Army SHARP Foundation Course > EXAM > GFEBS QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS (All)

GFEBS QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS

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Objectives for GFEBS Implementation ✔✔1. Enable the automation and integration of the majority of the Army's business processes. 2. Use of common data and business practices across the Army and throughout DoD by using the Standard Financial Information Structure (SFIS) to standardize data. 3. Enable users to produce and access information in a real-time environment. systems replaced ✔✔two major systems replaced were the Standard Finance System (STANFINS) and the Standard Operation and Maintenance Army Research and Development System (SOMARDS). L. 3 - SDRN ✔✔Standard document reference numberSFIS ✔✔Standard Financial Information Structure (SFIS sfis PLUS gfebs ALLOWS ✔✔The use of SFIS within GFEBS facilitates end-to-end connection of key business activities and provides: •a means to record and track auditable financial information •a basis for conducting sound financial analysis •timely and reliable executive decision support Funds Management ✔✔Includes budget authority, fund allocation, maintaining funds availability, performing funds analysis, budgetary accounting, and generating reports Cost Management ✔✔Includes capturing cost accounting data, performing cost assignment, cost accumulation, revenue accumulation, cost monitoring, and generating reports.Financials ✔✔Includes maintaining the chart of accounts and transaction posting rules, recording Journal Voucher entries, posting transactions to the General Ledger and performing period end closing. Reimburseables ✔✔ncludes functions related to the generation of revenue and billing for reimbursable orders, and debt management. Spending Chain ✔✔Includes functions related to purchase requisitions, purchase orders, goods receipts, invoice receipts, and payments. GPC andMIPR Property, Plant and Equipment ✔✔Includes functions related to Plant Maintenance, Real Property, asset accounting, and Project Systems. Asset accounting ✔✔•Maintaining Asset Master Data •Transferring Assets •Selling or Disposing of Assets•Depreciating Assets •Retiring Assets Transaction codes ✔✔-codes beginning with: •"ME" are for Purchasing •"FB" are for Financials •"FM" are for Funds Management •"Z" are custom transactionsT-codes ending with: •"1" are for creating a document •"2" are for changing a document •"3" are for displaying a document Master data ✔✔Master data objects are the "nouns" upon which business transactions take action and are shared across all business process areas. Examples include:•Parties (e.g., customers, vendors, employees) •Places (e.g., locations, plants, offices) •Things (e.g., accounts, materials, projects) Some other facts about Master Data include:

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