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Services Journeyman: APF and NAF Funds Quiz

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Services Journeyman: APF and NAF Funds Quiz

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Questions and Answers

What is the primary source of funding for sustainment programs according to the text?

Continuing Resolution Authority

Fallout funds

APF Accounting Terms

Year-end spending reserves (correct)

What is the difference between commitment and obligation as described in the text?

Commitment is total allocation authority, and obligation is spending during continuing resolution authority.

Commitment is money set aside for future expenses, and obligation is money already spent but not cleared. (correct)

Commitment is funds paid to vendors, and obligation is expenses paid to contractors.

Commitment is money spent on awarded contracts, and obligation is funds set aside for future expenses.

What does Total Obligation Authority consist of according to the text?

Direct obligation authority plus accepted reimbursable orders (correct)

Activities beginning balance on 1 Oct each year

Accrued Expenses Paid (AEP)

Accepted reimbursable orders

What does Continuing Resolution Authority (CRA) grant government agencies?

Ability to continue operations temporarily Signup and view all the answers

What does Cost Center (CC) identify according to the text?

Basic production element Signup and view all the answers

What is the primary difference between APF and NAF funds?

APF funds are allocated by Congress, while NAF funds are self-generated. Signup and view all the answers

Why is it important to maintain separate lines of accounting for APF and NAF funds?

To ensure that APF and NAF funds are not mixed up in financial reports. Signup and view all the answers

What is the purpose of O&M funds within APFs?

For day-to-day operations like payroll, temporary duty, and supplies. Signup and view all the answers

Who typically controls the procurement funds within APFs?

MAJCOM-level personnel Signup and view all the answers

Which type of purchases are primarily financed by procurement funds?

Equipment with an initial cost of $50,000 or more Signup and view all the answers