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CDFM Module 3
| Question | Answer |
|---|---|
| Federal appropriations law can be categorized into which three topical areas? | Purpose, Time & Amount |
| In the DoD, final decisions of fiscal law questions are "officially" rendered by whom? | DoD General Counsel, Courts |
| What are the basic types of budget authority used in the Federal Government? | Appropriations, Contract Authority, Borrowing Authority, Monetary Credits, Offsetting Collections & Receipts, Loan and Loan Guarantee Authority |
| Annual Appropriations remain available for new obligations for how long? | They normally remain available for 1 fiscal year |
| Operations and Maintenance (O&M) is an example of what type of appropriation? | Annual Appropriation |
| RDT&E is an example of what type of appropriation? | Multi-year Appropriation |
| Budget authority does not expire in what type of appropriation? | No-year Appropriation |
| Article 1, Section 9, of the U.S. Constitution gives the power to appropriate funds for operating the Government to which branch of the government? | Legislative Branch (Congress) |
| Which law established the House and Senate Budget Committees and the Congressional Budget Office (CBO)? | Congressional Budget Act of 1974 |
| What are the three test which must be met for use of the Necessary Expense doctrine? | Must bear a logical relationship, Not prohibited by law, Not funded elsewhere |
| Who are determined to be accountable individuals in the DoD? | Certifying and disbursing officers and Departmental accountable officials |
| Who grants relief of liability to a certifying officer for erroneous or illegal payments in the DoD? | DFAS |
| What type of budgetary resources remains available for new obligations for more than one fiscal year? | Multi-year authority |
| What type of budgetary resources remains available for new obligations until the purpose for which they were provided is carried out? | No-year authority |
| What type of congressional resolution can be thought of as a temporary appropriations act? | Continuing resolution |
| If a contracting officer signs a contract in advance of an appropriations, what type of violation has occurred? | Anti-deficiency Act Violation |
| What agency apportions funds for a working capital fund? | OMB |
| What does sequestration of federal funds mean? | Concerns automatic cuts in federal spending that occur through the withdrawal of funding for certain government programs, such as has occurred from the Gramm-Rudman-Hollings Act and the Budget Control Act of 2011 |
| What are the four major functions in DoD Finance? | Entitlements, Payments, Collections, Control of Public Funds |
| What is the primary organization in DoD with the responsibility for Finance Requirements? | DFAS |
| What is the acronym for disbursing office identification numbers? | Disbursing station symbol numbers (DSSN) |
| What three primary types of officials are accountable individuals in the DoD? | Certifying and disbursing officers and Departmental accountable officials |
| Debt Collection includes collection of debts from what three groups? | Current employees and military members, former employees and military members, vendors |
| What is the normal collection method for debts owed by active military members and civilian employees who are still in service? | Salary Offset |
| When collecting debts owed by vendors that have failed to properly respond to demand letters, what is the next step? | Do Not Pay List |
| When in doubt about the proper use of an appropriation, what may the disbursing officer request from the OSD General Counsel on the propriety of the prospective payment? | An Advance Decision |
| To what, along with accountability, does certification equate? | Liability |
| Who, besides the disbursing officer, is likely to be held accountable for an improper payment? | Certifying officer |
| If a civilian employee receives less than 90% of his or her normal biweekly pay and allowances, what may he or she request? | Special pay |
| When a civilian employee moves from a job overseas to a job in the states, which organization pays for the permanent duty travel? | The losing activity (OCONUS) |
| Name the supporting documents required in the DoD payment package. | Contract, invoice, proof of receipt and acceptance |
| Name two key forms that provide accountability and control by disbursing officers. | SF 1219 Statement of Accountability (monthly), DD Form 2657, Daily Statement of Accountability |
| Which individuals hold personal and pecuniary liability for their actions in financial transactions? | Certifying and disbursing officers and Departmental accountable officials |
| How often does the disbursing officer need to inspect and document office security measures? | Semi-annually |
| The Budget and Accounting Act of 1921 established the GAO (Legislative Branch) to audit financial transactions of which branch of the Government? | Executive Branch |
| The GPRA requires agencies to define goals, set performance targets and report what? | Actual performance (results) |
| Any enforceable agreement between an agency and a business concern for the acquisition of property or services is called what? | A contract |
