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(CDFM) Certified Defense Financial Manager
Free CDFM Accounting and Finance Questions and Answers
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What is the primary purpose of the Federal Accounting Standards Advisory Board (FASAB)?
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
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Wrong!
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Which report provides a comprehensive overview of an agency's financial position, including assets, liabilities and net position?
Statement of Budgetary Resources (SBR)
Statement of Net Cost (SNC)
Balance Sheet
Statement of Changes in Net Position
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Wrong!
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What is the primary objective of internal controls in federal financial management?
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
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Wrong!
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Which of the following is considered a corrective internal control?
Pre-authorization of expenditures
Segregation of duties
Regular reconciliation of accounts
Independent financial audits
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What is the purpose of the Anti-Deficiency Act?
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
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Wrong!
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