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
This requirement in a disbursing office must be prepared to deposit all currency coins and negotiable instruments to the credit of US Treasury. The ________ is used to verify the deposit of funds with the related collection vouchers.
Deposit Ticket, SF 215
A(n) ________must be prepared for each DSSN each month whether or not any transactions occur. This report must balance with the DD2657.
Statement of Accountability, SF 1219
The 3 major requirements performed by a Disbursing Officer are maintaining records, using electronic commerce and ___________.
Reporting
Who other than the accountable official and disbursing officer is responsible for any wrong payment or over obligation resulting from negligence of their duties?
Certifying Official
True or False? Only the Disbursing officer and cretifying officer can have personal and pecuniary liability for their actions in financial transactions.
FALSE
Accountable individuals are not held personally and peculiarly liable for their acts involving the expenditure of public funds when the improper or erroneous payment was made by a dupty, agent or cashier.
FALSE
________ is a recoupment of a payment made in error.
Refund
The term _______ refers to any irregularity in the financial accountability of the Disbursing Officers account.
Out of balance
True or False? When considering the President’s Budget proposal the Congress may modify but may not remove or eliminate programs.
FALSE
_____ is when receipt and acceptance documents have been received in a timely manner and it is not later than 7 calendar days after delivery of goods or performance of services.
Constructive Acceptance
True or False? All US Treasury Checks are payable up to 5 years after the date of delivery.
FALSE
______ is the system established to standardize the interagency billing and adjustment procedures through a telecommunications network.
Government On-Line Accounting Link System (GOALS)
Initiating program performance reform with a series of pilot projects, setting program goals, measuring program performance against those goals, and reporting publicly on their progress are all goals of the ________.
Government Performance and Results Act
The ______prohibits set-based wage discrimination between men and women in the same establishment who are performing under similar working conditions.
Equal Pay Act
The ________phase of a Government Audit defines the scope and methodology to provide sufficient competent and relevant evidence to achieve the audit objectives.
Planning
True or False? An internal audit organization provides absolute assurance that waste, fraud and abuse will not occur.
FALSE
The GAGAS standard for auditors that states that, “In all matters relating to the audit work, the audit organization and the individual auditors whether Government or public should be free from personal and external impairments” is called___________.
Independent
The type of audit that determines whether the entity is acquiring and using resources economically and efficiently, within applicable laws and if they are achieving the desired results is called ________.
Performance Audit
Evidence may be categorized as :
Physical, documentary, testimonial, and analytical
Auditors ________ should provide sufficient information to enable an experienced auditor with no prior connection to the audit to come to the same conslusion regarding conclusions and judgements.
Working Papers
An auditor should have _______, _______, _______ evidence. In other words they should have an adequate amount of the best available and pertinent evidence available.
Sufficient, Competent, Relevant
True or false? Auditors are required to gain an understanding of all management controls of an activity they are auditing.
FALSE
True or false? Auditor’s should continue to conduct interrogations of potential violators in cases when clear evidence of theft has occurred.
FALSE
Using actual copies of invoices vice the use of “hear say” is an example of obtaining __________evidence.
Competent
Using information that pertains to the audit objective or audit step is called ________ evidence.
Relevant
Which of the fact is not an element of report presentation according to auditing standards.
Report should be short
An audit to determine if the program has met the requirement of expediting the procurement of items and whether items obtained using the program were allowable under applicable guidelines would be considered a _________ audit.
Performance Audit
The appropriation time line for R&D is __________ years.
2
___________ appropriations is (are) no longer available for adjustments or payments, any adjustments will be charged to current same appropriation (1% max) (occurs after year 6).
Cancelled
The 2 provisions of the US constitution that provides the under pinning for the budget process are______.
Article 1 Section 8 clause 1, Article 1 Section 9 Clause 7
True or False? Article 2 section 8 empowers Congress to collect taxes and Section 9 requires appropriations in law before money can be spent from the Treasury.
FALSE
Over-obligations of apportionments, allotments or other subdivision of funds is a violation of ____________.
31,USC 1517
True or false? A working capital (Revolving) fund or part of that fund cannot violate the Anti Deficiency Act.
FALSE
True or False? For expired accounts recoveries of prior year obligations are available for new obligations incurred in current fiscal year.
FALSE
________ is no longer available for adjustments or payments any adjustments will be charged to current same appropriation (1% max) (occurs after year 6).
