Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

CDFM CG Maj > 3.2 and some 3.1 > Flashcards

3.2 and some 3.1 Flashcards

1
Q

What kinds of gifts can be made, and what happens to unauthorized gifts

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Statement of Accountability

A

SF 1219 monthly (like the 12 and S for DSSN)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

This carries forward expired phased balances

A

SF-133

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Of the three types of collections, which go to treasury

A

Receipts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What Act required agencies to set up Internal controls

A

1982 Federal Managers Financial Integrity Act (FMFIA)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Types of fixed assets (and capitalized or expensed)

A
  1. 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)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Special Fund Type

A

Receipt Account for federal fund reciepts that laws have earmarked for specific purposes. Benefitting specific programs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

How are funds transmitted BETWEEN agencies

A

IPACS (Inta-governmental payment and collection

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Government Fund Types

A

general, special, public enterprise, Intragovernmental, Trust, Trust revolving, deposit, clearing accounts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Document set Initial requirements for accounting

A

Constitution

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Deposit Ticket

A

SF 215 shortest for small coins

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Debt ____ days old and not in litigation go to ______. This mandated by…

A

180, treasury; The debt collection and improvement Act of 1996

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

How often must DO inspect safe

A

every 6 months. They must be provided one. And access to financial systems must be controlled

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Civilian Time and attendance records must be reconciled every ____ , resolved withing ____ and kept for ___

A

4 months, 10 days, 56 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Intragovernmental fund type

A

revolving funds, busness ops between gov agencies. Working capital

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Financial Accounting Standards Board (FASB)

A

GAAP for private sector/businesses/non-profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Three color books

A

Green book - Internal Controls; Yellow book - Auditing policy; Red book - fiscal law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Military Pay

A

Volume 7A

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Civilian Pay dutes separated into what categories

A

Certifying TandA, Compiling/certifying payments, recording the payroll data, maintaining computer support systems; SEPARATION of duties involving these

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Government Accounting Standards Board (GASB)

A

GAAP for STATE and LOCAL governemnet entities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Financial reports transmitted to OMB via

A

GOALS II; Governemnt On-line accounting link system

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

How many pay periods in a year

A

26 pay periods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

how much sick leave can be donated

A

104 hours

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Verbal travel orders authorize _____ but not _____

A

The travel but not the reimbursement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Ratio analysis is used to conduct what types of analysis

A

Trend analysis - ratio moves over time; Comparitive Analysis - how entity is performing at a point in time compared to other entities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Footnotes required for Federal Financial Report

A

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)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

ADA must be reported within ___ and investigation complete within ___

A

10 days, 14 weeks

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

When are no year approps cancelled

A
  1. agency determines no longer needed 2. no charges for 2 years
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Preferred method of dispersement

A

EFT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

NAF Employees travel on…

A

regular governemnt travel orders, NOT invitational

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Certifying official authorized to seek guidance of ___

A

Comptroller General or DOD General Council

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Is relief provided for loss? Who Provides it? What is statute of limitations

A

DFAS provides it. Granted for accidental loss (no statute of limitations) Accidental illdgal/incorrect/ improper payment (3 yr statute of limitation)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Questionable Travel Claim

A

Illegal/improper payment. Less than $250 Certifying officer works with DFAS General council; more than $250 DOD Office of hearing and appeals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Entitlement Process

A
  1. Entitling 2. Authorization 3. Voucher Preparation 4. Certification
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

FMR contracts volume

A

10

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

DOD Financial Management Regulations (number)

A

DOD 7000.14R

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Government fund categories

A

Appropriated, Reimbursable, revolving, trust, non appropriated

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Proper payment defined as

A

right recipient, right amount, right time, right reason

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

DOD FMR volumes

A

4- accounting
5-dispersing
6-reporting

I wanna be A DR

11a reimbursible
11b reimbursible WCF

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

FMr dispersing

A

5

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

ADA criminal penalties

A

no more than $5000 and no more that 2 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Civilian incentive awards and buy-out payments

A

Withheld at 25% flat rate by IRS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

This holds all DOD FM policy/regs/procedures

A

DOD FMR - Financial Management Regulations (16 volumes)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

Excused Absence for civilian

A

absent from duty, without loss of pay

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

What Act limits accrual claim against gov and what is time frame

A

Barring Act, 6 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

Travel Form

A

DD Form 1610

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

Civilian Permanent duty travel (PDT) charge to

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

Can dispersing officers ammend vouchers if they find error

A

No must return for recertificaiton

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

Doubtful Travel Claim

A

employee questions Certifying official decision, can appeal to certifying official or go to DFAS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

