- C.
Requesting activity
- D.
Performing activity
Correct Answer
D. Performing activityExplanation
The performing activity determines the category for a military interdepartmental purchase request. This means that the entity responsible for carrying out the purchase request is also responsible for determining the appropriate category for it. This ensures that the purchase request is properly classified and processed according to the guidelines and regulations set by the performing activity.Rate this question:
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- 25.
A receiving report represents what stage of accounting?
- A.
AEU
- B.
AEP
- C.
UOO
- D.
FCOC
Correct Answer
A. AEUExplanation
A receiving report represents the stage of accounting when goods or services are received by a company. This report is used to record the quantity and condition of the items received, and it serves as a basis for verifying the accuracy of invoices and making payments. It is an important document in the procurement process and helps in maintaining accurate inventory records.Rate this question:
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- 26.
What form is used to provide the vendor with an opportunity to release the government from any obligation?
- A.
AF Form 616
- B.
DD Form 819
- C.
AF Form 821
- D.
DD Form 1155
Correct Answer
C. AF Form 821Explanation
AF Form 821 is the correct answer because it is the form used to provide the vendor with an opportunity to release the government from any obligation. This form allows the vendor to release the government from any future claims, demands, or liabilities related to the contract. It is important for the vendor to complete this form in order to protect the government from any potential legal issues or financial obligations.Rate this question:
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- 27.
What action is taken if the vendor invoices for unauthorized charges, such as taxes or freight?
- A.
Invoice is returned to the vendor
- B.
Invoice is held until a corrected invoice is submitted
- C.
Charges are paid and a refund from the vendor is requested
- D.
Make the necessary adjustments to the invoice, and pay the reduced amount
Correct Answer
D. Make the necessary adjustments to the invoice, and pay the reduced amountExplanation
If the vendor invoices for unauthorized charges, such as taxes or freight, the correct action to take is to make the necessary adjustments to the invoice and pay the reduced amount. This means that the charges that are not authorized will be removed or adjusted, and only the correct and agreed-upon amount will be paid to the vendor. This ensures that the company is not overpaying for unauthorized charges and maintains accurate financial records.Rate this question:
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- 28.
The two primary reasons for interest penalty payments are:
- A.
Original payment made late and invoice not received
- B.
Invoices not received and receiving reports not received
- C.
Original payment made late and discount taken erroneously
- D.
Receiving reports not received and contract not established in BQ
Correct Answer
C. Original payment made late and discount taken erroneouslyExplanation
The correct answer is "original payment made late and discount taken erroneously." This means that interest penalty payments are incurred when a payment is not made on time and when a discount is taken incorrectly.Rate this question:
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- 29.
Under guidelines outlined in the Prompt Payment Act of 1989, the date used to compute discounts is the date that the:
- A.
Supplies were shipped
- B.
Invoice was received
- C.
Invoice was prepared
- D.
Supplies were received
Correct Answer
C. Invoice was preparedExplanation
The correct answer is "invoice was prepared" because the Prompt Payment Act of 1989 states that the date used to compute discounts is the date that the invoice was prepared. This means that any applicable discounts or payment terms would be based on the date that the invoice was created, rather than the date that the supplies were shipped, received, or the invoice was received.Rate this question:
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- 30.
If a discount is taken erroneously, what actions should be taken?
- A.
No action is needed
- B.
Pay the difference immediately
- C.
Wait for the vendor to invoice for the discount
- D.
Pay the difference immediately with any accrued interest due
Correct Answer
D. Pay the difference immediately with any accrued interest dueExplanation
If a discount is taken erroneously, it means that the discount was applied incorrectly or without valid reason. In this case, the correct action to take would be to pay the difference immediately, along with any accrued interest that may be due. This ensures that the correct amount is paid and any additional charges are accounted for. Waiting for the vendor to invoice for the discount or taking no action would not address the error and may lead to further complications.Rate this question:
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- 31.
As obligation documents are received for a designated foreign currency, the funds are obligated using which rate?
- A.
Budget
- B.
Interest
- C.
Discount
- D.
Daily exchange
Correct Answer
A. BudgetExplanation
When obligation documents are received for a designated foreign currency, the funds are obligated using the budget rate. The budget rate is the predetermined exchange rate that is set by the organization or government for budgeting purposes. It is used to convert the foreign currency into the local currency for accounting and financial planning. By using the budget rate, the organization ensures consistency and accuracy in its financial calculations and projections.Rate this question:
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- 32.
What form is used to process the obligation for local drayage transactions?
- A.
AF Form 616
- B.
AF Form 150
- C.
DD form 250
- D.
DD Form 150
Correct Answer
B. AF Form 150Explanation
AF Form 150 is used to process the obligation for local drayage transactions. This form is specifically designed for the Air Force and is used to document and authorize the movement of cargo and equipment. It includes details such as the type of cargo, quantity, weight, and destination. By using AF Form 150, the Air Force ensures that all local drayage transactions are properly recorded and authorized, allowing for efficient and accurate processing of obligations.Rate this question:
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- 33.