Cancelled
The Sec Def must receive a signed statement of material weaknesses from each principle DoD component by _________.
15 Nov of each year
The formal program management control was established in DoD with the _____________.
Federal Manager’s Financial Integrity Act of 1982
_________ weakness is one that is recognized by a functional proponent as occurring in several other components because of the components’ ineffective implementation or failure to adequately identify or define the internal controls required.
Systemic Control
The time frame of investigations of potential violations of the Antideficiency Act, including submission of the final report to the Under Secretaryl of Defense Comptroller is ______ months.
9
The 2 provisions of the US constitution that is the foundation of the budget process are ___________.
Article 1 Section 8 clause 1, Article 1 Section 9 Clause 7
Management control should provide for an assessment of the risks that the agency faces from both external and internal sources. This is Called________.
Risk Assessment
Agencies are responsible for maintaining a system of accounting and internal controls to avoid violation of the _________________.
31 USC 1341, 1342, and 1517, (Anti-Deficiency Act)
The _________ prescribe rules and procedures (including sequestration) designed to constrain spending and receipts legislation. When originally enacted, the act was known as the Gramm-Rudman-Hollins Act.
Balanced Budget and Emergency Deficit Control Act of 1985
The budgetary resources that are available for new obligations for 2 or more fiscal years are called_______.
Multiyear Authority
________ is no longer available for adjustments or payments. Any adjustments will be charged to current same appropriation (1% max) (occurs after year 6).
Cancalled
A form of budget authority provided by law that permits Federal agencies to incur obligations and make payments out of the Treasury for specified purposes is __________.
Appropriation
The 2 provisions of the US constitution that provides the foundation for the budget process are______.
Article 1 Section 8 clause 1, Article 1 Section 9 Clause 7
When a contractor has a confirmed debt outstanding to the government, Disbursing Offices are to ______ for subsequent work or orders.
Withhold payment if the vendors name appears on the Hold-Up-List
The _______allows for the use of 104 hours of sick leave even though the employee is not sick.
The Family Friendly Leave Act
Which of the following entries occur when goods and or services are delivered and accepted, liability established expended appropriations unpaid and recorded?
Both Proprietary and Budgetary Entries
Which of the following entries occur when payment is made?
Both Proprietary and Budgetary Entries
Which section of Chapter 15, Title 31 USC deals with appropriations?
Section 1511
Over obligation or over expenditure of an apportionment or reapportionment is a violation of which part of the anti deficiency act?
31 USC 1517
Over-obligation or over expenditure of an allotment or sub allotment is a violation of which part of the anti deficiency act?
31 USC 1517
Over obligation or over expenditure of other administrative sub divisions of funds is a violation of which part of the anti deficiency act?
31 USC 1517
Which of the following is not on the Statement of Changes in net position
total outlays
The aggregate amount of an entity’s funds in the Treasury is in what account?
Fund Balance with Treasury
What is the primary organization in DOD with the responsibility for Finance requirements?
DFAS
What are the numbers called that are used for disbursing identification purposes?
Disbursing Station Symbol Number - DSSN
RDT&E is an example of what type of appropriation?
Multi-Year
Apportioned recoveries of prior year obligations are available for new obligations in:
III & IV Only
What type of budgetary resources remain available for new obligations for two or more fiscal years?
Multi-Year Appropriations
Which of the following is not an example of General internal controls?
Documentation
Procurement appropriations have a lifetime of
3 years
What is the term for an administrative reservation of funds?
Commitment
What law established the GAO and the Bureau of the Budget (now called the OMB)?
1921 Budget and Accounting Act
What law required agencies to report annually any aspect of their accounting systems not conforming to GAO’s principles and standards?
1982 Federal Managers Financial Integrity Act (FMFIA)
What are the two types of internal controls?
II & III only
An officer or employee shall be subject to appropriate discipline for violating the Anti Deficiency Act, but what determines the severity of the punishment?
Whether or not the act was willful
What term is used in SFFAS #4 to describe the process of accumulating, measuring, analyzing, interpreting and reporting cost?
Managerial Cost Accounting
Which of the following entries occur when an Appropriation is signed into law and a treasury warrant is issued ?
