6f051 CDC Vol 2 Part 1
Volume 1 of Book 2 6f051 CDC's.
Questions and Answers
- 1.
What is the major difference between the responsibilities of the Financial Management Analysis (FMA) and the Defense Finance and Accounting Service (DFAS)?
- 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 a liaison between the base organizations and DFAS.
Correct Answer
D. FMA handles the accounting processes at base level serves as a liaison between the base organizations and DFAS.Explanation
The major difference between the responsibilities of the Financial Management Analysis (FMA) and the Defense Finance and Accounting Service (DFAS) is that FMA handles the accounting processes at the base level and also serves as a liaison between the base organizations and DFAS. This means that FMA is directly involved in the accounting processes and acts as a bridge between the base organizations and DFAS, ensuring smooth communication and coordination between the two entities. On the other hand, DFAS specifically focuses on handling the accounting processes at the base level and was activated with the aim of reducing costs and improving the overall quality of DOD financial management.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.
Finance and Accounting.
- D.
The Security Processing Division.
Correct Answer
C. Finance and Accounting.Explanation
Finance and Accounting is responsible for maintaining overall responsibility for obligation accounting. This department handles financial transactions, including managing and recording obligations. They ensure that all financial obligations are properly accounted for and reported. The Acquisition Division is responsible for procurement and contract management, while the Security Processing Division deals with security clearances. Reports and Analysis may analyze financial data but do not have the overall responsibility for obligation accounting.Rate this question:
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- 3.
All accounting classifications must contain at least the accounting and disbursing station number (ADSN) and the
- A.
ESP code.
- B.
Allotment code.
- C.
Budget activity code.
- D.
Appropriation symbol.
Correct Answer
D. Appropriation symbol.Explanation
The correct answer is appropriation symbol. The explanation for this is that the appropriation symbol is a unique identifier assigned to each appropriation account in the federal government's accounting system. It is used to track and control the use of funds and ensure that they are being spent in accordance with the approved budget. The accounting and disbursing station number (ADSN) and the ESP code are also important elements in accounting classifications, but they are not required in all cases. The allotment code and budget activity code are more specific to the allocation and tracking of funds within an appropriation account, but they are not necessary for all accounting classifications.Rate this question:
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- 4.
Which step in determining the elements of the accounting classification tells you to ensure the accounting station number is noted?
- A.
Step 1.
- B.
Step 3.
- C.
Step 5.
- D.
Step 6.
Correct Answer
C. Step 5.Explanation
Step 5 in determining the elements of the accounting classification tells you to ensure the accounting station number is noted. This step is crucial because the accounting station number is used to identify and track the specific accounting station within the classification system. By ensuring that the accounting station number is noted, it becomes easier to accurately classify and record financial transactions and activities associated with that particular station.Rate this question:
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- 5.
Which funds are established to record collections for no year and clearing accounts?
- A.
Trust.
- B.
Deposit.
- C.
General.
- D.
Revolving.
Correct Answer
B. Deposit.Explanation
Deposit funds are established to record collections for no year and clearing accounts. These funds are used to hold money temporarily until it can be allocated to the appropriate accounts or departments. They are commonly used for short-term purposes and do not have a specific time frame or purpose attached to them. The collections recorded in deposit funds are typically cleared and transferred to the appropriate accounts on a regular basis.Rate this question:
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- 6.
Which code identifies what is being purchased?
- A.
ESP.
- B.
EEIC.
- C.
Sales.
- D.
ADSN.
Correct Answer
B. EEIC.Explanation
The code "EEIC" is most likely the identifier for what is being purchased because it stands out from the other options. The other codes, ESP, Sales, and ADSN, do not specifically indicate what is being purchased. Therefore, EEIC seems to be the most appropriate choice for identifying the purchase.Rate this question:
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- 7.
What code is the first subdivision of the accounting classification below the appropriation level and always starts with the letter --P?
- A.
Budget project.
- B.
Budget program.
- C.
Budget subproject.
- D.
Budget program activity code.
Correct Answer
B. Budget program.Explanation
The first subdivision of the accounting classification below the appropriation level and always starting with the letter "P" is the Budget program. This code is used to categorize and track budget allocations and expenditures within a specific program. It helps to identify and differentiate various programs within an organization's budget.Rate this question:
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- 8.
