processing collections (015)
(015) Which form is prepared after a vendor sends a check for an overpayment?
*(015) Which two forms are commonly used for collections after customers send in their payment to the Defense Finance and Accounting Service (DFAS)
a. DD Form 1131 and SF 1034.
b. DD Form 1131 and SF 1080.
c. AF Form 819 and SF 1080.
d. AF Form 819 and DD Form 1131
What is DD Form 1131 and SF 1080?
*(016) What action does the Debt Management Office (DMO) take if unable to collect a debt after 180 days:
a. Processes a write-off.
b. Accomplishes another follow-up letter.
c. Forwards the account to the United States Treasury.
d. Requests collection assistance from the Defense Finance and Accounting Service (DFAS)
What is forwards the account to the United States Treasury?
(017) Financial accounting is concerned with:
a. external reporting to parties outside the company.
b. providing information for internal management.
c. using information to make decisions.
d. the discipline of accounting
What is external reporting to parties outside the company?
(018) The proprietary accounting equation includes all of the following except :
a. net position.
b. liabilities.
c. debits.
d. assets
(015) What must be included in the collection voucher, Department of Defense (DD) Form 1131
a. Any amount still owed.
b. The voucher series starting with P.
c. All of the information on the billing document.
d. Complete standard line of accounting being credited
What is complete standard line of accounting being credited?
(015) When processing a collection at base level, which step has you identify the receivable with which you’re working
What is when the payment is not received 30 days from the date of the original invoice?
(017) The left side of the “T” account is used to record
(S)(018) What are the three interrelated federal accounting systems:
What is budgetary accounting, financial (or proprietary) accounting, and managerial cost accounting
(015) Which step in processing a collection from base level directs you to determine the type of collection form to use
What is Billed and direct?
The two agencies work together to resolve the delinquent account
(017) What is used to ensure that debits equal credits
(S)(018) What is the budgetary accounting equation
What is Assets = Liabilities + Net Position?
(S) What has the accounting profession adopted to help ensure integrity in the reporting process
(S)(018) Why is proprietary accounting used:
What is to record expenses and revenues