GCSS-Army Finance (Sustainment) with Complete Solutions

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1. Financial Management tasks that are carried out in GCSS-Army fall under which of the following categories: - Correct Answer-d. All of the above 2. The amount of an order placed, contract awarded,... service received, or other transaction which legally reserves a specific amount of an appropriation or fund for a future expenditure is defined as a(n): - Correct Answer-b. Obligation 3. An organizational unit of responsibility where costs can accumulate and be reported is known as a(n): - Correct Answer-a. Funds Center 4. True or False? The GCSS-Army term for an organization that is authorized to receive funding is known as the Fund Center. - Correct Answer-a. True 5. Which of the following is an example of how Finance affects Spending Chain events? - Correct Answer-b. Finance ensures that budget is available for purchase requisitions 6. The reason(s) for maintaining the DoDAAC's account assignment table by creating customer fund codes (CFCs) is/are to: - Correct Answer-d. All of the above 7. The correct sequence of events for making budget available for execution is: - Correct Answer-c. Verify that the budget has come in from GFEBS, maintain the DoDAAC's account assignment tables, and then communicate the CFCs to the Logisticians 11. A goods receipt for all materials on a Purchase Order has been posted to GCSSArmy. The amount of the PO now appears in which column on a non-cumulative status of funds report? - Correct Answer-b. Expense 12. Monitoring obligations is an important part of monitoring budget execution. The contents of the Obligation column on a non-cumulative status of funds report contains which of the following? - Correct Answer-d. All open Purchase Orders 13. Which of the following causes an unmatched transaction? - Correct Answer-c. The Interfund Bill cannot be matched to a document in GCSS-Army 14. An alphanumeric code created by Finance in GFEBS that represents a mission or operation, an external customer, or other source of costs is known as __________? - Correct Answer-d. Fund Identification Code [Show More]

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