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SDFM CDFM Module 3 Exam - Accounting and Finance (2024-3)

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SDFM

Certification

Defense Financial Management

Content

80 Qs

Status

Verified

Updated

10 hours ago

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Exam Overview

The SDFM CDFM Module 3 Exam - Accounting and Finance (2024-3) is a cornerstone for federal financial management professionals seeking to validate their expertise in the intricate world of government accounting principles and financial operations. Achieving this certification signifies a deep understanding of the specialized regulatory frameworks, budgetary processes, and financial reporting requirements unique to the federal sector. It dramatically enhances career prospects, demonstrating a commitment to professional excellence and an ability to navigate complex fiscal challenges. This module is critical for those aspiring to leadership roles, providing the credibility and knowledge necessary to drive sound financial stewardship and accountability within government agencies, ultimately contributing to more efficient and transparent public service.

Questions

85-95

Passing Score

700/1000

Duration

120 Minutes

Difficulty

Intermediate

Level

Professional

Skills Measured

Federal Accounting Standards and Principles: Understanding Generally Accepted Accounting Principles (GAAP) as applied to the federal government, including the Statement of Federal Financial Accounting Standards (SFFAS) and the U.S. Standard General Ledger (USSGL).
Budgetary Accounting and Execution: Proficiency in congressional appropriations, apportionment, allotments, obligations, and outlays, alongside the principles of fund control and anti-deficiency act compliance.
Financial Reporting and Analysis: Ability to prepare and interpret federal financial statements (e.g., Balance Sheet, Statement of Net Cost, Statement of Changes in Net Position) and perform analyses to support decision-making.
Internal Controls and Auditing: Knowledge of internal control frameworks (e.g., GAO Green Book), risk assessment, fraud prevention, and the role of auditing in ensuring accountability and compliance within federal operations.
Cost Accounting and Managerial Finance: Application of cost accounting principles, activity-based costing, performance measurement, and financial management techniques to evaluate program effectiveness and resource utilization.

Career Path

Target Roles

Federal Budget Analyst Government Accountant Financial Management Specialist (Federal)

Common Questions

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Free Study Guide Samples

Previewing updated 2024-3 bank (16 Questions).

QUESTION 1

Which of the following describes the last informal opportunity during an audit to ensure the accuracy of reported information and discuss any factual matters still in dispute before release of the draft report?

A
Management Notification
B
Termination of an Audit
C
Management Conferences
D
Exit Conferences

Correct Option:

QUESTION 2

What is the difference between Expense Costs and Investment Costs?

A
Expense costs cover items to maintain the organization, while investment costs result in acquiring items that benefit future periods, such as real property.
B
Expense costs cover civilian salaries, while investment costs cover military salaries and training.
C
Expense costs cover civilian salaries, materials, and services, while Investment costs cover military salaries, equipment, and construction.
D
Expense costs are paid using Operations and Maintenance and Procurement appropriations, while investment costs are paid using Research, Development, Test, and Evaluation, and Military Construction appropriations.

Correct Option:

QUESTION 3

Risk assessments, agency inspector general reviews, self-reported errors, and reports from the public are possible sources of:

A
prompt payment actions.
B
executive orders.
C
continuing resolution requirements.
D
improper payment information.

Correct Option:

QUESTION 4

Unless otherwise specified in the contract or if there is a disagreement over quantity, quality, or contractor compliance with a contract requirement, what is constructive acceptance of goods and/or services?

A
7 calendar days
B
14 calendar days
C
15 calendar days
D
30 calendar days

Correct Option:

QUESTION 5

Audit working papers are least likely to include documentation showing how:

A
management schedules were prepared.
B
controls were tested.
C
conclusions were supported.
D
objectives were formulated.

Correct Option:

QUESTION 6

If an audit results in a “modified opinion”, then:

A
all audited areas are not meeting standards.
B
the completed audit surpassed the requirements for an unmodified opinion.
C
some material audit areas are not meeting standards.
D
all funds and assets have been accounted for.

