CDFM Financial Systems and Technology 2

Question 1

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

Accepted Answer

Integrated Financial Management System

Answer

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

Question 2

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

Accepted Answer

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

Answer

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.

Question 3

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

Accepted Answer

WAWF (Wide Area Workflow)

Answer

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

Question 4

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

Accepted Answer

A subsidiary system that sends transactions into a core accounting system

Answer

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.

Question 5

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

Accepted Answer

Achieve audit readiness and eliminate legacy stovepipe systems through ERP adoption

Answer

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.

CDFM - Certified Defense Financial Manager Practice Test

CDFM - Certified Defense Financial Manager Practice Test

CDFM Financial Systems and Technology 2