Both Proprietary and Budgetary Entries
The regulation that is composed of 15 volumes and provides DoD components with the policy and procedures within the responsibility of the Under Secretary of Defense (Comptroller) is the__________
The DoD 7000.14R, Financial Management Regulation (FMR)
_______are revolving funds used for programs authorized by law to conduct a cycle of business-type operations in which outlays generate collections.
Public Enterprise Funds
The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for Memorandum is _____________.
8000
The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for Revenues and Financing Sources is _____________.
5000
The _________ is the federal government banker. They manage the balances and flow of funds required to support the government.
Department of the Treasury
The process of accumulating, measuring, analyzing, interpreting and reporting cost is called_________.
Managerial Cost Accounting
The test of an entity’s immediate solvency is made by comparing the sum of cash and accts receivable commonly known as the quick assets to current liabilities is known as ______________. It is also known as the acid-test.
Quick Ratio
The _________ is calculated by taking sales and subtracting the cost of goods sold.
Gross Margin
The ______ is the investigative arm of Congress.
General Accounting Office
The American Institute of Certified Public Accountants governing Council voted to recognize the ___________ as the standards-setting body for federal government entities.
Federal Accounting Standards Advisory Board (FASAB)
The ______account represents the net funds available to DoD that are not yet deposited in the US Treasury or are not considered an asset of DoD Component.
Cash
The __________includes items that are related to the cost of producing or purchasing the goods that were sold in that accounting period.
Cost of Goods Sold
Night Differential pay is paid for employees who work between the hours of _________ and ________.
6PM to 6 AM
The Foreign Currency Fluctuations, Defense Appropriation is only available to fund___________.
A centrally managed account to cover net losses in foreign exchange rates in the selected currencies
Physical inventories of DoD fixed assets shall be done every _____years and real property every ____years.
3; 5
The _______ and the _________ must be forwarded to the Treasury no later than the close of business of the eighth workday after the close of the reporting month.
Standard Form 1219 (Statement of Accountability) and DD Form 1329 (Statement of Transactions)
Any cost that can be identified specifically with handling cases or accounts during the debt collection process. (I.e., personnel, supplies, contract services) is a ________.
Direct Costs
Foreign currencies shall be accounted for in separate accounts from US Currency and shall be reported at the ____________.
current rate of the US dollar
Normally, advance payments for services may not be made for more than a _______day period.
90
________ is a technique that allocates the cost of an item as an operating expense over the period for which the assest is expected to provide benefits.
Depreciating
The role of the _______ is to deliberate upon and make recommendations to the “Principals” (Comptroller General, Sec of Treasury, Dir OMB), on accounting principles and standards for the Federal Government and its agencies.
Federal Accounting Standards Advisory Board (FASAB)
An officer or employee shall be subject to appropirate discipline for violating the Anti-Deficiency Act, but what determines the severity of the punishment?
Whether or not the act was willful
What is the major revolving fund in DoD and replaced the Defense Business Operations Fund (DBOF)?
The Working Capital Fund (WCF)
Which financial statement shows the components of the net cost of the reporting entity’s operation for the period?
The Statement of Net Cost
Which agency updates the US Standard General Ledger to accommodate any changes required by a new standard and makes changes to the financial statement crosswalks required by changes to 97-01 (Form and Content of Financial Statements)?
Dept of Treasury
Which appropriations are funds covered by basic laws that allow the Secretary of the Treasury to pay without further enactment by Congress. Examples are interest on debt, Federal retirement, Social Security.
Permanent (Indefinite) Appropriations
What is the time limit in years for DoD appropriation for procurement (excluding SCN)?
3 year
The 3 major functions of Finance are ____________.
Communications, certification and disbursement and control
_________is an EFT program for vendors to receive funds due them for goods or services rendered to the government.
Vendor Express
________ are amounts earned and collected for property sold or services furnished to the public or to another US Government agency.
Reimbursements
The next step for collecting payment from contractors that have failed to respond to demand letters is _______________.
Hold up lists
The principle agent responsible for DoD Disbursements is __________
The Defense Finance and Accounting Service
Accuracy of time and attendance sheets is the responsibility of __________.
The supervisor
When in doubt as to whether a payment may be illegal or improper the Disbursing Officer may request a(n) _________ on the propriety of an prospective payment before certifying or paying the item.
Advance Decision from Comptroller General of the US
The term _______ refers to any time when the amount of the check is less that the amount report by the Disbursing Officer or if the check is less than the amount the payment voucher shows as due.