Spoiled Check

A

returned to DO. DO must reissue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

Civilian premium pay

A

overtime, compensatory time/credit hours

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

Clearing accounts

A

temporary account for transactions that don’t fit elsewhere

53
Q

Collection action begins after ____ days

A

60 days

54
Q

Instructions on ADA provided in

A

OMB circular A-11

55
Q

Act says pay venders in timely manner OR

A

Pay Interest, Prompt payment act of 1982

56
Q

Constructive acceptance

A

Considered to take place when acceptance documents not in a timely manner. Not later than 7 CALENDAR days after delivery. Based on Prompt Payment

57
Q

trust fund type

A

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

58
Q

Agency head approval for program AL amounts above

A

$4M

59
Q

All dispersement office reporting forms kept for

A

10 years and 3 months, except payroll 56 years

60
Q

Department Accountable Officials

A

Prepare source information, data, or service to a CO or DO. Pecuniary liable. Also must ensure INTERAL CONTROLS are in place at their level

61
Q

Large dispersement thresholds and reporting requirements; how does DOD get around this

A

> $50M report to Fiscal Service 2 days advance; >$500M 5 business days; USD Comp sends monthly report of anticipated dispersements to treasury

62
Q

Primary documents used to obligate

A
  1. Contracts 2. MIPRs
63
Q

How much leave can you sell back at separation

A

60 days

64
Q

Dispersing Office Reporting Requirements

A
  1. 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
65
Q

Which accountable individual CANNOT hold public funds

A

Certifying official

66
Q

Collections are documented on what form

A

DD Form 1131

67
Q

Sections of Statement of Budgetary Resources

A
  1. Budgetary Resources 2. Status of Resources 3. Outlays
68
Q

All units authorized to disperse funds are asigned a ____

A

DSSN - Dispersing Station Symbol Number

69
Q

Properties of General PPE

A

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)

70
Q

Voucher Control log

A

DD 2659

71
Q

Daily Agent Accountability summary

A

DD 2665 (5 days in the work week)

72
Q

How many allotments can you put on LES

A

six

73
Q

Certifying officer and defense accountable officials appointments documented on

A

DD form 577

74
Q

What does 2/10 Net 30 mean

A

2% discount if paid within 10 days of invoice date, otherwise full amount due in 30 days

75
Q

Type of approps and time frame

A

MILPERS - 1; O&M - 1; RDT&E - 2; Procurement - 3; SCN (Ship construction NAVY) - 5; MILCON - 5

76
Q

Certifying official must ensure 4 things

A

Complete, computed correctly, correct and legal

77
Q

Recording a documentation of transactions

A
  1. Promptly recorded 2. properly classified 3. Accounted for
78
Q

Who sets the interest rate the government will pay

A

Secretary of Treasury, updated every 6 months

79
Q

Acounting “Major Loss” vs “Minor Loss”

A

Major -$750 or if any fraud; Minor - under $750 no fraud

80
Q

1996 Public Law 104-106

A

Certifying officers always personally liable for wrong payment or overobligaiton; Internal controls require COs independent of DOs in chain

81
Q

How long are Governemnt purchase card records held

A

10 years and 3 months

82
Q

Calculate when government owes interest

A

EARLIER of contructive acceptance (7 days after delivery) and actual acceptance compared to LATER of invoice received, and add 30 days.

83
Q

Payment pacakage consists of

A

Copy of purchase order/contract, proper invoice from contracter, receiving report, acceptance of product/service

84
Q

Order of debt collection referal

A

DO (or DCO) to DMO to Treasury

85
Q

DOD Finance has 4 distinct functions

A

Entitlement, Payment, Collecting, Controlling

86
Q

Severable Services

A

Governemnt recives something useful uppon expenditure; can cross Fys

87
Q

Dispersing offices are responsible for

A

payment operations and disbursement accountibility (not ADMIN work)

88
Q

Dispersement voucher has 5 elements

A

Date and unit info, line of accounting, amount, dispersement method, payee

89
Q

All treasury checks payable for

A

1 year but can reissue

90
Q

Defence authorization act of 2010 mandated this for financial audit improvements

A

Financial improvement and audit remediation plan (mandated by 2017)

