16 Questions
What does SFIS standardize across DOD?
Financial accounting
Which entity establishes GAAP for federal agencies?
FASAB
Which phase involves risk reduction for Science and Technology funds?
Milestone A
What does OMB Circular 123 provide guidance on?
Improving internal controls
Who is the sole provider for audit services in 1948?
AFAA
What did the GMRA 1994 require beginning FY97?
Consolidated financial statement for the entire executive branch
What is the primary document used by defense service agencies to submit budgetary information?
BES
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
What does enterprise risk management involve?
Identify, assess, and manage risk
What does the Corporate Structure role involve?
Evaluate relative importance of funded activities and make resource realignment recommendations
What is the capability requirement needed to enter into the acquisition life cycle?
Capability gap
Who coordinates the schedule for DAR-Q?
AFAFO and DFAS
What identifies the potential capability focusing on accomplishment of specific mission the military provides?
UTC
What is the final product of each PPBE stage?
BES budget estimate submission
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)
Who serves as the watchdog of Congress?
GAO
Test your knowledge of financial accounting standards with this quiz covering SFIS, temporary accounts, GAAP for federal agencies, standard ledger maintenance, material weakness, and program effectiveness guidance.
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