Check Under draft
Unresolved contractor debts of more than ________ are sent to the Department of Justice for futher action?
$100,000
Which answer is a function of the Paying Officers:
Disbursing Money as provided by certified vouchers
The timely and accurate preparation, certification and submission of time attendance records is the responsibility of ___________.
The supervisor
The _________allows for voluntary leave and transfer as long as it is not donated to an immediate supervisor.
The Federal Employees Leave Sharing Amendments Act
____ is the expression used to describe the situation in which the invoice has been paid but the signed receiving report has not been located.
Pay and Chase
Who supervisors monitors and initiates audits and investigations relating to DoD programs and operations?
The DoD IG
The ________ phase of a Government Audit includes the audit objective, the findings, and recommendations.
Reporting
The _________ benefits of an audit are those that can be classified as Funds put to better uses or Questioned Cost.
Monetary
Quality control for audits are achieved through the establishment of a _________ program to provide reasonable assurance that DoD auditors have complied with applicable auditing standards and DoD audit policies.
quality control
The minimum number of hours of continuing education an auditor must complete each year and over a two year period is _______ and ______.
20; 80
The audit organization has the responsibility for ensuring that independence is maintained, applicable standards are followed, they have adequate internal controls in place, they under go external reviews and that ___________.
The audits are conducted by auditors who all are familiar in the required skill for the particular audit but who collectively have the necessary skills
Organizations conducting audits under the GAO guidelines should have an objective external quality review at least every _________ years.
3
Auditor’s consideration of materiality is ___________.
A matter of professional judgment
Internal Controls over safeguarding assets should provide _________ regarding prevention or timely detection of wrongdoing.
Reasonable Assurance
In audit terminology a(n) ___________is that directive, order or law that determines how a process is done or presented.
Criteria
If an auditor is trying to determine if an entity is using resources economically and efficiently they are conducting an ___________.
Performance
_________ evidence is using information that is in the appropriate amount so that another reasonable and experienced auditor can reach a similar conclusion.
Sufficient
Auditors may do all of the following EXCEPT __________
Perform interrogation of possible suspect
A finding or set of findings is complete to the extent that _________.
Audit objectives are satisfied and the report clearly relates objective to the findings elements
The appropriation time line for Procurement (excluding Shipbuilding Navy Conversion) is _______ years.
3
The budgetary resources that are available for new obligations until the purposes for which were provided are carried out are called__________.
No-Year Authority
The penalty for willfully and knowingly violating the Anti Deficiency Act is _________.
Up to 2 years and a $5,000 fine or both
Acceptance of voluntary service is a violation of________________.
31,USC 1342
A(n) ________ is the shift from one purpose or activity to another within the same appropriations.
Reprogramming
__________ is the shift from one purpose or activity to another within the same appropriations.
Reprogramming
The Package that lists all of the reprogramming actions and all sources and increases is the __________.
Omnibus Reprogramming Request
________ is (are) authorizations available for new obligations for 1 year.
Current
___________ appropriations is (are) the reduction or cancellation of new budget authority; unobligated balances, new loan guarantee commitments or limitations.
Sequestration
The Package that lists all of the reprogramming actions and all sources and increases is the __________.
Omnibus Reprogramming Request
OMB Circular ___________ provides guidance on improving the accountability and effectiveness of Federal programs and operations by using management controls.
A-123
_________ is a statement on whether there is reasonable assurance that the agency’s control are achieving their intended objectives.
Statement of Assurance
A brief, written plan indicating accomplished management control evaluations, assessable units, and progress toward meeting planned requirements is called_______.
Management Control Plan
Management controls should be implemented by each manager and consistent with the (5) five standards which are:
Control Environment, Risk Assessment, Control Activities, Information and Communications, Monitoring
A material __________ in the DoD system of management controls may result from a lack of an applicable control, or more frequently, an inadequate compliance with existing controls.
weakness
The _________ establishes guidelines for reviewing internal controls.
Director OMB
The __________ prescribed rules and procedures for budget execution. Many of the specific provisions were previously enacted as Section 3679 of the revised statutes also known as the Anti- Deficiencey Act.
Chapters 13 and 15 31USC
______________ is the reduction or cancellation of new budget authority; unobligated balances, new loan guarantee commitments or limitations.
