Financial Accounting Standards Quiz

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Questions and Answers

What does SFIS standardize across DOD?

Human resource management
Financial accounting (correct)
Information technology systems
Logistical operations

Which entity establishes GAAP for federal agencies?

Treasury
AFAA
DFAS
FASAB (correct)

Which phase involves risk reduction for Science and Technology funds?

Milestone B
Milestone C
Milestone A (correct)
DAR Q

What does OMB Circular 123 provide guidance on?

Improving internal controls (D) Signup and view all the answers

Who is the sole provider for audit services in 1948?

AFAA (C) Signup and view all the answers

What did the GMRA 1994 require beginning FY97?

Consolidated financial statement for the entire executive branch (C) Signup and view all the answers

What is the primary document used by defense service agencies to submit budgetary information?

BES (D) Signup and view all the answers

What is the difference between a phase and a milestone?

A phase represents a period of time with specific objectives and a detailed plan, while a milestone is a decision point separating phases (A) Signup and view all the answers

What does enterprise risk management involve?

Identify, assess, and manage risk (C) Signup and view all the answers

What does the Corporate Structure role involve?

Evaluate relative importance of funded activities and make resource realignment recommendations (B) Signup and view all the answers

What is the capability requirement needed to enter into the acquisition life cycle?

Capability gap (B) Signup and view all the answers

Who coordinates the schedule for DAR-Q?

AFAFO and DFAS (B) Signup and view all the answers

What identifies the potential capability focusing on accomplishment of specific mission the military provides?

UTC (D) Signup and view all the answers

What is the final product of each PPBE stage?

BES budget estimate submission (D) Signup and view all the answers

What are the major funds of the US Treasury?

General Funds: (ordinary business), Management and Consolidated Working Funds (combined projects), Revolving Funds (No year appropriation, TWCF), Special Funds (hunting and fishing license), Deposit Fund (temp acct), Trust Funds (retirement, TSP) (D) Signup and view all the answers