Free CDFM Accounting and Finance Questions and Answers

To oversee the financial audits of federal agencies

To establish and improve federal financial accounting standards

To manage the allocation of feral budgetary resources

To ensure compliance with federal procurement regulations

Correct! Wrong!

Statement of Budgetary Resources (SBR)

Statement of Net Cost (SNC)

Balance Sheet

Statement of Changes in Net Position

Correct! Wrong!

To maximize the efficiency of financial transactions

To prevent fraud, waste and abuse

To ensure timely reporting of financial data

To standardized accounting practices across all federal agencies

Correct! Wrong!

Pre-authorization of expenditures

Segregation of duties

Regular reconciliation of accounts

Independent financial audits

Correct! Wrong!

To ensure federal agencies do not spend more than their appropriations

To provide guidelines for federal procurement processes

To establish standards for federal financial reporting

To oversee the allocation of budgetary resources

Correct! Wrong!

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