The disbursement accounting process begins when
- A.
Goods are received.
- B.
Payment is received.
- C.
Payment is requested.
- D.
Service is requested.
Correct Answer
D. Service is requested.Explanation
The disbursement accounting process begins when a service is requested. This means that when a request for a service is made, the disbursement accounting process is initiated. This process involves the allocation and distribution of funds to pay for the requested service. It includes activities such as verifying the service request, determining the cost, and ultimately making the payment to the service provider.Rate this question:
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- 9.
When a requirement is known but a firm price is not, an administrative reservation of funds is processed and is also known as
- A.
An obligation stage.
- B.
An expenditure stage.
- C.
A disbursement stage.
- D.
A commitment stage.
Correct Answer
D. A commitment stage.Explanation
When a requirement is known but a firm price is not, an administrative reservation of funds is processed. This means that the funds are set aside for the requirement, indicating a commitment to fulfill it. This stage is called a commitment stage as it signifies the intention to allocate the necessary funds for the requirement, even though the exact price has not been determined yet.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 debt or liability. It involves making the necessary payments to fulfill financial obligations and eliminate the liability from the company's books.Rate this question:
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- 11.
After receiving utilities estimates from Civil Engineering (CE), the Defense Finance and Accounting Service (DFAS) enters the estimate into
- A.
General Accounting and Finance System (GAFS) as unfilled customer orders (UFCO).
- B.
GAFS as filled orders uncollected (FOU).
- C.
Standard Base Supply System (SBSS) as UFCO.
- D.
SBSS as FOU.
Correct Answer
A. General Accounting and Finance System (GAFS) as unfilled customer orders (UFCO).Explanation
The correct answer is General Accounting and Finance System (GAFS) as unfilled customer orders (UFCO) because it states that after receiving utilities estimates from Civil Engineering (CE), DFAS enters the estimate into GAFS as unfilled customer orders (UFCO). The other options, GAFS as filled orders uncollected (FOU) and SBSS as UFCO or FOU, are not mentioned in the given information.Rate this question:
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- 12.
What is the first step in identifying the stages of accounting?
- A.
Identify whether funds are at the commitment or obligation stage.
- B.
Determine the type of accounting you're working with.
- C.
Ensure that funds are loaded into the correct stage.
- D.
Start with disbursement accounting.
Correct Answer
B. Determine the type of accounting you're working with.Explanation
The first step in identifying the stages of accounting is to determine the type of accounting you're working with. This is because different types of accounting, such as financial accounting, managerial accounting, or cost accounting, have different stages and processes involved. By understanding the type of accounting being used, you can then proceed to identify the specific stages and steps within that particular accounting framework.Rate this question:
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- 13.
When identifying the stages of accounting for obligations, which step directs you to ensure that funds are at the proper disbursement stage?
- A.
Step 1.
- B.
Step 2.
- C.
Step 3.
- D.
Step 5.
Correct Answer
C. Step 3.Explanation
Step 3 directs you to ensure that funds are at the proper disbursement stage when identifying the stages of accounting for obligations. This means that before any funds are disbursed, it is important to verify that they are available and ready to be used for the intended purpose. This step helps to prevent any financial issues or discrepancies that may arise if funds are not properly allocated or disbursed.Rate this question:
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- 14.
The General Accounting and Finance System (GAFS) uses internal files and track funds and stores them on a magnetic disk, this storage is also called
- A.
Immediate access storage.
- B.
Permanent storage.
- C.
Temporary storage.
- D.
Off-line storage.
Correct Answer
A. Immediate access storage.Explanation
The General Accounting and Finance System (GAFS) utilizes internal files to track funds and stores them on a magnetic disk. This type of storage is commonly referred to as immediate access storage. Immediate access storage allows for quick and direct retrieval of data, making it ideal for financial systems that require frequent and immediate access to funds information.Rate this question:
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- 15.
Which record is not established at the beginning of the fiscal year?
- A.
Find summary record (FSR).
- B.
Control summary record (CSR).
- C.
Program summary record (PSR).
- D.
Document summary record (DSR).
