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CDFM Module 3
Fiscal Law
Question | Answer |
---|---|
Which statement is true? A) The expenditure of public funds is only proper when authorized by Congress B) Public funds may be expended unless prohibited by Congress. | The expenditure of public funds is only proper when authorized by Congress |
The body of law that governs the availability and use of public funds. | Fiscal Law |
True or False? Fiscal law is based on the premise that we can use appropriations unless they are specifically prohibited by Congress. | False |
Identifies the purpose, time, and amount of the appropriations. | Appropriation Acts |
May clarify the purpose of certain restrictions in the use of appropriated funds. | Authorization Acts |
These are also known as legislative history and may assist in interpreting the law, but are not generally binding. | Congressional Committee Reports |
The most authoritative source of information on the proper use of appropriated funds | Principles of Federal Appropriation Law or the GAO "Redbook" |
Required the President to submit an annual budget to Congress. Created a budget office for the President and Established the General Accounting Office (now the Government Accountability Office). | Budget and Accounting Act of 1921 |
Provides instructions on budget execution and monitoring Federal outlays, obtaining exemptions from GAO to access to records, reporting requirements for unvouchered expenditures, closing accounts, and monitoring Federal employment. | OMB Circular A-11 |
Prescribes rules and procedures under which the President may withhold appropriated amounts from obligation. | Impoundment Control Act of 1974 |
Prescribes rules and procedures for budget execution. Many of the specific provisions were previous were previously enacted by the Anti-Deficiency Act. | Sections 13 and 15, 31 U.S.C. |
Prescribes rules and procedures designed to constrain spending and receipts legislation. | Balanced Budget and Emergency Deficit Control Act of 1985. |
This law defines key budget terms that are used in all phases of the budget process. This law governs the cogressional budget process and establishes the House and Senate budget committees and the Congressional Budget Office (CBO). | Congressional Budget Act of 1974 |
The basic authority for the use of public monies | U.S. Constitution |
Empowers Congress to collect taxes. | Article 1, Section 8, Clause 1 of the U.S. Constitution |
Requires appropriations in law before money may be spent from the Treasury. | Article 1, Section 9, Clause 7 of the U.S. Constitution |
The term appropriation 1) broadly or 2) specifically applies to any law that permits a Government employee to spend money in Article 1, Section 9, Clause 7 of the U.S. Constitution. | 1) broadly |
True or False? The term appropriation in Article 1, Section 9, Clause 7 of the U.S. Constitution only applies to regular annual appropriation bills. | False |
What is the Fiduciary Certifier responsible for? | the use of appropriated funds as to the proper Purpose, Time and Amount, and for those US Codes pertaining thereto. |
What are the responsibilities of the Pecuniary Certifier? | The accuracy of the disbursement of funds and the repayment of any disbursement not in accordance with proper Purpose, Time and Amount. |
True or False? Pecuniary responsibility conveys the responsibility of physical control of monies entrusted to the care of an accountable official of the government. | True |
True or False? Certifying officers are never held personally liable for any erroneous payments, resulting from their miscertification immediately after erroneous payments are made. | False. Thery are always held personally liable for these erroneous payments. |
Is it possible for an erroneous, willful or knowing violation of fiduciary responsibility to lead to an Anti-Deficiency Act Violation | Yes |
True or False? Only the Disbursing Officers have pecuniary responsibility for the monies entrusted to their care and will be personally liable for any loss or theft of these funds. | False. Disbursing officers, Cashiers and Collecting officers all have pecuniary responsibility. |
X" appears in the appropriations symbol instead of a fiscal year under this type of appropriation authority. | No-Year Authority |
This type of authority includes budgetary resources that are available for new obligations for more than one fiscal year. | Multiyear Authority |
True or False? Annual Authority includes budgetary resourcees that are available for incurring new obligations for 1 fiscal year or less. | True |
What type of authority specifies an amount of budget authority available? | Definite Authority |
What type of authority does not specify an amount of budget authority available? | Indefinite Authority |
This type of authority includes budgetary resources that are available for new obligations for an indefinite period | No-Year Authority |
The rule that states a fiscal year appropriation may be only obligated to meet a legitimate need arising in the fiscal(s) for which the appropriation was made is called the ________________. | Bona Fide Need |
The _______audits the performance of the executive branch. | General Accounting Office |
The accounting entity for DoD that maintains a central general ledger to account for DoD resources, determines cost operations, is _______ | Defense Finance Accounting Services |
The regulation that is composed of 15 volumes and provides DoD components with the policy and procedures within the responsibility of the Under Secretary of Defense (Comptroller) is the__________ | The DoD 7000.14R, Financial Management The DoD 7000.14R, Financial Management Regulation (FMR) |
The FMR 7000.14 volume that covers the form and content of DoD Audited Financial Statement is ___ | Volume 6b |
_______are revolving funds used for programs authorized by law to conduct a cycle of business-type operations in which outlays generate collections. | Public Enterprise Funds |
__________are part of the budget and record receipts not earmarked by law for a specific purpose, such as almost all income tax receipts | General Funds |
The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for Memorandum is _____________. | 8000 |
__________account for the receipt and expenditure of monies by the government for carrying out specific purposes and programs in accordance with the terms of a statute that designates the fund as a trust fund. | Trust Funds |
The Federal accounting framework includes three accounting systems ________, ________, &_______. | Budgetary accounting, financial accounting, & managerial cost accounting |
A MIPIR maybe used as a __________ or__________ and __________cross fiscal years. | Project Orders, Economy Act Orders: may |