Which is not a reason for conducting the Trin-Annual Review of Obligations?
- A.
Amounts are valid
- B.
Obligations are not dormant
- C.
Liquidated obligations are recorded
- D.
Amounts are in the proper stage of accounting
Correct Answer
C. Liquidated obligations are recordedExplanation
The Trin-Annual Review of Obligations is conducted to ensure that all obligations are properly accounted for and up to date. It involves reviewing the validity of amounts, checking for dormant obligations, and ensuring that amounts are in the proper stage of accounting. However, recording liquidated obligations is not a reason for conducting this review as it is a standard accounting practice to record all obligations.Rate this question:
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- 34.
Which is not one of the files created by the Access 97 Tri-Annual Review program?
- A.
90% file
- B.
O&M file
- C.
Master file
- D.
Base 100% file
Correct Answer
B. O&M fileExplanation
The Access 97 Tri-Annual Review program creates files such as the 90% file, Master file, and Base 100% file. However, the O&M file is not one of the files created by this program.Rate this question:
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- 35.
Which General Accounting and Finance System (GAFS) listing provides the status of funds?
- A.
ODL
- B.
DAL
- C.
DASL
- D.
OBL/AL
Correct Answer
D. OBL/ALExplanation
The OBL/AL listing in the General Accounting and Finance System (GAFS) provides the status of funds.Rate this question:
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- 36.
Which general accounting and finance system listing identifies all open document summary records in the BQ system?
- A.
ODL
- B.
DAL
- C.
DASL
- D.
OBL/AL
Correct Answer
A. ODLExplanation
The correct answer is ODL. ODL stands for Open Document Listing, which is a general accounting and finance system listing that identifies all open document summary records in the BQ system. This listing provides a comprehensive view of all open documents, allowing for easy tracking and management of financial transactions.Rate this question:
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- 37.
Which General Accounting and Finance System (GAFS) listing is used to balance all merged accountability and fund reporting transactions?
- A.
OBL/AL
- B.
ODL
- C.
DAL
- D.
DASL
Correct Answer
B. ODLExplanation
ODL is the correct answer because it stands for "Outward Delivery Listing," which is used to balance all merged accountability and fund reporting transactions in the General Accounting and Finance System (GAFS). This listing helps ensure that all transactions are properly accounted for and reconciled, providing an accurate and balanced financial picture.Rate this question:
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- 38.
Which code identifies the type of funds being disbursed or collected?
- A.
ESP code
- B.
Sales code
- C.
MAFR code
- D.
Transaction idenitifcation code
Correct Answer
C. MAFR codeExplanation
The MAFR code identifies the type of funds being disbursed or collected.Rate this question:
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- 39.
If an item has been received but no invoice loaded, how much time will elapse before the integrated accounts payable system will generate a follow-up letter requesting an invoice?
- A.
30 days
- B.
60 days
- C.
90 days
- D.
120 days
Correct Answer
B. 60 daysExplanation
The integrated accounts payable system will generate a follow-up letter requesting an invoice after 60 days if an item has been received but no invoice has been loaded. This suggests that the system allows for a grace period of 60 days before initiating the follow-up process.Rate this question:
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- 40.
What listing will help supervisors plan workload schedules and determine the foreign currency needs?
- A.
Vocuher control log
- B.
IAPS payment forecast
- C.
Invoice computation list
- D.
Unreconciled invoices list
Correct Answer
B. IAPS payment forecastExplanation
The IAPS payment forecast is the listing that will help supervisors plan workload schedules and determine the foreign currency needs. This forecast provides information on upcoming payments, allowing supervisors to allocate resources accordingly and ensure that there is enough foreign currency available to meet these payment obligations. It helps in managing cash flow and avoiding any potential currency shortages or delays in payments.Rate this question:
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- 41.
Which of the following is not analyzed for the cost per flying hour program?
- A.
MSD
- B.
Medical
- C.
AVFUEL
- D.
Consumable supplies
Correct Answer
B. MedicalExplanation
Medical is not analyzed for the cost per flying hour program because it is not directly related to the operational costs of flying an aircraft. The cost per flying hour program typically focuses on factors such as fuel consumption, maintenance and repair costs, and consumable supplies that are directly associated with the operation and maintenance of the aircraft. Medical costs, on the other hand, are more related to the well-being and healthcare of the crew and passengers, and are not directly tied to the operational costs of flying.Rate this question:
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- 42.
Sound analysis of the cost per flying hour (CPFH) data is the responsibility of the:
- A.
FMA
- B.
Comptroller
- C.
First Sergeant
- D.
OG scheduling office
Correct Answer
A. FMAExplanation
The FMA (Financial Management Analyst) is responsible for conducting a sound analysis of the cost per flying hour (CPFH) data. As a financial expert, the FMA is equipped with the knowledge and skills to analyze financial data and provide insights into the cost efficiency of flying operations. They can identify trends, anomalies, and potential areas for cost reduction or optimization. The FMA's role is crucial in ensuring that the organization's flying operations are financially sustainable and aligned with budgetary goals.Rate this question:
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- 43.