Correct Answer
D. Document summary record (DSR).Explanation
At the beginning of the fiscal year, all records are typically established except for the Document Summary Record (DSR). The DSR is a summary of all the documents processed during the fiscal year, and it is created and updated as documents are generated and processed. Therefore, it is not established at the beginning of the fiscal year like the other records mentioned in the question.Rate this question:
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- 16.
Each combination of element of expense/investment code (EEIC) and responsibility center/cost center (RC/CC) codes requires a separate
- A.
Find summary record (FSR).
- B.
Control summary record (CSR).
- C.
Program summary record (PSR).
- D.
Document summary record (DSR).
Correct Answer
C. Program summary record (PSR).Explanation
Each combination of element of expense/investment code (EEIC) and responsibility center/cost center (RC/CC) codes requires a separate Program Summary Record (PSR). A PSR is used to track and summarize expenses and investments for a specific program or project. It helps in monitoring the financial performance of the program and ensures accurate reporting and accountability. By having a separate PSR for each combination of EEIC and RC/CC codes, it allows for better organization and analysis of financial data.Rate this question:
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- 17.
Which system was designed to automate the accounts payable process?
- A.
Standard Procurement System (SPS).
- B.
Integrated Accounts Payable System (IAPS).
- C.
Automated Business Services System (ABSS).
- D.
General Accounting and Finance System (GAFS).
Correct Answer
B. Integrated Accounts Payable System (IAPS).Explanation
The correct answer is Integrated Accounts Payable System (IAPS). This system was specifically designed to automate the accounts payable process. It is a software solution that streamlines and automates the entire accounts payable workflow, from invoice processing to payment management. By using IAPS, organizations can improve efficiency, reduce manual errors, and enhance control over their accounts payable operations.Rate this question:
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- 18.
What is the link between the Integrated Accounts Payable System (IAPS) and the General Accounting and Finance System (GAFS)?
- A.
ICI.
- B.
SPS.
- C.
SMAS.
- D.
ATRAS.
Correct Answer
A. ICI.Explanation
ICI stands for Integrated Cash Interface. It is the link between the Integrated Accounts Payable System (IAPS) and the General Accounting and Finance System (GAFS). The ICI is responsible for transferring cash transactions from IAPS to GAFS, ensuring that all financial data is accurately recorded and updated in both systems. This integration allows for seamless financial management and reporting across the organization.Rate this question:
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- 19.
What system is used to approve upward adjustments to expired and cancelled appropriations?
- A.
Defense Enterprise Accounting and Management System (DEAMS).
- B.
Obligation Adjustment Reporting System (OARS).
- C.
Automated Business Services System (ABSS).
- D.
Centralized Disbursing System (CDS).
Correct Answer
B. Obligation Adjustment Reporting System (OARS).Explanation
The Obligation Adjustment Reporting System (OARS) is the system used to approve upward adjustments to expired and cancelled appropriations. This system allows for the modification of obligations, such as increasing or decreasing the amount of funds that were originally obligated. It provides a standardized process for reporting and approving these adjustments, ensuring transparency and accountability in the management of appropriations. The other systems listed, DEAMS, ABSS, and CDS, are not specifically designed for approving upward adjustments to expired and cancelled appropriations.Rate this question:
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- 20.
What is the next step after an Automated Business Services System (ABSS) user selects the form type?
- 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 data.Explanation
After an Automated Business Services System (ABSS) user selects the form type, the next step is to add the administrative data. This involves inputting relevant information such as the user's name, contact details, and any other necessary administrative information. This step is important as it ensures that the form is properly filled out and includes all the necessary information for processing.Rate this question:
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- 21.
Who is the final financial individual in the Automated Business Services System (ABSS) routing process?
- A.
The contracting official.
- B.
The certifying official.
- C.
The resource advisor.
- D.
The approver.
Correct Answer
B. The certifying official.Explanation
The certifying official is the final financial individual in the Automated Business Services System (ABSS) routing process. This individual is responsible for verifying the accuracy and validity of financial transactions before they are finalized. They ensure that all financial information is correct and in compliance with regulations and policies. Once the certifying official approves the transaction, it is considered final and can proceed to the next stage of the process.Rate this question:
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- 22.
