What year did GMRA require the consolidated, financial statement for the entire Executive Branch?

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Study for the Certified Defense Financial Manager (CDFM) Exam 1. Engage with flashcards and multiple choice questions, with hints and explanations for each query. Prepare confidently for your exam!

Multiple Choice

What year did GMRA require the consolidated, financial statement for the entire Executive Branch?

Explanation:
GMRA, enacted in 1994, required that the entire Executive Branch prepare consolidated financial statements. The timeline set by the act meant the first year for which these consolidated statements were required to be produced and audited was fiscal year 1997. So, the year in question is 1997 because that marks the start of the consolidated reporting obligation for the Executive Branch. The 1994 date is when the law was enacted, not when the consolidated statements began; the other years lie outside the initial mandate.

GMRA, enacted in 1994, required that the entire Executive Branch prepare consolidated financial statements. The timeline set by the act meant the first year for which these consolidated statements were required to be produced and audited was fiscal year 1997. So, the year in question is 1997 because that marks the start of the consolidated reporting obligation for the Executive Branch. The 1994 date is when the law was enacted, not when the consolidated statements began; the other years lie outside the initial mandate.

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