Darren's Module 3 Study Deck Flashcards
Which section of Chapter 15, Title 31 USC clarifies who may request a comptroller general decision on questions involving payments or voucher certification?
Section 3519
An over obligation or over expenditure is a violation of which part of the anti deficiency act?
31 USC 1341
A contract or obligation in advance of an appropriation is a violation of which part of the anti deficiency act?
31 USC 1341
An obligation and expenditure of funds required to be sequestered is a violation of which part of the anti deficiency act?
31 USC 1341
A contract or obligation of funds required to be sequestered is a violation of which part of the anti deficiency act?
31 USC 1341
Which one is not part of a Performance audit?
I,II and III
What is a measure of the entities ability to meet its current obligations
Current Ratio
The Statement of net cost use __________based measures
Accrual
What are the two self-balancing sets of accounts in the U.S. Government Standard General Ledger (USGSGL)?
I Only
Which financial statement shows the components of the net cost of the reporting entity’s operating for the period?
Statement of Net Cost
What are the three major functions of Finance?
I ,II and III
When must a violation of the Anti-deficiency Act be referred to the Department of Justice?
When an officer or employee is suspected of willfully and knowingly violating the Anti-deficiency Act
When must violations of the Anti-deficiency Act be reported?
Immediately when a violation becomes known
O&M appropriations have a lifetime of
1 year
Milpers appropriations have a lifetime of
1 year
What Article and Section of the Constitution state that no money shall be drawn from the treasury but in consequence of appropriations made by law?
Article I Section 9
What law required agencies to pay bills when due and pay interest?
1982 Prompt Payment Act
Who is the DOD auditor?
Inspector General
What are the standards for auditor qualifications?
I & II only
The Budget and Accounting Act of 1921 established the GAO (Legislative Branch) to audit financial transactions of which branch of the government?
Executive Branch
The Federal Accounting Standards Advisory Board (FASAB) was set up by what three organizations?
I,II, and III
The rule that states a fiscal year appropriation may be only obligated to meet a legitimate need arising in the fiscal(s) for which the appropriation was made is called the ________________.
Bona Fide Need
The _______audits the performance of the executive branch.
General Accounting Office
__________are part of the budget and record receipts not earmarked by law for a specific purpose, such as almost all income tax receipts.
General Funds
The Federal accounting framework includes three accounting systems ________, ________, &_______.
Budgetary accounting, financial accounting, & managerial cost accounting
The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for assets is _____________.
1000
True or False? The Foreign Currency Fluctuation reports are the DD-Comp (1751) Foreign Currency Fluctuations, Construction Defense and DD-COMP (1506) Foreign Currency Fluctuations, Defense.
TRUE
The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for Gains and losses is _____________.
7000
The Proprietary Accounting equation is___________.
Assets=Liabilities + Net Position
The quotient of two numbers which allows the manager to assess the behavior over a period of time is called__________.
Ratio analysis
The ____________issues standards for state and local governmental, not for profit entities.
Government Accounting Standards Board
The ____________ is calculated by taking net profit divided by sales.
Net Profit Margin Ratio
_______are amounts earned and collected from the selling of goods and services and must be approved by ____________.
Reimbursements; Under Secretary of Defense (Comptroller)
The military pay is always calculated on a _______month.
30
All of the following are examples of military allowance EXCEPT.
Bonsus payments
The ___________ activities are designed to ensure the executive branch’s accountability to the Congress under the Constitution and the government’s accountability to the American people.
General Accounting Office
The ________ or revenue and expense statement, presents the financial results of activities of the reporting entity for the fiscal year including revenues and other financial sources such as approtriations, and operating expenses.
Statement of Operations and Changes in Net Position
No premium payments may or compensatory time may be granted to an employee whose basic rate of pay is greater than the maximum rate for a ______.
GS15
The ______ account represents the authorized amount of cash advanced by disbursing officers and held by Agency cashiers at personal risk.
Imprest Funds
For the first time the _______, required annual audited financial statements for the United States Government.
Chief Financial Officers Act of 1990 as amended by the Government Management Reform Act of 1994
The __________ shall be responsible to provide accounting and reporting support for the military departments, validate final reports, and provide certifications in support of DoD component customers.