What are the steps of processing a document in the Automated Business Services System (ABSS)?
- 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 official.Explanation
The correct order of steps in processing a document in the Automated Business Services System (ABSS) is Approver, resource advisor, and certifying official. The approver is responsible for reviewing and approving the document, ensuring its accuracy and compliance. The resource advisor then verifies the availability of resources needed for the document, such as funds or personnel. Finally, the certifying official certifies that the document is accurate and complete before it can be finalized and implemented. This sequence ensures a thorough and efficient document processing workflow.Rate this question:
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- 23.
Who appoints the certifying official in writing?
- A.
Deputy Disbursing Officer (DDO).
- B.
Director of Operations (DO).
- C.
Resource Advisor (RA).
- D.
Comptroller.
Correct Answer
D. Comptroller.Explanation
The Comptroller is responsible for appointing the certifying official in writing. The certifying official is a person who has the authority to verify and approve financial transactions and ensure the accuracy and legality of disbursements. This role is crucial in maintaining financial accountability and compliance within an organization.Rate this question:
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- 24.
Who is held pecuniary liable for erroneous payments?
- A.
Budget officer.
- B.
Certifying official
- C.
Contracting officer.
- D.
Resource advisor (RA).
Correct Answer
B. Certifying officialExplanation
The certifying official is held pecuniary liable for erroneous payments. This means that they are legally responsible for ensuring that payments are accurate and in compliance with financial regulations. If any incorrect payments are made, the certifying official can be held financially responsible for the errors.Rate this question:
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- 25.
What type of codes will allow instant input of financial transactions?
- A.
Input.
- B.
Reject.
- C.
Override.
- D.
Advance.
Correct Answer
C. Override.Explanation
The correct answer is "Override" because this type of code allows for immediate input of financial transactions without any delays or rejections. It bypasses any restrictions or limitations set in place and grants the user the ability to input the transaction instantly.Rate this question:
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- 26.
What need should be met when commitments for annual appropriations are incurred?
- A.
Any need an organization has in the next 3 years.
- B.
Any need the organizations will have in the next fiscal year.
- C.
The need is limited to only what the organization can use in the next 30 days.
- D.
A bona fide need for goods or services in the fiscal year the funds are issued for.
Correct Answer
D. A bona fide need for goods or services in the fiscal year the funds are issued for.Explanation
Commitments for annual appropriations should be incurred based on a bona fide need for goods or services in the fiscal year the funds are issued for. This means that the organization should have a genuine requirement for the goods or services within the specific fiscal year for which the funds have been allocated. The commitment should not be made for any arbitrary need in the next 3 years or the next fiscal year, but rather should be limited to what the organization can utilize within the current fiscal year.Rate this question:
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- 27.
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 4009.Explanation
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. The other options, AF Form 9, AF Form 616, and DD Form 448, are not specifically used for this purpose.Rate this question:
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- 28.
When adding commitment documents in the Automated Business Services Systems (ABSS) and you want to add the unit of issue and quantity you can click on the
- A.
Line Items button.
- B.
Insert Record button.
- C.
Acct Class button.
- D.
Route button.
Correct Answer
A. Line Items button.Explanation
The Line Items button is the correct answer because when adding commitment documents in ABSS, this button allows users to add the unit of issue and quantity. Clicking on the Line Items button opens a form where users can input the necessary information for each line item, such as the item description, unit of issue, quantity, and other relevant details. This button is specifically designed for adding and managing line items in ABSS commitment documents.Rate this question:
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- 29.
What document would you use for construction projects exceeding $100,000?
- A.
SF 1449.
- B.
SF 1442.
- C.
SF 1034.
- D.
DD Form 448-2.
Correct Answer
B. SF 1442.Explanation
The SF 1442 is the correct answer because it is the document used for construction projects exceeding $100,000. This form, also known as the Solicitation/Contract/Order for Commercial Items, is used by the government to solicit and award contracts for construction projects. It includes important information such as the project scope, specifications, terms and conditions, and pricing. By using the SF 1442, the government ensures transparency and accountability in the procurement process for large construction projects.Rate this question:
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- 30.
Who determines the category for a Military Interdepartmental Purchase Request (MIPR)?
