GFEBS L413E Financial Reporting Latest 2022

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GFEBS L413E Financial Reporting Latest 2022 The Defense Departmental Reporting System (DDRS) takes the GFEBS Trial Balance and produces the official DoD Financial Statement ✔✔True The DDRS Outbound Trial Balance includes Defense Reporting elements ✔✔true The Business Enterprise Information System (BEIS) ✔✔Is an organization in DoD that delivers enterprise business services to enable effective financial management throughout DoD The Abnormal Balance Report can be run ✔✔all of the above Which of the following statements concerning the Federal Agencies' Centralized Trial-Balance System (FACTS) is true ✔✔It collects proprietary USSGL account balance information that is used to produce the government-wide consolidated financial statement GFEBS formats its Trial Balance according to the Government-wide Financial Reporting System (GFRS) requirements so that the DoD does not need to restructure data to make it GFRS compatible ✔✔true Which of the following are Line Item Reports used by GFEBS Financials ✔✔all of the above Which of the following statements concerning the Government-wide Financial Reporting System (GFRS) is false ✔✔GFRS receives the Trial Balance sent by GFEBS and prepares the Army's external Financial Statements based on the GFEBS Trial Balance. Which of the following statements concerning Federal Agencies' Centralized Trial-Balance System (FACTS) II is false ✔✔FACTS II collects proprietary USSGL account balance information that is used to produce the government-wide consolidated financial statement GFEBS complies with Standard Financial Information Structure (SFIS) standards by ✔✔Linking each GFEBS point account to the appropriate SFIS attribute and DoD reporting Chart of Account number The Standard Financial Information Structure (SFIS) is a standard for categorizing financial information to support financial management and reporting systems with consistency across the DoD. ✔✔true The purpose of GFEBS Financial Reporting is to ✔✔all of the above At the end of each period, GFEBS sends its Trial Balance to the Defense Departmental Reporting System (DDRS) which requires GFEBS to ✔✔Format its Trial Balance according to SFIS standards Line Item Reports can be run to show items that are ✔✔all of the above The Federal Transaction Register Report is used to ✔✔Review debit and credit budgetary postings Internal reports used by business process areas in GFEBS include ✔✔all of the above GFEBS creates the Army's actual external financial statements ✔✔false One of the benefits of Financial Reporting in GFEBS is that it allows you to run reports at any time ✔✔true Which of the following statements about the TROR is false? ✔✔*The information contained in the TROR is not available to the public. -The information contained in the TROR report is sent to Congress, the OMB, the Agency of Chief Financial Officers, and to other officials and representatives of Federal and State organizations Which report is required by the U.S. Treasury from U.S. Government Agencies to provide a status of debt due from the public? ✔✔-Treasury Report on Receivables (TROR -None of the above The G/L Account Balances report is ✔✔all of the above Benefits of Financial Reporting in GFEBS include ✔✔all of the above In GFEBS, the Trial Balance at the Full Account level includes ✔✔Both SGL and Point accounts combined into the GFEBS GL Account numbers The Standard Financial Information Structure (SFIS) is a standard for categorizing financial information in order to ✔✔all of the above

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