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Accounting

  
This key area deals with the financial manager's knowledge of cost accounting procedures designed to capture total cost, generally accepted accounting principles, including DoD Financial Management Regulation and fiscal law, financial statement analysis tools (financial ratios) accounting and finance practices and procedures for general funds, working capital funds and non-appropriated funds including internal controls, the Chief Financial Officers Act of 1990, Office of Management and Budget (OMB), form and content guidance for preparation of financial statements, Government Management Reform Act of 1994, Federal Financial Management Improvement Act of 1996, and Department of Defense accounting and finance reports at all levels.
  
To be successful in answering questions in the accounting module, you must understand accounting terms and functions in three areas. First, understanding basic accounting terms and functions will come from any first year college accounting text. Second, an understanding of Federal Government accounting terminology and concepts may come from either accounting training or experience. You must be familiar with pronouncements of various Government standards-setting organizations, including OMB, General Accounting Office (GAO), Federal Accounting Standards and Advisory Board (FASAB) and Joint Financial Management Improvement Program (JFMIP). The FASAB develops accounting policy for the Federal Government and the JFMIP develops standards for accounting systems.
  
Finally, you should also be familiar with Department of Defense (DoD) accounting policy and procedures. Primary sources of information are training, experience, and the DoD Financial Management Regulation. Information about DoD accounting policy and procedures can be obtained by participating in activities of professional organizations such as the American Society of Military Comptrollers (ASMC). Also, reading professional journals will be extremely helpful.
  
 Test Study Preparation References
  
Title Author Chap/Sec Study Notes
FMR Volume 1 General FM Info, Systems and Requirements    Definitions, Addendum 1  www.dtic.mil/comptroller/fmr
FMR Volume 4 Accounting Policy & Procedures    Chap 2, 3, 5, 9, 20  www.dtic.mil/comptroller/fmr
FMR Volume 6 Reporting Policy & Procedures      www.dtic.mil/comptroller/fmr
FMR Volume 6b Form & Content of DoD Audited Financial Statements      www.dtic.mil/comptroller/fmr
FMR Volume 11b Reimbursable Operations, Working Capital Funds      www.dtic.mil/comptroller/fmr
FMR Volume 13 Non-Appropriated Funds Policy and Procedures    Chap 1  www.dtic.mil/comptroller/fmr
Statement of Recommended Accounting Standards  FASAB    www.fasab.gov
Overview of Fed Accounting Concepts and Standards  FASAB    www.fasab.gov
Statement of Fed Financial Accounting Concepts  FASAB    www.fasab.gov
 DBOF handbook      Defense Activity for Non-Traditional Education Support 904 452 1082
OMB Bulletin 97-01 – Form & Content Guidance      www.whitehouse.gov/omb/circulars/index.html
 CFO Act of 1990 PL 101-576   http://thomas.loc.gov/home/thomas.html
 PG School, Navy Practical Comptrollership Course    p. 17  http://pcc.nps.navy.mil
 OMB Cir A-127      www.whitehouse.gov/omb/circulars/index.html
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