- A.
Base Civil Engineering.
- B.
Operating location.
- C.
Requesting activity.
- D.
Preforming activity.
Correct Answer
D. Preforming activity.Explanation
The preforming activity determines the category for a Military Interdepartmental Purchase Request (MIPR).Rate this question:
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- 31.
With a direct cite category ll Military Interdepartmental Purchase Request (MIPR), who funds the cost for material or services provided?
- A.
Requesting activity.
- B.
Performing activity.
- C.
Army Corp of Engineers.
- D.
Agency providing the material.
Correct Answer
A. Requesting activity.Explanation
In the category ll Military Interdepartmental Purchase Request (MIPR), the requesting activity is responsible for funding the cost of the material or services provided. This means that the organization or department making the request is responsible for covering the expenses associated with the requested material or services.Rate this question:
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- 32.
Who authorizes and approves the AF Form 150 for do-it-yourself (DITY) moves?
- A.
Housing Management Officer.
- B.
Travel Management Office.
- C.
Civil Engineer Office.
- D.
No approval required.
Correct Answer
A. Housing Management Officer.Explanation
The Housing Management Officer is responsible for authorizing and approving the AF Form 150 for do-it-yourself (DITY) moves. This form is used to document and request reimbursement for personal moves conducted by military members. The Housing Management Officer ensures that all necessary documentation and requirements are met before approving the form. The Travel Management Office and Civil Engineer Office are not responsible for authorizing and approving this form.Rate this question:
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- 33.
What document is considered evidence of financial liability?
- A.
Purchase order.
- B.
Receiving report.
- C.
Commitment document.
- D.
Annual budget authority.
Correct Answer
B. Receiving report.Explanation
A receiving report is considered evidence of financial liability because it provides documentation that goods or services have been received by the organization. It serves as proof that the organization is responsible for paying for the items or services received. The receiving report typically includes details such as the quantity, description, and condition of the items received, as well as any discrepancies or damages noted. This document is crucial for tracking and verifying financial transactions, ensuring accountability, and maintaining accurate financial records.Rate this question:
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- 34.
A Receiving report represents what stage of accounting?
- A.
AEU.
- B.
AEP.
- C.
UOO.
- D.
FCOC.
Correct Answer
A. AEU.Explanation
A receiving report represents the stage of accounting where the receipt of goods or services is documented. It is a document that confirms the delivery of goods or completion of services, and is typically prepared by the receiving department or personnel. The receiving report provides important information such as the quantity, description, and condition of the received items, and serves as a basis for recording the transaction in the accounting system.Rate this question:
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- 35.
What form is used to provide the vendor 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 821.Explanation
AF Form 821 is used to provide the vendor an opportunity to release the government from any obligation. This form allows the vendor to release the government from any claims, liabilities, or demands arising out of the contract. It is a legal document that ensures the vendor acknowledges and accepts that the government has fulfilled its obligations and is released from any further responsibility.Rate this question:
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- 36.
The Prompt Payment Act (PPA) requires federal agencies to make payments on time, if payments are late what should be done?
- A.
Disregard discounts.
- B.
Pay interest penalties.
- C.
Request an extension.
- D.
Pay as close to the due date as possible.
Correct Answer
B. Pay interest penalties.Explanation
The correct answer is to pay interest penalties. The Prompt Payment Act (PPA) mandates that federal agencies must make payments on time. If payments are late, the agency is required to pay interest penalties. This ensures that the agency faces consequences for not meeting the payment deadline and encourages timely payments to vendors and contractors. Disregarding discounts, requesting an extension, or paying as close to the due date as possible are not the appropriate actions to take when payments are late according to the PPA.Rate this question:
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- 37.
Cash management is a part of the Prompt Payment Act (PPA); what is a function of cash management?
- A.
Negotiating discounts.
- B.
Electronic funds transfer.
- C.
Taking discounts when offered.
- D.
Making payments within a 7 day window.
Correct Answer
B. Electronic funds transfer.Explanation
Cash management is a function that involves efficiently managing a company's cash flow. One way to achieve this is through electronic funds transfer, which allows for the quick and secure movement of money between accounts. By utilizing electronic funds transfer, companies can streamline their payment processes, reduce the risk of errors or delays, and improve overall cash management efficiency.Rate this question:
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- 38.
