3.1 Fiscal Law Flashcards
What does article one section 7 give Congress the authority to do?
It gives Congress the authority to pass bills for raising revenue 
What does article one section 8 clause one give Congress the authority to do?
Gives Congress the authority to collect taxes 
What is the stoplight of GAO?
Red is fiscal law, yellow is audit, green is internal controls 
What act created OMB and GAO?
Budgeting and accounting act of 1921 
What are the only funds that do not require a portion meant?
Trust funds 
What is the basic authority for use of public monies
The US Constitution 
What is a fiduciary certifier?
If fiduciary certifier is responsible for the use of appropriate funds as the proper purpose, time and amount 
What is a pecuniary certifier
Someone has responsible for the accuracy of the disbursement of funds and responsible for the repayment of any disbursements made not an accordance with proper purpose time and amount 
What is 31 USC 1301 
Appropriation shall be applied only to the objects for which the appropriations were made, except as otherwise provided by law 
The definition funds may be obligated and expended only for the purposes authorized in appropriations acts, or other laws is what?
Purpose
What is the necessary expense doctrine?
The expenditure must be a logical relationship to the appropriation, the expenditure must not be prohibited by law, these expenditure must not be otherwise provided for 
What is the bona fide need
The bona fide need rule is a test to determine when to obligate, and for how much consumption or effort the obligation should cover 
What are the three types of appropriations?
Single year, multi year, and no year 
Who is in charge of the GAO?
The CG or the comptroller general 