Defense Finance and Accounting Service (DFAS)
The ________ is the board/entity established to create generally accepted accounting principles for federal financial reporting entities.
Federal Accounting Standards Advisory Board
The approved accounting principles announcements published by the Federal Accounting Standards Advisory Board are called__________.
Statements of Federal Financial Accounting Standards (SFFAS)
Fixed assets are those that are used in the production of other assets and have a useful life of more than __________ years.
2
The ________shall establish appropriate internal controls to ensure that data provided to DFAS is accurate complete, and supportable.
DoD Components
All debts and amounts resulting from the occurrence of any event for which a determination is made that money is owed to US government shall be as a __________________
accounts receivable
Which report discloses the financial results of activities, including revenues and other financing sources, and operating expenses.
Standard Form 221 (Report on Operations)
Upon implementation of agency reporting via the Federal Agencies’ Centralized Trail-balance System (FACTS), whcich reports will be replaced and become obsolete. FACTS replaces _____, _____, ____, & ______?
SF 220 Statement of Financial Posistion ; SF221 Statement of Operations; SF 222 Cash Flow Statement; & SF 223 Statement of Reconciliatin
What are the two self-balancing set of accounts in the U.S. Standard General Ledger (USSGL)?
Budgetary and Proprietary
Which statement is designed to report the differences in accrual based measures in the Statement of Net Cost and obligation based measures of the Statement of Budgetary Resources?
The statement of Financing
Which agency updates Title 2 to include new standards and formulates and implements Generally Accepted Government Auditing Standards (GAGAS) that are to be used by government auditors in performing financial statement audits.
GAO
While the SFFASs cover most Federal transactions, agencies may encounter some transactions not clearly addressed by the standards. What is the hierarchy for determining the appropirate accounting interpretation?
1) Standards published by OMB; 2) Interpretations of OMB’s Circular A-134; 3) Requirements of OMB Form and Content Bulletin (97-01); 4) Accounting principles published by other authoritative standard -setting body
What kind of appropriations are funds for projects or programs that take longer than one fiscal year to complete. Research, Development, Test and Evaluation (RDT&E) funding is an example.
Multiyear Appropriations
What is the time limit in years for DoD appropriation for Operation and Maintenance and Military Personnel?
1 year
_________ is the name of the electronic system used to report disbursements and collections on a daily basis to the Treasury.
Ca$h-Link
True or False: Each transaction conducted by an officer, agent or employee of the government of the US MUST be evidenced by a written or printed signed document or series of documents that together form a complete record of the transaction.
TRUE
The Major functions performed by the disbursing offices are __________-
Paying and collection
_________ is a collection creditable to the Treasury Department miscellaneous receipt accounts or other accounts or funds as authorized by ledislation.
Receipts
_________ refers to a situation, clearly stated in a contract, when the contractor is authorized to certify that the goods have delivered.
Fast Pay
Formal certification that the goods or services have been received is called________
Actual Acceptance
The term ______ refers to any when the amount of the check is greater than the amount report by the Disbursing Officer or if the check is greater than the amount the payment voucher shows as due.
Check Issure Overdraft
Which answer is NOT a function of the Accountable Official or Individual?
Returning Unpaid and incomplete voucher
True or False? The three controls for safeguarding assets are the Separate and secure storage, inspection of security and system access.
TRUE
________ is the wide range of financial functions that are conducted using electronic communications and data processing.
Electronic Commerce
Disbursing Officers must maintain copies of vcouchers, records and other supporting documentation for a period of not less than_____.
1 yr
How many hours of continuing professional education must an auditor complete __________ (a) each two years and what is the minimum in any of the years _________(b)?
80 (a) and 20 (b)
The __________ phase of a Government Audit begins by gathering audit evidence. Evidence should be sufficient competent and relevant to support findings.
Review
Audits that provide an objective and systematic examination of evidence for the purpose of providing an independent assessment of an organization is called_____________________.
Performance Audits
Audits that determine if resources are protected or used them in the best manner possible is a _______.
Performance Audits, Economy and efficiency
_________ in auditing means using sound judgment in establishing scope, methodology and testing procedures.
Due professional care
True or False? Follow-up is required to determine if material findings have been corrected from previous audits.