Although you must make payments within prescribed terms, payments must also be paid within what window?
- A.
3 day window.
- B.
7 day window.
- C.
5 days before the due date.
- D.
Between the 24th and 30th of the month.
Correct Answer
B. 7 day window.Explanation
Payments must be made within a 7-day window. This means that the payment should be made within 7 days of the prescribed terms or due date. It allows for a flexible timeframe for making the payment, giving the payer a reasonable amount of time to complete the transaction.Rate this question:
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- 39.
When validating a Miscellaneous Obligation Reimbursement Document (MORD) from a funding activity, what do you do after you review the data for validity and accuracy?
- A.
Certify the document.
- B.
Check the description block.
- C.
Record the obligation in GAFS.
- D.
Reject it back if the description is missing.
Correct Answer
B. Check the description block.Explanation
After reviewing the data for validity and accuracy, the next step is to check the description block of the Miscellaneous Obligation Reimbursement Document (MORD) from a funding activity. This is important to ensure that the description is present and accurate. It is not mentioned in the question what should be done if the description is missing, so we cannot assume that the document should be rejected back.Rate this question:
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- 40.
Should a resource advisor (RA) fail to submit supporting documentation to support a Miscellaneous Obligation Reimbursement Document (MORD) what step do you take?
- A.
None.
- B.
De-obligate the MORD yourself.
- C.
Request DFAS process reversal of MORD greater than 90 days.
- D.
Request documentation from RA and organizational commander.
Correct Answer
C. Request DFAS process reversal of MORD greater than 90 days.Explanation
If a resource advisor (RA) fails to submit supporting documentation for a Miscellaneous Obligation Reimbursement Document (MORD), the appropriate step to take would be to request the DFAS (Defense Finance and Accounting Service) to process a reversal of the MORD if it has been more than 90 days since the transaction. This means that the RA's failure to provide the necessary documentation has caused a delay in the reimbursement process, and the DFAS needs to be notified to rectify the situation.Rate this question:
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- 41.
When using the Government Purchase Card (GPC), what is the first step you take after you've made a purchase?
- A.
Reconcile your purchases.
- B.
Notify your billing official.
- C.
Update your personal tracking form.
- D.
Update Access Online with each purchase.
Correct Answer
D. Update Access Online with each purchase.Explanation
After making a purchase using the Government Purchase Card (GPC), the first step is to update Access Online with each purchase. This is important to keep a record of all the transactions made using the card. It helps in maintaining accurate and up-to-date information about the purchases, which is essential for tracking expenses and ensuring accountability. Reconciling purchases, notifying the billing official, and updating personal tracking form may also be necessary steps, but updating Access Online with each purchase is the immediate and primary action to be taken.Rate this question:
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- 42.
Which is the file created for the Tri-Annual Review (TAR) at the start of each review, requires validation by the bases, and is due at the mid-point of the review?
- A.
90 percent file.
- B.
Base file.
- C.
O&M file.
- D.
Master file.
Correct Answer
B. Base file.Explanation
The base file is created for the Tri-Annual Review (TAR) at the start of each review. It requires validation by the bases and is due at the mid-point of the review. This file serves as a foundation or reference point for the review process, containing important information and data that needs to be verified and validated by the bases. It is a crucial document that helps ensure the accuracy and integrity of the TAR.Rate this question:
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- 43.
As a resource advisor (RA), if you accepted a Military Interdepartmental Purchase Request (MIPR) as a Category 2, what actions do you take after you receive the obligation documents?
- A.
Forward to the Defense Finance and Accounting System (DFAS).
- B.
Forward to the Financial Management Analysis (FMA).
- C.
File them, copies are sent to all applicable offices.
- D.
Review and return to sender with your concurrence.
Correct Answer
B. Forward to the Financial Management Analysis (FMA).Explanation
After receiving the obligation documents for a Category 2 Military Interdepartmental Purchase Request (MIPR), the resource advisor (RA) should forward them to the Financial Management Analysis (FMA). This step ensures that the financial management analysis is conducted and the necessary financial actions are taken for the MIPR.Rate this question:
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- 44.
