Financial Accounting > EXAM > GFEBS L210E Financials Process Overview Graded A (All)

GFEBS L210E Financials Process Overview Graded A

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a jv is created when it is necessary to ✔✔request adjustment of accounting entries transfer funds from one gl account to another Reconciling the Army's cash account with the U.S. Treasury is a critical aspect of maintaining the Army's General Fund GL and fund balance with the U.S. Treasury ✔✔true Which of the options below provides a uniform COA and technical guidance to be used in standardizing federal agency accounting? ✔✔USSGL None of the above Activities involved in the Year-End Close sub-process of FI include ✔✔all of the above What organization passes down the business rules for executing the year-end close tasks? These business rules include policies and cut-off dates ✔✔HQDAWhich of the following documents are closed out at the end of the year? ✔✔all PRs, POs, Open payables w/expiring and canceling funds The United States Treasury is one of the key financial organizations interacting with GFEBS by serving as the central bank for all government agencies. ✔✔true What system does GFEBS utilize for accounting? ✔✔the USSGL accounting numbering system To correct the error of the disbursement/collection belonging to GFEBS, GFEBS will match the disbursement/collection with the correct GFEBS invoice or billing document and perform an internal adjustment, and DCAS will process a 1081 reversal with the U.S. Treasury and GFEBS. ✔✔true GFEBS reconciles the collections and expenditures process through the DCAS on a daily basis. ✔✔true FI is responsible for opening and closing posting periods based upon standing business rules. The following periods are maintained in GFEBS: ✔✔all of the aboveTo prepare a JV manually in GFEBS, you must simply enter journal header information. ✔✔false GFEBS sends outbound financial data to support financial external reporting at the end of the period-end close activities. Where does GFEBS send a trial balance to, which meets the SFIS standard for categorizing financial information? ✔✔ddrs obm What process is carried out at the end of the month to close out accounts and ensure that the Army's General Fund GL accurately reflects the financial status of the Army for that month? ✔✔period-end close To ensure that accounting transactions have in fact been properly recorded across the entire Army, each business process area needs to perform a complete review of unliquidated obligations and certify that all accounting transactions have been recorded. ✔✔true In what situations would you request to create, modify, or block a GL account? ✔✔all of the aboveWhich below is an electronic document that notifies the Treasury of a cash correction within GFEBS? ✔✔both a JV and a 1081 A JV is created when it is necessary to ✔✔create a GL point request adjustment transer funds One of the GFEBS guidelines for JVs states that journal entries should identify the original amount of money involved in the transaction and include an explanation for the adjustment ✔✔true How does the Army manage the General Fund GL ✔✔all of the above The United States Congress is one of the key financial organizations interacting with GFEBS by its role of appropriating funds through the yearly budget ✔✔true A JV is created when it is necessary to make a current period adjustment ✔✔true

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