Sequestration
_________ authorization is available for new obligation for 1 year.
Current
___________ is responsible for policy oversight of a particular functional area.
DoD Functional Proponent
_________ are the policies, procedures, techniques, and mechanisms that enforce management’s directives, such as the process of adhering to requirements for budget development and execution. They help ensure that actions are taken to address risks.
Control Activities
The most authoritative source of information on the proper use of appropriated funds is a volume published by the GAO, Office of the General Councel, titled Principles of Federal Appropriation Law, Better known as ____________
The Red Book
The life of an appropriation is specified by which body of government?
Congress
Using enough information so that another experienced auditor may make similar conclusions to support findings is called using __________.
Sufficient
Which of the following entries occur when budget personnel asked contracting to provide estimate for a new computer?
Neither Proprietary nor Budgetary Entries
Which section of Chapter 15, Title 31 USC deals apportionments and the responsibility to restrict and tract obligations and or expenditures?
Section 1514
Which one is not a type of Audit Opinion
Expert
Which of the following items are not listed on the Balance Sheet
Earned Revenue
The statement of Financing is designed to report the differences between _________ and _________ based measures
Accrual, Obligation
The Statement of Financing is designed to report the differences in accrual based measures in the Statement of Net Costs and obligations based measures on what statement?
Statement of Budgetary Resources
What DOD accounting entity maintains a central general ledger
DFAS
Which is not an internal control for safeguarding resources?
Audits by GAO
Budget authority does not expire in what type of appropriation?
No Year
What type of budgetary resources remain available for new obligations until the purpose for which they were provided is completed?
No Year Appropriations
What are penalties that may be imposed for violating the Anti-deficiency Act?
I & II & III, & IV Only
SCN appropriations have a lifetime of
5 years
Milcon appropriations have a lifetime of
5 years
The expired state of all appropriations is
5 years
What does the Government Performance and Results Act of 1993 require?
I, II, III, & IV only
What law established the GSA?
1949 Federal Property and Administrative Services Act
What law required the appointment of a Chief Financial Officer in 23 major federal agencies?
1990 Chief Financial Officers Act
What are the main audit groups within the Department of Defense?
I, II, III, & IV only
Any enforceable agreement between an agency and a business concern for the acquisition of property or services is called what?
Contract
What is the major revolving fund in the DOD?
Working Capital Fund
The FMR 7000.14 volume that covers the form and content of DoD Audited Financial Statement is ___
Volume 6b
__________account for the receipt and expenditure of monies by the government for carrying out specific purposes and programs in accordance with the terms of a statute that designates the fund as a trust fund.
Trust Funds
The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for Liabilities is _____________.
2000
________ are the recovery of excess payments and are credited to _________.
Refunds; the appropriation that made the payment
An ________represents the amount of disbursements as reported by the finance networks which have not been accepted by the operating level accounting entity.
Un Distributed Disbursements
Examples of premium pay include all except ____________.
TDY pay
Compensatory time off must be used by the ________payperiod after that in which the overtime was worked. The unused comp time worked will be paid at the overtime rate at which it was earned.
26th
________ are funds that conduct business-type operations primarily between government agencies. The budget records the collections and outlays in the same account.
Intra-Governmental Funds
The _________ reconciles the operation expenses and cash outlay for the fiscal year and is reported as of ___________of each year.
Standard Form 223 (Statement on Reconciliation)
The _______ requires that all monies collected must be deposited in the Treasury, unless another law specifies a different treatment.
Miscellaneous Receipts Law
The _________ is the board/entity established to establish and improve standards of state & local governmental accounting and financial reporting that will result in useful information on financial reports and guide and educate the public.
Governmental Accounting Standards Board
The principle DoD cash account is its____________.
Amounts shown in the Fund Balance with the US Treasury
The ________shall establish procedures to ensure that the process for preparing financial reports is consistent, auditable, timely, and controls are in place to provide for the accuracy of the reports.
Director, Defense Finance and Accounting Service
Travel advances shall only be allowed absoutely necessary and shall not exceed_____ of estimated per diem costs.
80%
Accounts receivable subsidiary records should be reconciled to the control accounts_______________
at least monthly
The _____ reconciles the operating expenses and cash outlays for the fiscal year and is reported by ___________ of each year.
Standard Form 223 (Statement on Reconciliation)
The purpose of the __________ is to establish policy and procedures for approving and publishing financial statements.
OMB Circular A-134
The _________ is represents the net effect of all of a Departments collections and disbursements.