TRUE
True or False? Obtaining evidence in adequate amounts so that an auditor of similar experience may reach a similar conclusion is called using due professional care.
TRUE
_________ evidence pertains to evidence that is the best available.
Competent
___________ is (are) available for payment and obligation adjustment from years 2-6; FY remains and appropriation integrity required.
Expired
___________ appropriations is (are) available for payments and obligation adjustment from years 2-6; Fy remains and appropriation integrity required.
Expired
Over obligation of an appropriation or funds and obligations or contracts in advance of an appropriation is a violation of_______________.
31,USC 1341(a)
The _________ governs the congressional budget, defines key budget terms and establishes house and senate budget committees and the Congressional Budget Office.
Congressional Budget Act of 1974
_____________ is the shift from one purpose or activity to another between different appropriations.
Transfer
The amount of obligational authority transferred from one agency bureau or account that is set aside in a transfer appropriation account to carry out the purpose of the parent appropriation or fund is a(n) _________.
Allocations
__________is (are) the system that measures and controls the use of the resources according to the purposes for which budget authority was enacted and that records receipts and other collections by source.
Budgetary Accounting
_________ is the shift from one purpose or activity to another within different appropriations.
Transfer
True or False? Not knowingly or willfully committing a violation of the Anti-Deficiency Act does not, by itself, justify a decision to not impose disciplinary action against the individual.
TRUE
An audit to determine if there is idleness or overstaffing would be __________.
Performance (economy & efficiency)
______________ are the organization, policies, and procedures used to reasonably ensure that certain events take place.
Management Controls
The three forms that a statement of reasonable assurance must take are:
Unqualified, qualified, no assurance
True or False? For no year and unexpired multiyear contracts, apportioned recoveries of prior year obligations are available for new obligations.
TRUE
The Management Control Program, DoD Instruction ___________states that each DoD component shall develop a Management Control Program.
5010.4
__________ are those procedures used to determine through observation, examination, verification, sampling, or other procedures whether management control systems are working as intended (in accordance with management control objectives.
Testing
True or False? One goal of theFederal Managers Integrity Act is to establish internal controls that make it easier to determine misuse and waste of agency funds or property and to assure the accountability of assets.
TRUE
_____________ should assess the quality of performance over time and ensure that the findings of audits and other reviews are promptly resolved.
Monitoring
The budgetary resources that are available for new obligations for 1 year or less are called ________.
Annual Authority
__________ is the system that measures and controls the use of the resources according to the pruposes for which budget authority was enacted and that records receipts and other collections by source.
Budgetary Accounting
The __________ governs the congressional budget, defines key budget terms and establishes house and senate budget committees and the Congressional Budget Office.
Congressional Budget Act of 1974
The appropriation time line for Operation and Maintenance is ________.
1
______________ is any form of organization procedure or document flow that is being relied on to accomplish a control objective.
Control Technique
The appropriation time line for Operation and Maintenance is ________.
1
________ is available for payments and obligation adjustments from yeary 2-6; FY remains and appropriation integrity required.
Expired
The appropriaton time for Military Personnel is ____ years.
1
Joint Financial Management Improvement Program (JFMIP) conducts a continuous program for improving accounting and financial reporting in the Federal Government. The JFMIP includes what three agencies?
OMB,GAO, & Department of Treasury
Which of the following entries occur when an obligation issued but and are not delivered, no advances or prepaid?
Budgetary Entry Only
Which section of Chapter 15, Title 31 USC deals with payments of obligations?
Section 1553
Acceptance of voluntary services is a violation of which part of the anti deficiency act?
31 USC 1342
Which one is not part of a financial audit?
I, III, and IV
The current assets divided by the current liabilities is know as
Quick Ratio
What report shows the components of the net cost of the reporting entity’s operation for the period.
Statement of Net Costs
Which of the following is not a section of the Statement of Budgetary Resources?
Net Costs of Operation
The Statement of Budgetary Resources uses _________based measures
Obligation
In proprietary accounting, assets equal liabilities plus what?
Net Position
Debt collection includes collection of debts from:
I, II and III
How long do annual appropriations remain available for obligation?
One year
Operation and Maintenance is an example of what type of appropriation?
Annual
To whom must the agency head provide information in the event of a violation of the Anti-Deficiency Act?
