3.3 Accounting Flashcards
What are the three types of accounting?
Budgetary, proprietary/financial, managerial 
Where does it state in the constitution that no funds shall be drawn from the treasury
Article one section 9, clause 7 
What articles are the branches covered under in the constitution? 
The executive branch is covered under article two; article one covers the legislative branch; and article 3 covers the judicial branch. 
What are the three different financial federal statements?
The balance sheet, the statement of net cost, and the statement of change in net position 
Who does GAO work for and who do they audit?
They work for Congress and audit the executive branch - because the the executive branch implements the laws 
What does OMB stand for?
 the office of management and budget
Who does OMB work for
The executive branch they are the RM for the executive branch 
What three things did the budget and accounting act of 1921 establish?
OMB, GAO, and that the president must have a budget to Congress no later than the first Monday in February 
The federal managers financial integrity act of 1982 did what?
Required agencies to have set up an internal control program and report annually
What did the 1990 CFO act establish?
Required appointment of a CFO in 24 major federal agencies and required financial reports for business operations. Army must have an auditable financial program
 what are some types of government funds?
General funds, special funds, public enterprise, funds, and governmental funds 
What are the fixed assets of property plant and equip
The three categories of property plant and equipment are general. PPE heritage assets and stewardship land. 
