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CDFM CG Maj > 3.3 and 3.4 final > Flashcards

3.3 and 3.4 final 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 ofr EXECUTIVE branch

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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

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26
Q

Significant accounting principles and policies used by the organization published in

A

footnotes

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27
Q

Managerial Accounting standards including WCF located where

A

SFFAS #4; Statement of Federal Financial Accounting Standards

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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)
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29
Q

Represents DOD on the Chief Financial Officers Council

A

DEPUTY CFO

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30
Q

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

A

in order to control, summarize and report results

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31
Q

Prepares summarized financial reports for DOD

A

DFAS

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32
Q

General Fund Type

A

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

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33
Q

In order to accept reinbursable work an agency must

A

include the estimated amount of receipts in budget request

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34
Q

Foreign military sales go into what type of fund

A

Trust Fund

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35
Q

What fiscal year do you pay judgment fund

A

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

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36
Q

A commitment require signature of _____ who has ______

A

official responsible for administrative control and has FIDUCIARY certification

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37
Q

PCS costs obligated when

A

orders issued

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38
Q

Military and Civ pay obligated when

A

beginning month it is earned

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39
Q

Which cannot cross Fiscal Years (Economy or Project)

A

Economy Act Orders therefore DEOBLIGATED when approp expires

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40
Q

Propietary and Bugetary USSGLs

A

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

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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)
61
Q

Lasting impact of CFO Act

A

Took financial management from “backroom function” to “boardroom function”

62
Q

Strategic long-term plan to produce the audited financial statements

A

Financial Improvement and Audit Remediation Program (FIAR); get audit ready

63
Q

FIAR strategy waves

A
  1. Appropriations received audit 2. Statement of budgetary resources (includes funds balance w/ treasury) 3. Mission Critical Asset Existence and completeness audit 4. Full Financial statement audit
64
Q

Goal of FIAR

A

get an unmodified opinion

65
Q

Wave 2

A

Statement of budgetary resources - internal controls, systems and supporting docs that will be in audit scope

66
Q

Wave 3

A

Mission Critical Assest existence and completeness - What assets do we have and are their valuations correct

67
Q

Wave 4

A

Full financial statements audit - bringing it all together and reconciling disconnects between accounts that should match

68
Q

Can government contract out audit

A

Yes, if government…1. Don’t have the expertise 2. Don’t have the people

69
Q

GAO General Standards for Audit

A
  1. Audior Independence 2. Auditor Professional Judgement 3. Auditor competence 4. Quality Control and Assurace
70
Q

Auditor Independence

A
  1. Independence of Mind - No bias 2. Independence of Appearance -
71
Q

Three impairments to auditor independence

A
  1. Personal 2. External 3. Organizational
72
Q

Auditor Professional Judgement question

A

Exercise reasonable care, maintain integrity and objectivity, carefully select methodology and procedures, exercise skepticism, obtain reasonable but not absolute assurance

73
Q

Auditor Competence

A
  1. Team collectively posseses prof comp 2. 80 hours of eductaion every 2 years
74
Q

Quality control and assurance

A
  1. INTERNAL system of quality control 2. EXTERNAL peer reviews every 3 years
75
Q

DOD Inspector General Reports to

A

SECDEF

76
Q

Federal Inspector Generals comply with Comptroller General Standards and serve as independent and objective official in DOD

A

Inspector General Act of 1978

77
Q

DOD Inspector General does what

A

Investigates and audits DOD programs

78
Q

Guidance in DOD supplements the Yellow Book

A

DOD Audit Handbook

79
Q

Who do DOD Audit organizations report to

A

Secretary of the DOD component

80
Q

GAO is headed by the

A

Comptroller General, reports to congress

81
Q

Types of audits

A
  1. Performance Audits 2. Financial Audits 3. Attestation Engagements
82
Q

Defence Contract Audit Agency reports to

A

USD (comptroller). All contract auditing, accoutning and financial advisory services for DOD

83
Q

Financial Audits

A
  1. Financial info in accordance with established criteria 2. Adhered to financial complicane requirements 3. Internal controls
84
Q

Performance Audits

A

Assessment of 1. program efficiency, effectiveness 2. Internal controls and 3. Compliance with laws; state consequences of these not being met

85
Q

Non-audit services

A

Other consulting type actions: Forecasting program outcomes, developing methods, investigative work

86
Q

Non-audit services restrictions

A
  1. Should not involve performing management functoins 2. audit organization should not audit their own work.
87
Q

Overall Audit Plan

A
  1. Check regulatory and statutory requirements 2. management/congressional concerns 3. High-risk areas
88
Q

If an auditor comes in and find out they have broken a law it goes to…

A

A partner external to the audit agency

89
Q

An auditors understanding of an agency’s internal control environment

A

Could influence the auditors plan

90
Q

Phases in a governmental audit

A
  1. Plan 2. Review 3. Report
91
Q

Audit Planning Phase

A

OSMIC (Objectives, Scope, Methodology), Internal controls, corrective action from previous audits

92
Q

Basic toll used by auditors to organize and control audits is

A

audit program (consists of plan, review, report)

93
Q

Review Phase

A

Review audit evidence and ensure 1. Sufficient and 2. appropriate materials; Especially suspect if data provided by one being audited

94
Q

What is an example of a competent form of evidence

A

A listing of cleared checks

95
Q

Audit working papers are LEAST likely to include…

A

documentation showing how management schedules are prepared (they don’t care about that)

96
Q

Audit Report Phase

A

Finacial - Unmodified, modified, disclaimer, adverse; Condition (What?) Criteria (What it should be) Effect (so what?) Cause (why)

97
Q

Which of the following is not included in a performance report

A

Areas for future audits (you never put those in)

98
Q

Who is responsible for resolving audit findings

A

Agency management

99
Q

Benefits of audit reports expressed in

A
  1. Monetary benefits -expressed in financial terms 2. Non-monetary benefits - safety, readiness, comliance, etc.
100
Q

Excess equipment NOT evaluated for value by auditor

A

should not be expressed as having a monetary value in the audit report

101
Q

Evaluating internal controls of an information system that prepares financial statements

A

What is an audit procedure

CDFM CG Maj (12 decks)

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