Fund Balance with Treasurly
What Act established the GAO (Legislative Branch) to audit financial transactions of the executive branch of government?
The Budget and Accounting Act of 1921
Which SFFAS # _________ describes the process of managerial Cost accounting?
SFFAS # 4
What kind of appropriations usually provide for routine mission work, ie Operations & maintenance and Salaries and Expenses funding.
Annual Appropriations
What is the time limit in years for DoD appropriation for Shipbuilding and Conversion and Military Construction?
5 year
If a Civilian receives less than ________ of their beweekly pay and allowances they are eligible for Special Pay.
90%
A DoD Disbursing Officer is a fiscal Agent of the US Treasury. That authority is delegated to him by ________.
Secretary of Defense
__________ are held by individuals such as commissary officers, sales officers, personnel officers, etc. These are promptly turned over to their servicing Disbursing officer or deposited into a authorized general depository.
Indirect Collects
The major focus of ________ is on certifying entitlements and making payments. Additionallly, it focuses on the various disbursement responsibilities and requirements for safeguarding the resources that are under an accountable individuals control.
Finance
Which of these would be a function of the Paying Officers?
Both B and C
Which answer is NOT a function of the Certifying Official?
All of the answers above are a function of the CO
________ is a subset system that provides simultaneous online billing and collection of intragovernmental transactions included debts collected by other agencies.
On-Line Payment and Collection System (OPAC)
Which of these is an action that can be taken to collect debt from current or former military or civilian employee?
All of the above
_______ is a transfer of funds other than a transaction originated in cash, check or similar paper instrument.
Electronic Fund Transfers
Which standards apply to Federal Government Audits?
GAGAS, the yellow book
The type of audit that determines whether financial information is presented in accordance with established criteria, whether there is adherence to compliance requirements and if financial assets are adequately safeguarded is a _____________ audit.
Financial Audit
The ____ benefits of an audit are those that are valuable to the government but that cannot be expressed in monetary terms.
Non Monetary
Government audits provide essential elements of public accountability and ________.
Control
Audits that provide reasonable assurance that financial statements are presented fairly and whether information is presented in proper format are called___________.
Financial and financially related audits
In audit terminology a(n) ___________is a situation that exists.
Condition
All audits should be _______.
All of the above
Which of these is a way that an auditor can obtain an understanding of management controls?
All of the above
The appropriation time line for Military Construction is ___________ years.
5
It is the responsibility of the _________ to review and approve agency systems of administrative control of funds to prevent violations of the Anti-Deficiency Act.
Office of Management and Budget (OMB)
The authority provided by Federal law to incur financial obligations that will result in immediate or future outlays is a(n) ___________.
Budget Authority
The issuance of Treasury Warrants are the _________ _______action taken after the President signs the bill into law.
1st legal
The 3 Dimensions of Budget Resource Availability are __________, _________. _________.
Purpose Time and Amount
_________ is a(are) the authority provided by Federal law to incur financial obligations that will result in immetiate or future outlays.
Budget Authority
The __________ evaluates internal controls annually and submit to Congress and the President as a report. The reports are to be available to the public, excluding classified information.
Head of each Agency
The _________ environment is the management and employees attempt to establish and maintain an environment throughout the organization that sets a positive and supportive attitude toward internal control and conscientious management.
Control
Management and employees positive and supportive attitude toward internal control and conscientious management is called_________.
Control Environment
A(n) __________ is any organizational, functional, programmatic, or other applicable subdivision, used to delineate responsibilities under management control assessment procedures.
Assessable Unit
_____________ is the process that supports accrual accounting and attempts to show actual financial position and results of operations by accounting for assets, liabilities net position revenues and expenses.
Proprietary Accounting
Tlhe ________ prescribes rules and procedures under which the President may withhold appropriated funds from obligation.
Impoundment Control Act of 1974
A law that extends the availabitity of unobligated budget authority that has expired is called _________.
Reappropriation
The appropriation time line for SCN is _________years.
5
The appropriation time line for Shipbuilding Navy and Conversion is _____ years.
5
Any enforceable agreement between an agency and a business concern for the acquisition of propery or services is called a ________?
Contract
_____requires that Federal agencies make payments in a timely manner and that if payment is late that interest be paid.
Prompt Payment Act
The Anti-Deficiency Acts are ______________________.
31 USC 1341,1342, and 1517
