How does GFEBS handle "Funds Verification"?

How does GFEBS handle "Funds Verification"?

• A. By estimating future budgetary needs
• B. By approving fund requests from subordinates
• C. By validating the availability of funds before executing a transaction
• D. By suggesting alternative funding sources

Answer: (C)

GFEBS, which stands for General Fund Enterprise Business System, emphasizes financial management and accountability within the Department of Defense by ensuring that funds are available before any expenditure is committed. The process of "Funds Verification" involves validating the availability of funds prior to executing a transaction to prevent over-obligation of financial resources. This step is crucial because it helps maintain the integrity of budget management by ensuring that only authorized and available funds are used for transactions. When verifying funds, GFEBS checks the status of the budget to confirm that adequate and appropriate funds are available for the specific purchase or obligation, thus promoting fiscal responsibility and ensuring compliance with financial regulations. This proactive approach minimizes the risk of financial discrepancies and assists in keeping the organization's financial activities transparent and accountable.

GFEBS, which stands for General Fund Enterprise Business System, emphasizes financial management and accountability within the Department of Defense by ensuring that funds are available before any expenditure is committed. The process of "Funds Verification" involves validating the availability of funds prior to executing a transaction to prevent over-obligation of financial resources. This step is crucial because it helps maintain the integrity of budget management by ensuring that only authorized and available funds are used for transactions.

When verifying funds, GFEBS checks the status of the budget to confirm that adequate and appropriate funds are available for the specific purchase or obligation, thus promoting fiscal responsibility and ensuring compliance with financial regulations. This proactive approach minimizes the risk of financial discrepancies and assists in keeping the organization's financial activities transparent and accountable.