| What term is used to describe Federal Government funds that have been paid but have not yet been identified to a specific organization? | Undistributed Disbursements |
| What term is used is SFFAS #4 to describe the process of accumulating, measuring, analyzing, interpreting, and report cost? | Managerial Cost Accounting |
| What are the two self-balancing sets of accounts in the U.S. Standard General Ledger (USSGL)? | Budgetary & Proprietary |
| In proprietary accounting, assets equal liabilities plus what? | Net Position |
| The aggregate amount of an entity's funds in the Treasury is in what account? | Fund Balance w/Treasury |
| PP&E defines tangible assets with an estimated useful life of more than what number of years? | 2 years |
| What is the Statement of Budgetary Resources equation? | Budgetary Resources = Status of Budgetary Resources |
| Which financial statement shows the components of the net cost of the reporting entity's operation for the period? | Statement of Net Cost |
| What DoD accounting entity maintains a central general ledger? | DFAS |
| Which three federal agencies established the FASAB? | GAO, Department of Treasury and OMB |
| What is the federal law that specifically required existing CFO agencies to have financial statements that successfully pass a financial audit? | The Government Management Reform Act of 1994 |
| What is the definition of a "successful financial audit"? | Achieving an unmodified opinion |
| In which four waves of the FIAR process would a DoD entity expect to have an auditable Statement of Budgetary Resources, to include its Fund Balance w/Treasury? | Wave 2 |
| Government audits provide essential elements of public accountability and what? | Control |
| Which standards generally apply to Federal Government audits? | GAO Standards or GAGAS |
| Who conducts, supervises, monitors, and initiates audits and investigations relating to DoD programs and operations? | DoDIG |
| Which is the DoD document that provides policy for DoD audit and internal review offices to use for conducting audits of DoD operations, systems, programs, and functions? | DoDIG Audit Handbook |
| Auditors auditing with personal impairments violate which general standard? | Independence |
| How many hours of continuing professional education must an auditor complete every 2 years? What is the minimum number of hours that must be completed in any year of the 2-year period? | 80 hours in 2 years, 20 hours minimum for each year |
| The auditor is restricted access to essential data necessary to satisfy the audit objective. What type of impairment would this be? | External Impairment |
| What type of audits are expected to determine whether: the financial information presented is in accordance with established criteria, the entity adhered to specific financial compliance requirements and the internal controls achieve control objectives. | Financial Audit |
| Which type of audits are expected to determine whether: the entity manages resources effectively, programs achieve desired results and the entity accomplishes the mission in accordance w/laws, regulations and policies? | Performance Audit |
| Which audit phase involves gathering evidence and determining materiality and significance of the findings. | Review phase |
| During which audit phase would the auditor select the most important areas for audit coverage? | Planning phase |
| What document includes the audit objectives, findings, and (when appropriate) recommendations? | The Audit Report |
| What should be considered when evaluating the effectiveness of DoD audit organizations? | Audit Benefits |
| What is the name of the GAO Standard that provides reasonable assurance that DoD auditors comply with applicable auditing standards and DoD audit policies? | Quality Control & Assurance |
| Inspection of office security, separate and secure storage of records and equipment, and restricted systems access are examples of what kind of controls? | Internal Controls |
| If auditors are deterred from acting objectively and exercising professional skepticism by pressures, actual or perceived, from management of the entity being audited, what would this be called? | Threat to Auditor Independence |
| The ___________ provides you will only obligate for the material requirements of the period of fund availability. | Bona Fide Needs Rule |
| The bona fide need occurs in the year the order is placed, not when? | The goods or services are delivered |
| What are services for which the Government receives something useful immediately upon the expenditure of funds or by the end of the fiscal year? | Severable services |
| What are services that cannot be separated into increments that will provides something useful at the end of the fiscal year? | Non-Severable services |
| Training tends to be non-severable if? | If the government must make a payment/deposit in the current year, scheduling is beyond the Government's control and the time between the obligation and performance is not excessive. |
| "Not less than" language in an appropriation connotes a legal minimum to be spent on a particular program, project or item. What is this concept | Earmarking |
| What is the flow of funding | Appropriation, Apportionment, Allotment, Commitment, Obligation, Outlay |
Created by:
lindag1979
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