3.2 and some 3.1 Flashcards
What kinds of gifts can be made, and what happens to unauthorized gifts
Gifts to the US (real or personal property. 2. Gifts to an agency (money or real property) ONLY IN NAME OF US, can accept services/property under mutual agreement; unauthorized are deposited in misc receipts
Statement of Accountability
SF 1219 monthly (like the 12 and S for DSSN)
This carries forward expired phased balances
SF-133
Of the three types of collections, which go to treasury
Receipts
What Act required agencies to set up Internal controls
1982 Federal Managers Financial Integrity Act (FMFIA)
Types of fixed assets (and capitalized or expensed)
- General PPE (Capitalized) 2. Heritage Assets - may have little or indeterminable value (also multi ude heritage means they have a mission ex. pentagon) Usually capitalized 3. Stewardship Land - land and land rights aquired at no cost (expensed in period incurred)
Special Fund Type
Receipt Account for federal fund reciepts that laws have earmarked for specific purposes. Benefitting specific programs
How are funds transmitted BETWEEN agencies
IPACS (Inta-governmental payment and collection
Government Fund Types
general, special, public enterprise, Intragovernmental, Trust, Trust revolving, deposit, clearing accounts
Document set Initial requirements for accounting
Constitution
Deposit Ticket
SF 215 shortest for small coins
Debt ____ days old and not in litigation go to ______. This mandated by…
180, treasury; The debt collection and improvement Act of 1996
How often must DO inspect safe
every 6 months. They must be provided one. And access to financial systems must be controlled
Civilian Time and attendance records must be reconciled every ____ , resolved withing ____ and kept for ___
4 months, 10 days, 56 years
Intragovernmental fund type
revolving funds, busness ops between gov agencies. Working capital
Financial Accounting Standards Board (FASB)
GAAP for private sector/businesses/non-profit
Three color books
Green book - Internal Controls; Yellow book - Auditing policy; Red book - fiscal law
Military Pay
Volume 7A
Civilian Pay dutes separated into what categories
Certifying TandA, Compiling/certifying payments, recording the payroll data, maintaining computer support systems; SEPARATION of duties involving these
Government Accounting Standards Board (GASB)
GAAP for STATE and LOCAL governemnet entities
Financial reports transmitted to OMB via
GOALS II; Governemnt On-line accounting link system
How many pay periods in a year
26 pay periods
how much sick leave can be donated
104 hours
Verbal travel orders authorize _____ but not _____
The travel but not the reimbursement
Ratio analysis is used to conduct what types of analysis
Trend analysis - ratio moves over time; Comparitive Analysis - how entity is performing at a point in time compared to other entities
Footnotes required for Federal Financial Report
Required Supplementary Stewardship Info (Human capital such as education/training, investments but not physical assets); Required Supplementary Info RSI (estimated deffered mx and repairs; Other accompanying info (OAI - Management challenges/assurances)
ADA must be reported within ___ and investigation complete within ___
10 days, 14 weeks
When are no year approps cancelled
- agency determines no longer needed 2. no charges for 2 years
Preferred method of dispersement
EFT
NAF Employees travel on…
regular governemnt travel orders, NOT invitational
Certifying official authorized to seek guidance of ___
Comptroller General or DOD General Council
Is relief provided for loss? Who Provides it? What is statute of limitations
DFAS provides it. Granted for accidental loss (no statute of limitations) Accidental illdgal/incorrect/ improper payment (3 yr statute of limitation)
Questionable Travel Claim
Illegal/improper payment. Less than $250 Certifying officer works with DFAS General council; more than $250 DOD Office of hearing and appeals
Entitlement Process
- Entitling 2. Authorization 3. Voucher Preparation 4. Certification
FMR contracts volume
10
DOD Financial Management Regulations (number)
DOD 7000.14R
Government fund categories
Appropriated, Reimbursable, revolving, trust, non appropriated
Proper payment defined as
right recipient, right amount, right time, right reason
DOD FMR volumes
4- accounting
5-dispersing
6-reporting
I wanna be A DR
11a reimbursible
11b reimbursible WCF
FMr dispersing
5
ADA criminal penalties
no more than $5000 and no more that 2 years
Civilian incentive awards and buy-out payments
Withheld at 25% flat rate by IRS
This holds all DOD FM policy/regs/procedures
DOD FMR - Financial Management Regulations (16 volumes)
Excused Absence for civilian
absent from duty, without loss of pay
What Act limits accrual claim against gov and what is time frame
Barring Act, 6 years
Travel Form
DD Form 1610
Civilian Permanent duty travel (PDT) charge to
gaining activity unless bewteen agencies or DOD components (Reduction in Force - RIF) or within same DOD compotent (Base Realignment and closure - BRAC). OVERSEAS pays BOTH ways
Can dispersing officers ammend vouchers if they find error
No must return for recertificaiton
Doubtful Travel Claim
employee questions Certifying official decision, can appeal to certifying official or go to DFAS
Spoiled Check
returned to DO. DO must reissue
Civilian premium pay
overtime, compensatory time/credit hours
Clearing accounts
temporary account for transactions that don’t fit elsewhere
Collection action begins after ____ days
60 days
Instructions on ADA provided in
OMB circular A-11
Act says pay venders in timely manner OR
Pay Interest, Prompt payment act of 1982
Constructive acceptance
Considered to take place when acceptance documents not in a timely manner. Not later than 7 CALENDAR days after delivery. Based on Prompt Payment
trust fund type
Collect money, put in trust for carrying out specific programs IAW statute where nation is the beneficiary ex. Highway trust fund. Government owns the assets. Like Pollution trust fund, military retirement
Agency head approval for program AL amounts above
$4M
All dispersement office reporting forms kept for
10 years and 3 months, except payroll 56 years
Department Accountable Officials
Prepare source information, data, or service to a CO or DO. Pecuniary liable. Also must ensure INTERAL CONTROLS are in place at their level
Large dispersement thresholds and reporting requirements; how does DOD get around this
> $50M report to Fiscal Service 2 days advance; >$500M 5 business days; USD Comp sends monthly report of anticipated dispersements to treasury
Primary documents used to obligate
- Contracts 2. MIPRs
How much leave can you sell back at separation
60 days
Dispersing Office Reporting Requirements
- Daily statement of accountibility - All transactions 2. Statement of accountibility - monthly for each DSSN 3. Daily agent accountibilty summary - Actual count of all cash 4. Voucher control log - daily voucher transactions; 5. Deposit ticket - prepared to deposit all currency to US Treasury
Which accountable individual CANNOT hold public funds
Certifying official
Collections are documented on what form
DD Form 1131
Sections of Statement of Budgetary Resources
- Budgetary Resources 2. Status of Resources 3. Outlays
All units authorized to disperse funds are asigned a ____
DSSN - Dispersing Station Symbol Number
Properties of General PPE
est life of 2+ years, not for sale during ops, available for entity use, cost or fair market value exceeds capitalization thresholds (which vary by component)
Voucher Control log
DD 2659
Daily Agent Accountability summary
DD 2665 (5 days in the work week)
How many allotments can you put on LES
six
Certifying officer and defense accountable officials appointments documented on
DD form 577
What does 2/10 Net 30 mean
2% discount if paid within 10 days of invoice date, otherwise full amount due in 30 days
Type of approps and time frame
MILPERS - 1; O&M - 1; RDT&E - 2; Procurement - 3; SCN (Ship construction NAVY) - 5; MILCON - 5
Certifying official must ensure 4 things
Complete, computed correctly, correct and legal
Recording a documentation of transactions
- Promptly recorded 2. properly classified 3. Accounted for
Who sets the interest rate the government will pay
Secretary of Treasury, updated every 6 months
Acounting “Major Loss” vs “Minor Loss”
Major -$750 or if any fraud; Minor - under $750 no fraud
1996 Public Law 104-106
Certifying officers always personally liable for wrong payment or overobligaiton; Internal controls require COs independent of DOs in chain
How long are Governemnt purchase card records held
10 years and 3 months
Calculate when government owes interest
EARLIER of contructive acceptance (7 days after delivery) and actual acceptance compared to LATER of invoice received, and add 30 days.
Payment pacakage consists of
Copy of purchase order/contract, proper invoice from contracter, receiving report, acceptance of product/service
Order of debt collection referal
DO (or DCO) to DMO to Treasury
DOD Finance has 4 distinct functions
Entitlement, Payment, Collecting, Controlling
Severable Services
Governemnt recives something useful uppon expenditure; can cross Fys
Dispersing offices are responsible for
payment operations and disbursement accountibility (not ADMIN work)
Dispersement voucher has 5 elements
Date and unit info, line of accounting, amount, dispersement method, payee
All treasury checks payable for
1 year but can reissue
Defence authorization act of 2010 mandated this for financial audit improvements
Financial improvement and audit remediation plan (mandated by 2017)
Do not pay initiative
Database of source data showing contractors that owe debt; NOT A LIST
Which entities hold Dispersing Office (DO) functions
Militray holds their own while the rest of gov is through Treasury
Civilian Pay Policies and Procedures
Volume 8
Contractor can request advance payment if
Gives adequate security, is in public interest, only up to contract price; also must be in the contract
DOD Financial Management Structure chain
USD Comptroller directs DFAS (Defense Finance and Accounting Service) - the accounting entity for DOD
What are exceptions to using EFT
Vendor express - Commercial entities join this electronic pay network; Governemnt purchase cards; Card Aquiring Service (CAS) like Visa or mastercard
Quesionable payments handled by
GAO
Types of vendor payments
- Fast Pay - Contractor paid by proof of shipping instead of receipt (authorized by KO); 2. Pay and Confirm - Invoice paid but not received receiving report; 3. Constructive acceptance - Acceptance documents not received in timely manner (at least 7 days after delivery)
Continuing Resolution for authority for multi year
carry over authority is subtracted from CR portion
Act exempts promotion of individual for gov purchases
Gov employee incentive awards act
Undistributed Dispersements
Federal funds that have been paid but are not ID’d to a specific organization. Placed in suspese account
Current Ratio
Working capital. Current Assets / Current Liabilites. DOD desires 2:1 ratio
General lockbox network
a collection and processing service provided by certain financial institutions to help gov process checks and remittance docs
Three components of IPAC system
- IPAC 2. Retirement and Insurance Transfer System (RITS) 3. Treasury Recivable accounting and collection system (TRACS)
Fraud or False claims handled by
Dept of Justice
Daily statement of accountability
DD 2657 (7 for seven days a week) DD since DO does them
Non Severable Services
Cannot be separated into increments. Entire amount Obligated at onset. Training is non severable usually
Quick Ratio
Also known as Acid Test. Quick Assets (all assets but inventory)/ Current Liabilites. How quickly assets can convert to meet liabilites. DOD goal 1:1
Undeliverable Check
attempted to deliver 60 days. Dispose and document on SF-1098
Civilian special pay is for
if employee underpaid by more than 10% they can request SPECIAL paycheck. If less than this, it will be made up in next paycheck
ADAs reported to
POTUS through congress,OMB and comp general
_____ must be notified of debts no later than _____ days
Debt Management office (DMO), 90 days
Federal Accounting Standards Advisory Board (FASAB)
GAAP for federal government
This gives authority for DO to make payments for obligations
Disbursement Voucher
Law requires Certifying Officers to be personally liable for wrong payment resulting from negligence
1996 Public Law 104-106
Public enterprise fund type
revolving funds for programs authorized by law, business type ops. Tennessee valley authority, Amtrak. Businesses benefiting the people
Types of Collecting
Reciepts - collections from credible accounts, Reimbursements - from property sold/services furnished, refunds- from excess payments
Fereral GAAP Hierarchy
First, statements and concepts. Then FASAB Statements and Interpretations 2. FASAB technical bulletins 3. FASAB technical releases 4. FASAB Implementation guides and industry best practices
What are the Federal Financial Statements (each one)
Balance sheet; statement of budgetary resources; statement of net cost; statement of changes in net position
CFO Act of 1990
Established CFO position for 24 agencies 2. Agencies required to publish Financial statements subject to audit 3. Deputy director for management established in OMB
Family and Medical Leave Act
12 Work Weeks UNPAID during 12 month period. Must exhaust personal leave first
Federal Accounting Standards Advisory Board (FASAB) publishes these
SFFAC Statement of Federal Financial Accounting Concept; SFFAS Statement of Federal Finanacial accounting standard
Reservist with no dependents ordered to annual training and assigned governement quarters is intitled to
Partial BAH
Types of MIPRs
- Project Orders: can cross Fys but not extend budget authority; 2. Economy Act Orders: routine work/services recurring. Usually less than a year.
DOD Travel Policy and Procedures
Volume 9; memory aid (Military and Civilian Travel)(7,8,9)
DSSNs are assigned by ____ and include
Treasury; location code of specifc office, dispersing office’s identification
Military Retired Pay
Volume 7B
Two types of accounting used the US Standard General Ledger; one other type
Budgetary Accounting - System to set priorities, allocate/finance resources, assess implications; Proprietary/Financial Accounting - Supports Accral accounting and financial reporting; Managerial accounting not required until 2006 w/ SFFAS 30