The President through the director of OMB and the Congress
Which of the following is not an example of Specific Internal Controls?
Control objectives
RDT&E appropriations have a lifetime of
2 years
The main purpose(s) of the Chief Financial Officers Act is(are) to:
II only
The federal accounting framework includes which three accounting systems?
I, III, & IV only
What law required apportionment, allocation systems, expanded required anti-deficiency reporting, mandated principles and standards and established JFMIP?
1950 Budget and Accounting Procedures Act
What law strengthened the ability of government agencies to collect receivables?
1982 Debt Collections Act
What is an essential element of public accountability and control?
Auditing
The GAO standards are known as
I, II, & III only
The GPRA requires agencies to define goals, set performance targets, and report what?
Actual Performance
What term is used to describe Federal government funds that have been paid but have not yet been identified to a specific organization?
Undistributed
Which of the following entries occur when an apportionment is reviewed and approved by OMB?
Budgetary Entry Only
Which of the following entries occur when an allotment is issued by appropriate agency official?
Budgetary Entry Only
Which of the following entries occur when a commitment is recorded in the accounting records?
Budgetary Entry Only
The accounting entity for DoD that maintains a central general ledger to account for DoD resources, determines cost operations, is _______
Defense Finance Accounting Services
A MIPIR maybe used as a __________ or__________ and __________cross fiscal years.
Project Orders, Economy Act Orders: may
The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for Net Position (Capital) is _____________.
3000
__________consist of receipts for Federal fund receipts that laws have earmarked for specific purposes and associated appropriation accounts for the expenditure of the earmarked receipts.
Special Funds
The ___________ assists the President in preparation (A11) and execution (A34) of the budget.
Office of Management & Budget
The Budgetary accounting equation is ________________.
Resources = Status of Resources
Items intended to be used by entity, tangible assets and not intended for sale are considered_______.
Plant, Property & Equipment
The measurement of an entity’s ability to meet its current obligations is called________. It is a measure of liquidity.
Current Ratio
The _________is calculated by taking sales and subtracting the cost of goods sold and dividing that amount by sales.
Gross Margin Profit Ratio
When adaquate written criteria is not available for the conduct of an audit it is not appropriate to develop criteria for the audit.
FALSE
If a payable, under $100.00, owed by the government and not billed within ________ or if the amount is over $100.00 and documentation exists that at least ___ written attempts have been sent, the item is written off and deobligated.
90 days; 2 written attempts
The _________ or Balance Sheet presents assets, liabilities, and equity of the DoD component as of the end of the Fiscal year.
Statement of Financial Position
The authority to review and approve financial reports and statements prepared by DoD components for transmittal to the Secretary of Defense, the OMB, the President, the Congress or external groups is that of the______.
Chief Financial Officer, DoD
The ________ account represents the amounts received for which a deposit has not been issued by the US Treasury.
UnDeposited Collections
True or False? Plant, Property and equipment for DoD represents items such as buildings, land, ships and planes which are capitilized and depreciated over at least a 10 year period.
FALSE
Under federal statues, DoD employees are not allowed to work longer than 8 hour work days even if the combined total of the two week period is only 40 hours.
FALSE
The maximum amount of time that may be given to a full-time employee for a single achievement is ____ hours.
40
The _____ and the ________ shall be submitted as of Sept 30th of each year.
Standard Form 221 (Report on Operations) and Standard Form 222 (Report on Cash Flows)
Any cost that can be identified specifically with the debt collection process and at least one other activity is a ___________________.
Indirect Costs
As a rule, operating materials and supplies shall not exceed the amount expected to be used within a ________ time period unless properly justified.
30
True or False? Advances and prepayments for goods and services are not authorized under any circumstances.
FALSE
What type of funds are from the sale of goods and services to DoD military and civilian personnel and their family members?
Non-Appropriated Funds
Which agency implements an approved standard by publishing the standard and updating 97-01 (Form and content of Financial Statements)? The published standard become Federal GAAP and must be followed by Federal agencies.
OMB
What kind of appropriations do not expire. Unless specified in the appropriation, there is no limit to the number of years for which the appropriation is available.
No-Year Appropriations
What is the time limit in years for DoD appropriation for Research, Development, Test and Evaluation (RDT&E)?
2 year
