Preparation of an obligation plan

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Reference no: EM13860370

Question :1) Which of the following information is NOT provided on the Contract Funds Status Report (CFSR)?

Forecast of billings to the government

Estimated termination costs

Earned Value to date by Work Breakdown Structure element

Amount obligated on the contract

2) DoD policy requires that obligations be recorded: (select one)

At the time a commitment is recorded

When a procurement request is sent to a contracting officer

No more than 60 days after an invoice is submitted for payment

No more than 10 days after a legal obligation is incurred

3) Which of the following should be considered in the preparation of an obligation plan?

All of these are correct

Likely delays in the appropriation and apportionment of funds

OSD and Service "benchmarks"

Ability of the contracting office to process and award contracts

4) A current appropriation may be used to: (select all that apply) (THREE correct answers)

Pay bills related to a cancelled appropriation of the same type, up to 2% of the current appropriation amount or the unliquidated balance of the cancelled appropriation, whichever is less
Make new obligations

Adjust obligations previously made against it

Make payments to liquidate obligations made against it

5) Over the past three years, the POSSUM program has averaged expenditures of 35% of its RDT&E funds by the end of the first year of execution. The POSSUM program may:

All of these are correct

Have its budget requests for future years adjusted by Component or OSD budget analysts during the PPBE process
Have some or all of its available funds reprogrammed in the year of execution to meet other needs

Be requesting budget authority in advance of its true need

6) A contract for a special piece of research and development equipment costing $200,000 was awarded using funds from an Operations and Maintenance appropriation. This action did not cause any formal subdivision of the Operations and Maintenance appropriation to be exceeded. This action most likely: (select one)

Did not violate any fiscal laws

Violated the Bona Fide Need Rule

Violated the Misappropriation Act

Violated the Antideficiency Act

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This paper deals with multiple choice question pertaining to Financial management. 6 questions have been answered here with all are multiple choice related. This paper has been prepared in MS Word format.

Reference no: EM13860370

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