Global Combat Support System (GCSS) Ordinance Basic Officer Leadership Course (OD BOLC) Army Practice Exam

Controlling adjustments in Funds Management at the fiscal year-end relies heavily on the concept of a Period-End Close. This process involves ensuring that all financial transactions for the fiscal year are accurately recorded and accounted for before closing the books, which is critical for preparing accurate financial statements and completing the financial cycle correctly.

During the Period-End Close, organizations finalize their financial records, which includes reviewing and reconciling accounts, making necessary adjustments, and verifying that all expenditures and revenues are reported correctly. By effectively managing the Period-End Close, organizations can ensure that they remain compliant with financial regulations and maintain an accurate picture of their financial status.

In contrast, while open financial periods allow for transactions to be recorded, they do not provide the structure needed to finalize accounts effectively. Accurate cost reporting is certainly important for ongoing operations but does not specifically address the need to close out the fiscal year. Proprietary budgeting is more related to how funds are allocated rather than how adjustments are controlled at year-end. Thus, the Period-End Close is essential for maintaining the integrity of Funds Management as the fiscal year concludes.