CDFM Module 3 Practice Questions - CDFM Module 3 - Accounting & Finance Exam - CDFM Module 3 Practice Questions - CDFM Module 3

Question 1

Which organization issues federal accounting standards (SFFAS) recognized as GAAP for U.S. federal entities?

Federal Accounting Standards Advisory Board (FASAB) Financial Accounting Standards Board (FASB) Governmental Accounting Standards Board (GASB) Government Accountability Office (GAO)

Correct Answer:

Federal Accounting Standards Advisory Board (FASAB)

Question 2

Which law established the position of CFO in 24 major federal agencies and required audited financial statements?

Chief Financial Officers (CFO) Act of 1990 Federal Managers' Financial Integrity Act of 1982 Government Performance and Results Act of 1993 Sarbanes-Oxley Act of 2002

Correct Answer:

Chief Financial Officers (CFO) Act of 1990

Question 3

Which authority requires federal agencies to maintain accounts and prepare reports using the United States Standard General Ledger (USSGL)?

Treasury Financial Manual (TFM), Supplement S2 OMB Circular A-11 DoD FMR Volume 4 GAO Green Book

Correct Answer:

Treasury Financial Manual (TFM), Supplement S2

Question 4

Which federal financial statement reports an agency's gross cost of operations less earned revenue, by responsibility segment?

Statement of Net Cost Balance Sheet Statement of Changes in Net Position Statement of Budgetary Resources

Correct Answer:

Statement of Net Cost

Question 5

Under the Prompt Payment Act, what is the standard payment due date for a properly submitted invoice when no other date is specified by contract?

30 days after receipt of a proper invoice 15 days after receipt of a proper invoice 45 days after receipt of a proper invoice 60 days after receipt of a proper invoice

Correct Answer:

30 days after receipt of a proper invoice

Question 1

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Prepare with the CDFM Module 3 Practice Questions - CDFM Module 3 - Accounting & Finance Exam practice quiz. This question bank includes 100 questions covering federal, treasury, financial, agencies, and payment. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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CDFM Module 3 Practice Questions - CDFM Module 3 - Accounting & Finance Exam

This practice set contains 100 questions from the matching question bank and focuses on federal, treasury, financial, agencies, and payment. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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CDFM Module 3 Practice Questions - CDFM Module 3 - Accounting & Finance Exam

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