Correct Option:

QUESTION 7

A Reservist with no dependents who is ordered to annual training duty and assigned government quarters (barracks) is entitled to which basic allowance for housing (BAH)?

A
BAH-Partial
B
BAH-Differential
C
BAH-I
D
BAH-II

Correct Option:

QUESTION 8

Funds may be obligated:

A
at the time a payment is made if no obligation has been previously recorded.
B
when an obligation of the government has been incurred or is reasonably anticipated outside of the government contracting process.
C
in an expired appropriation if a replacement contract is awarded after a contractor default.
D
for contingent liabilities to ensure funds are reserved for possible cost increases.

Correct Option:

QUESTION 9

Who did the Chief Financial Officers Act of 1990 give authority to for financial management reporting?

A
Governmental Accounting Standards Board
B
Financial Accounting Standards Board
C
Office of Management and Budget
D
Government Accountability Office

Correct Option:

QUESTION 10

An agency contracts for severable services in August. The term of the contract is one year. May the agency award the one-year contract, obligating those funds available in August for the entire term of the one-year contract?

A
No, two separate contracts must be awarded. Each contract must be limited to a specific fiscal year.
B
Yes, 10 U.S.
C
No, a severable service contract crossing fiscal years requires separate year appropriations for each part of the contract performed in a different fiscal year.
D
Yes, but only if the agency knows future year funds will not be available.

Correct Option:

QUESTION 11

The Budgetary accounting equation is:

A
Resources = Status of Resources
B
Resources = Assets – Net Position
C
Assets = Liabilities + Net Position
D
Owners Equity = Assets + Liabilities

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QUESTION 12

What is needed for an entity’s adjusted trial balance data to pass the Governmentwide Treasury Account Symbol Adjusted Trial Balance System (GTAS)?

A
Validating trial balance data through Tie-Point Reconciliations of budgetary and proprietary accounts
B
Completing the Budget Execution Transaction Review
C
Submitting a request for an exemption to the alignment of DoD Standard General Ledger (SGL) accounts
D
Updating the Department of Defense (DoD) United States Standard General Ledger (USSGL) Transaction Library

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QUESTION 13

The Report on Budget Execution and Budgetary Resources (SF-133) is divided into what four sections?

A
1) Status of Budgetary Resources, 2) Changes in Committed Balance, 3) Changes in Obligated Balance, 4) Fund Balance with Treasury
B
1) Budgetary Resources, 2) Status of Budgetary Resources, 3) Changes in Obligated Balance, 4) Budget Authority and Outlays, NET
C
1) Status of Budgetary Resources, 2) Changes in Obligated Balance, 3) Changes in Committed Balance, 4) Budget Authority and Outlays, NET
D
1) Budgetary Resources, 2) Changes in Obligated Balance, 3) Budget Authority and Outlays, NET, 4) Fund Balance with Treasury

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QUESTION 14

When a past event or transaction causes a measurable, probable, but uncertain future outflow of resources, what should be recognized in the financial statements and reports?

A
A Liability for Clearing Accounts
B
A Contingent Liability
C
An Accounts Receivable
D
A Prepayment Liability

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QUESTION 15

What element of a vendor invoice is necessary to disburse funds?

A
The invoice must have the official logo of the agency services are being provided for.
B
The invoice must have the mailing address of the customer service point of contact of the vendor.
C
The invoice must be submitted for evaluation via certified mail.
D
The invoice must be computed correctly with the facts provided.

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QUESTION 16

An agency has requested a Generally Accepted Government Auditing Standards (GAGAS) financial audit to assess risk.

When planning the audit, what information should the auditor(s) evaluate?

A
The agency’s operating instructions
B
The agency’s business practices
C
Strategic planning documentation
D
Findings from previous audits

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Certification Path

Related Certifications

SDFM 2024-1 Updated: Aug 19, 2026 SDFM 2024-2 Updated: Aug 19, 2026
View All SDFM Exams →

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