Aviation fuel (AVFUEL) requirements are calculated based on
- A.
Wind speed
- B.
Head winds
- C.
Wing design
- D.
Burn rates
Correct Answer
D. Burn ratesExplanation
Aviation fuel requirements are calculated based on burn rates. Burn rates refer to the rate at which fuel is consumed by the aircraft's engines during flight. By knowing the burn rate, airlines and pilots can estimate how much fuel will be needed for a specific flight, taking into account factors such as distance, altitude, and payload. This calculation is crucial for flight planning and ensuring that the aircraft has enough fuel to reach its destination safely. Wind speed, head winds, and wing design may affect fuel efficiency and performance, but they are not directly used to calculate fuel requirements.Rate this question:
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- 44.
What budget code is used to identify flying hour operation supplies?
- A.
Two
- B.
Four
- C.
Six
- D.
Eight
Correct Answer
D. EightExplanation
The budget code used to identify flying hour operation supplies is "Eight". This suggests that the supplies related to flying hour operations are categorized and tracked under the budget code "Eight".Rate this question:
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- 45.
If the accounting data do not agree with the supply system, identify the discrepancies to:
- A.
FMA
- B.
DFAS
- C.
Supply
- D.
Comptroller
Correct Answer
B. DFASExplanation
The correct answer is DFAS. DFAS stands for Defense Finance and Accounting Service, which is responsible for managing and providing accounting and financial services for the Department of Defense. In the given scenario, if the accounting data does not agree with the supply system, it is important to identify the discrepancies to DFAS so that they can investigate and rectify any errors or inconsistencies in the financial records. This will help ensure accurate financial reporting and accountability within the organization.Rate this question:
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- 46.
When billing agencies within the Department of Defense (DOD), if the cumulative total is less than $500 at the end of the first month in the quarter, what action is taken?
- A.
Agency is billed automatically
- B.
Cumulative total is taken to zero and no bill is generated
- C.
Billing is held in suspense until the end of the fiscal quarter
- D.
Billing is held in suspense until the end of for the fiscal year, or until the cumulative total exceeds $500 at which time the agency is billed
Correct Answer
C. Billing is held in suspense until the end of the fiscal quarterExplanation
If the cumulative total is less than $500 at the end of the first month in the quarter, the billing is not immediately generated. Instead, it is held in suspense until the end of the fiscal quarter. This means that the agency will not receive a bill until the end of the quarter, regardless of the cumulative total.Rate this question:
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- 47.
Which of the following is not a reason the Base Accounts Receivable System (BARS) was established?
- A.
Automate manual billing procedures
- B.
Provide the Air Force a standard automated payable system
- C.
Provide the Air Force a standard automated receivable system
- D.
Replace nonstandard command or base level unique billing systems
Correct Answer
B. Provide the Air Force a standard automated payable systemExplanation
The Base Accounts Receivable System (BARS) was not established to provide the Air Force with a standard automated payable system. Instead, it was established to automate manual billing procedures, provide the Air Force with a standard automated receivable system, and replace nonstandard command or base level unique billing systems.Rate this question:
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- 48.
What should you do if you have attempted to collect a 90-day old interdepartmental debt with a follow-up letter and it remains and it remains unpaid?
- A.
Prepare a DD Form 1131
- B.
Accomplish another follow-up letter
- C.
Forward account to the field site commander
- D.
Request collection assitance from DFAS-DE
Correct Answer
D. Request collection assitance from DFAS-DEExplanation
If a 90-day old interdepartmental debt remains unpaid after sending a follow-up letter, the next step would be to request collection assistance from DFAS-DE. This indicates that the debt is being escalated to a higher authority for further action and intervention in order to collect the outstanding amount.Rate this question:
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- 49.
The base that processes the For-Others transaction is considered the:
- A.
PCS station
- B.
Paying station
- C.
Gaining station
- D.
Processing station
Correct Answer
B. Paying stationExplanation
The base that processes the For-Others transaction is considered the paying station because it is responsible for handling the payment for the transaction. This base is the one that initiates the transaction and is responsible for transferring funds or making the necessary payment on behalf of someone else. The paying station plays a crucial role in ensuring that the transaction is completed successfully by processing the payment accurately and securely.Rate this question:
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- 50.
Which is not a source of supply for interfund?
- A.
DLA
- B.
GSA
- C.
OMS
- D.
Local vendor
Correct Answer
D. Local vendorExplanation
The local vendor is not a source of supply for interfund because interfund transactions involve the transfer of goods or services between different funds within an organization. DLA (Defense Logistics Agency), GSA (General Services Administration), and OMS (Office of Management and Budget) are all government agencies that can provide supplies for interfund transactions. However, a local vendor refers to an external supplier that is not part of the organization's funds and therefore cannot be considered a source of supply for interfund transactions.Rate this question:
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Dec 29, 2023Quiz Edited by
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May 19, 2009Quiz Created by
Bigt2079
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