Which general accounting and finance system identifies all open document summary records in the BQ system?
- A.
ODL.
- B.
DAL.
- C.
DASL.
- D.
OBL/AL.
Correct Answer
A. ODL.Explanation
The correct answer is ODL. ODL stands for Open Document List, which is a general accounting and finance system that identifies all open document summary records in the BQ system. This system helps in keeping track of all the open documents and their respective summary records, ensuring efficient management of accounting and finance processes.Rate this question:
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- 45.
When travelers do not file their travel vouchers in time, the order they traveled on will show up as outstanding on what report?
- A.
STHL.
- B.
DASL.
- C.
GOO.
- D.
ODL.
Correct Answer
C. GOO.Explanation
When travelers do not file their travel vouchers in time, the order they traveled on will show up as outstanding on the GOO report.Rate this question:
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- 46.
What form is prepared after a vendor sends in a check for an overpayment?
- A.
DD Form 1131.
- B.
SF Form 1080.
- C.
SF Form 1034.
- D.
AF Form 819
Correct Answer
A. DD Form 1131.Explanation
After a vendor sends in a check for an overpayment, a DD Form 1131 is prepared. This form is used to document the overpayment and initiate the process of refunding the excess amount to the vendor. It includes details such as the vendor's name, address, and payment information, as well as the reason for the overpayment. The DD Form 1131 serves as a record of the transaction and ensures that the vendor is reimbursed appropriately.Rate this question:
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- 47.
What two forms are commonly used for collections after customers send in their payment to the Defense Finance and Accounting Service (DFAS)?
- A.
DD Form 1131 and SF 1034.
- B.
DD Form 1131 and SF 1080.
- C.
AF Form 819 and SF 1080.
- D.
AF Form 819 and DD Form 1131.
Correct Answer
B. DD Form 1131 and SF 1080.Explanation
After customers send in their payment to the Defense Finance and Accounting Service (DFAS), the two commonly used forms for collections are DD Form 1131 and SF 1080.Rate this question:
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- 48.
What must be included in the collection voucher, Department of Defense (DD) Form 1131?
- A.
Any amount still owed.
- B.
The voucher series starting with P.
- C.
All of the information on the billing document.
- D.
Complete accounting classification being credited.
Correct Answer
D. Complete accounting classification being credited.Explanation
The collection voucher, Department of Defense (DD) Form 1131, must include the complete accounting classification being credited. This is necessary to ensure that the payment is properly allocated and recorded in the accounting system. It helps in maintaining accurate financial records and tracking the flow of funds within the Department of Defense. The other options mentioned, such as any amount still owed, the voucher series starting with P, and all of the information on the billing document, may be relevant in other contexts but are not specifically required in the collection voucher form.Rate this question:
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- 49.
If the US Treasury determines that collection is not possible when working delinquent accounts receivable, what does the debt collection do?
- A.
Nothing.
- B.
Process a write-off.
- C.
Contact a collection agency.
- D.
Follow-up with the customer.
Correct Answer
B. Process a write-off.Explanation
If the US Treasury determines that collection is not possible when working delinquent accounts receivable, the debt collection process a write-off. This means that the debt is considered uncollectible and is removed from the accounts receivable. Writing off the debt allows the organization to reflect the loss in their financial statements and potentially claim a tax deduction for the bad debt. It signifies that the debt is no longer actively pursued for collection.Rate this question:
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- 50.
Financial accounting is concerned with
- A.
External reporting to parties outside the company.
- B.
Providing information for internal management.
- C.
Using information to make decisions.
- D.
The discipline of accounting.
Correct Answer
A. External reporting to parties outside the company.Explanation
Financial accounting is a branch of accounting that focuses on preparing financial statements and reports for external parties, such as investors, creditors, and regulatory authorities. It involves recording, summarizing, and presenting financial transactions and information in a standardized manner to provide a clear and accurate representation of a company's financial performance. This information is crucial for external stakeholders to assess the company's financial health, make investment decisions, and evaluate its ability to meet its obligations. Therefore, financial accounting primarily deals with external reporting to parties outside the company.Rate this question:
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Mar 20, 2023Quiz Edited by
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Nov 05, 2015Quiz Created by
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