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CDFM CG Maj > 3.3 > Flashcards

3.3 Flashcards

1
Q

Act Established the GSA

A

1949 Federal Property and administrative services act

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2
Q

Bugetary accounting

A

Relates to flow of funds. Apportionments, Obligations, Outlays etc

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3
Q

Proprietary Accounting

A

Accounts for assets and liabilities like private businesses

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4
Q

Government Management and Reform Act 1994

A

Amended CFO Act; agencies must turn in AUDITED Financial Report March 1st

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5
Q

Federal Financial Statements

A
  1. Balance Sheets 2. (statement of budgetary resources for DOD) Statements of Operations 3. Statements of Net Cost 4. Changes in net position
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6
Q

1921 Budget and Accounting Act

A

Established GAO to audit Executive Branch. Established Bereau of Budget (OMB), President annual budget

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7
Q

1982 Federal Managers Financial Integrity Act

A

FMFIA; Internal controls and report annually

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8
Q

GPRA Modernization Act of 2010

A
  1. Apply latest technologies 2. produce FREQUENT, RELEVANT DATA better inform decision makers, 3. Assign Performance Improvement Officers (PIOs) and Performance Improvement Council (PIC). 4. MANDATED 4 year strategic plans and ANNUAL performance plan tied to funding then ANNUAL performance REPORT to Potus/congress
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9
Q

Government Performance and Results Act 1993

A

Improve Federal Program and Effectiveness and PUBLIC accountability

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10
Q

Government management reform act of 1994

A

Direct deposit of wages required AUDITED Financial Statements due 1 March following end of FY

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11
Q

Required annual Financial Report; Required AUDITED annual Financial report

A

1990 CFO Act; Government Management Reform Act 1994 (GMRA)

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12
Q

1996 Federal Financial Management Improvement Act

A

Requires Managerial Cost Accounting;

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13
Q

2002 Accountability of Tax Dollars Act

A

Audited Financial statements for ALL Executive Branch

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14
Q

2010 National Defense Authorization Act

A

DOD financial statements be ready for audit by 30 September 2017; gave them some time

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15
Q

OMB with regard to Accounting

A

OMB Conducts continuous program for improving accounting and financial reporting in Federal Gov

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16
Q

GAO with regard to auditing

A

An AGENT of CONGRESS; audits financial performance of Executive Branch, overseas executive branch implementation of legislation; “watchdog of congress”

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17
Q

Federal Accounting Standards Advisory Board (FASAB) established by

A

Comptroller General (GAO), Secretary of Treasury, Director of OMB

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18
Q

Federal GAAP comprised of

A

Statement of Federal Accounting CONCEPT, Statement of Federal Financial Accounting STANDARD

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19
Q

OMB Circular A-136

A

Implementation and procedures of the standards of federal financial accounting.

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20
Q

GAGAS

A

Generally Accepted Government AUDITING standards; formulated by GAO; guidance for government auditors

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21
Q

Maintains general ledger for DOD

A

DFAS

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22
Q

Maintains general ledger for US Government

A

Department of Treasury; consolodates all financial statements

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23
Q

_____ states objectives of Federal Financial Reporting which are _____

A

SFFAC No. 1 - 1.Budgetary Integrity 2. Operating Performance 3. Systems and Control 4. Concept of Stewardship

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24
Q

Concept of stewardship

A

Government’s duty to be publically acountable for monies

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25
Q

Other relevent information that is not dollars

A

Supplemental Information

26
Q

Significant accounting principles and policies used by the organization published in

A

footnotes

27
Q

Managerial Accounting standards including WCF located where

A

SFFAS #4; Statement of Federal Financial Accounting Standards

28
Q

USD Comptrolloer duties related to accounting

A
  1. Principle advisor to Secretary for budgetary and fiscal 2. CFO for DOD 3. Formulates FM policies (7000.14r) 4. Directs DFAS and Defence Contract Audit Agency (DCAA)
29
Q

Represents DOD on the Chief Financial Officers Council

A

DEPUTY CFO

30
Q

General ledger classifies all financial transactions such as assets, liabilities, net income…

A

in order to control, summarize and report results

31
Q

Prepares summarized financial reports for DOD

A

DFAS

32
Q

General Fund Type

A

Almost all income tax receipts; appropriations come from the general fund; NOT earmarked by law

33
Q

In order to accept reinbursable work an agency must

A

include the estimated amount of receipts in budget request

34
Q

Foreign military sales go into what type of fund

A

Trust Fund

35
Q

What fiscal year do you pay judgment fund

A

When the court makes the decision, not when person first raises it

36
Q

A commitment require signature of _____ who has ______

A

official responsible for administrative control and has FIDUCIARY certification

37
Q

PCS costs obligated when

A

orders issued

38
Q

Military and Civ pay obligated when

A

beginning month it is earned

39
Q

Which cannot cross Fiscal Years (Economy or Project)

A

Economy Act Orders therefore DEOBLIGATED when approp expires

40
Q

Propietary and Bugetary USSGLs

A

Each have one and they are independently self-balancing (debits = credits)

41
Q

USSGL code for Budgetary

A

Code 4000

42
Q

Key equation for Budgetary Accounting what form

A

Resources(Debits) = Status of Resources (Credits); Status side reflects flow of funds. Statement of budgetary resources

43
Q

Key Propriety accounting equation

A

Assets (1000)= Liabilities (2000)+ Net Position (3000)

44
Q

Key Net Cost of operations equation

A

Expenses - Exchange Revenue = Net Cost Operations (or Net Operating Cost)

45
Q

What is the basis for recording an accounting entry

A

A receiving report DD250

46
Q

Propriety entry is made when you have

A

Received something of value; Just shuffling funds around (such as apportionment, commitment) is budgetary only

47
Q

Fund Balance with Treasury USSGL number

A

Code 1010

48
Q

Payment of invoice

A

Proprietary entry (Debit - Accounts payable) (Credit - Fund balance with treasury)

49
Q

Accounts payable are debited when

A

When the invoice is paid

50
Q

Who certifys final closed books for components

A

Service components comptroller and then they send to DFAS for consolidation

51
Q

What is the Capitalization threshold

A

$250k

52
Q

Acquisition value of PPE

A

amount paid for asset (or Fair market value), transportation, installation and other related costs of obtaining asset and preparing for use

53
Q

How are weapons system reflected

A

Same as PPandE, listed on balance sheet, but ammo is OandM

54
Q

Hertiage assets vs Multi-use heritage assets reporting difference

A

Heritage assets not valued or depreciated. Multi-Use ARE Valued,depreciated, listed on balance sheet

55
Q

If the purchase price is not known

A

a cost estimate can be used

56
Q

For fixed assets, the amount expected to be recovered from asset disposal is called

A

residual value

57
Q

Excess obsolete and unserviceable inventory should be valued on financial statement at

A

net realizable value

58
Q

Statement of net cost is ________ based

A

accrual based acconting

59
Q

Bugetary accounting is __________ based

A

obligation based accounting

60
Q

Full cost in Managerial Accounting is

A
  1. Direct Costs 2. Indirect Costs 3. Intra-entity costs 4. Inter-entity costs (aka inputed costs)

CDFM CG Maj (12 decks)

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