91
Q

Do not pay initiative

A

Database of source data showing contractors that owe debt; NOT A LIST

92
Q

Which entities hold Dispersing Office (DO) functions

A

Militray holds their own while the rest of gov is through Treasury

93
Q

Civilian Pay Policies and Procedures

A

Volume 8

94
Q

Contractor can request advance payment if

A

Gives adequate security, is in public interest, only up to contract price; also must be in the contract

95
Q

DOD Financial Management Structure chain

A

USD Comptroller directs DFAS (Defense Finance and Accounting Service) - the accounting entity for DOD

96
Q

What are exceptions to using EFT

A

Vendor express - Commercial entities join this electronic pay network; Governemnt purchase cards; Card Aquiring Service (CAS) like Visa or mastercard

97
Q

Quesionable payments handled by

A

GAO

98
Q

Types of vendor payments

A
  1. 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)
99
Q

Continuing Resolution for authority for multi year

A

carry over authority is subtracted from CR portion

100
Q

Act exempts promotion of individual for gov purchases

A

Gov employee incentive awards act

101
Q

Undistributed Dispersements

A

Federal funds that have been paid but are not ID’d to a specific organization. Placed in suspese account

102
Q

Current Ratio

A

Working capital. Current Assets / Current Liabilites. DOD desires 2:1 ratio

103
Q

General lockbox network

A

a collection and processing service provided by certain financial institutions to help gov process checks and remittance docs

104
Q

Three components of IPAC system

A
  1. IPAC 2. Retirement and Insurance Transfer System (RITS) 3. Treasury Recivable accounting and collection system (TRACS)
105
Q

Fraud or False claims handled by

A

Dept of Justice

106
Q

Daily statement of accountability

A

DD 2657 (7 for seven days a week) DD since DO does them

107
Q

Non Severable Services

A

Cannot be separated into increments. Entire amount Obligated at onset. Training is non severable usually

108
Q

Quick Ratio

A

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

109
Q

Undeliverable Check

A

attempted to deliver 60 days. Dispose and document on SF-1098

110
Q

Civilian special pay is for

A

if employee underpaid by more than 10% they can request SPECIAL paycheck. If less than this, it will be made up in next paycheck

111
Q

ADAs reported to

A

POTUS through congress,OMB and comp general

112
Q

_____ must be notified of debts no later than _____ days

A

Debt Management office (DMO), 90 days

113
Q

Federal Accounting Standards Advisory Board (FASAB)

A

GAAP for federal government

114
Q

This gives authority for DO to make payments for obligations

A

Disbursement Voucher

115
Q

Law requires Certifying Officers to be personally liable for wrong payment resulting from negligence

A

1996 Public Law 104-106

116
Q

Public enterprise fund type

A

revolving funds for programs authorized by law, business type ops. Tennessee valley authority, Amtrak. Businesses benefiting the people

117
Q

Types of Collecting

A

Reciepts - collections from credible accounts, Reimbursements - from property sold/services furnished, refunds- from excess payments

118
Q

Fereral GAAP Hierarchy

A

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

119
Q

What are the Federal Financial Statements (each one)

A

Balance sheet; statement of budgetary resources; statement of net cost; statement of changes in net position

120
Q

CFO Act of 1990

A

Established CFO position for 24 agencies 2. Agencies required to publish Financial statements subject to audit 3. Deputy director for management established in OMB

121
Q

Family and Medical Leave Act

A

12 Work Weeks UNPAID during 12 month period. Must exhaust personal leave first

122
Q

Federal Accounting Standards Advisory Board (FASAB) publishes these

A

SFFAC Statement of Federal Financial Accounting Concept; SFFAS Statement of Federal Finanacial accounting standard

123
Q

Reservist with no dependents ordered to annual training and assigned governement quarters is intitled to

A

Partial BAH

124
Q

Types of MIPRs

A
  1. Project Orders: can cross Fys but not extend budget authority; 2. Economy Act Orders: routine work/services recurring. Usually less than a year.
125
Q

DOD Travel Policy and Procedures

A

Volume 9; memory aid (Military and Civilian Travel)(7,8,9)

126
Q

DSSNs are assigned by ____ and include

A

Treasury; location code of specifc office, dispersing office’s identification

127
Q

Military Retired Pay

A

Volume 7B

128
Q

Two types of accounting used the US Standard General Ledger; one other type

A

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

CDFM CG Maj (12 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions