Practice Test GeeksCDFM - Certified Defense Financial Manager Practice Test
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Financial Systems and Technology Flashcards

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  1. In DoD financial management, what does the acronym IFMS stand for?

    Answer: Integrated Financial Management System

    IFMS stands for Integrated Financial Management System, a term used to describe integrated ERP solutions that combine finance, logistics, and HR data in DoD.

  2. What is the role of the Treasury's Government-Wide Accounting (GWA) system in DoD financial operations?

    Answer: It serves as the central reporting hub for federal agency account balances with Treasury

    Treasury's GWA system serves as the central hub where federal agencies, including DoD, report their account balances and transactions to maintain accurate government-wide financial records.

  3. Which DoD system is used for electronic invoicing and payment processing to support the DoD's financial improvement goals?

    Answer: WAWF (Wide Area Workflow)

    Wide Area Workflow (WAWF) is the DoD's electronic invoicing, receipt, and acceptance system that facilitates faster, paperless payment processing to contractors.

  4. What does the term 'feeder system' mean in the context of DoD financial management?

    Answer: A subsidiary system that sends transactions into a core accounting system

    A feeder system is a subsidiary or functional system (e.g., logistics, HR) that generates financial transactions which are then fed into the core general ledger accounting system.

  5. Under the Financial Management Modernization Program, what is the key goal for DoD financial systems?

    Answer: Achieve audit readiness and eliminate legacy stovepipe systems through ERP adoption

    The DoD Financial Management Modernization Program aims to achieve audit readiness and eliminate legacy stovepipe systems by adopting integrated ERP solutions that produce reliable financial data.

  6. What is the primary function of the Prompt Payment Act as it applies to DoD financial systems?

    Answer: It mandates timely payment of vendor invoices and establishes interest penalty provisions for late payments

    The Prompt Payment Act requires federal agencies, including DoD, to pay vendor invoices on time and imposes mandatory interest penalties when payments are made after the due date.

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