Exam 2 deck B

Question 1

U.S. Wars in order of length

Answer 1

1. Afghanistan
2. Vietnam
3. Iraq
4. American Revolution
5. Civil War
6. WW II
7. Korea

Question 2

Costs of wars by % of GDP

Answer 2

1. WW II - 35%
2. Vietnam - 2.3%
3. Iraq - 1.0%
4. Korea - 4.2%
5. Afghanistan - .3%

Question 3

Contingency Operations

Answer 3

Deployment of US Armed Forces not for a training exercise and for a purpose that had not been budgeted in advance.

Question 4

Incremental Costs

Answer 4

would not have otherwise been incurred.

Question 5

Offsets

Answer 5

funds that would not be used because of the deployment.

Question 6

5 phases of contingency operations

Answer 6

1. predeployment
2. deployment
3. sustainment
4. redeployment
5. reconstitution

Question 7

2 types of funding for recent operations

Answer 7

1. traditional

2. non-traditional funding

Question 8

Traditional Funding

Answer 8

• regular appropriations
• supplemental appropriations
• Title IX Bridge Funds
• reprogramming

Question 9

Non-traditional Funding

Answer 9

• Feed and Forage
• Defense Cooperation Account
• Funds Transfer

Question 10

Funding War with Supplemental Cons

Answer 10

1. bypass the authorization process
2. not included in presidents budget
3. less congressional scrutiny
4. enables base budget to migrate to supplemental.

Question 11

Funding War with Supplemental Pros

Answer 11

1. identify cost of war
2. more flexible and responsive
3. not reliant on regular appropriations or authorizations

Question 12

3 types of accounting in DoD

Answer 12

1. Financial Accounting
2. Managerial Accounting
3. Budgetary Accounting

Question 13

Government Management Reform Act 1994

Answer 13

mandated financial statements for all federal agencies

Question 14

Federal Government Accounting equation

Answer 14

net position BB + Unexpended appropriations + cumulative result of operations = Net Position

Question 15

DoD F/S Balance Sheet

Answer 15

snapshot of department’s financial position at end of the fiscal year. Assets, Liabilities, Net Position

Question 16

DoD F/S Statement of Net Cost

Answer 16

gross costs of operations for the period minus any revenues earned from it’s activities

Question 17

DoD F/S Statement of Changes in Net Position

Answer 17

sum of operations since inception + unexpended appropriations

Question 18

DoD F/S Statement of budgetary Resources

Answer 18

use and availability of budgetary resources at end of period.

Question 19

purpose of audit

Answer 19

reduce information risk

Question 20

4 types of audit opinions

Answer 20

1. unqualified - best
2. qualified - subject to
3. adverse - statements are misleading
4. disclaimed - we don’t know

Question 21

FIAR

Answer 21

financial improvement and audit readiness plan

DoD’s plan for achieving audit readiness by 2017

Question 22

2 current FIAR priorities

Answer 22

1. Statement of budgetary resources

2. Existence and completeness of inventory and PP&E

Question 23

6 factors for achieving a clean audit

Answer 23

1. leadership commitment
2. Positive resource allocation
3. partnering with the IG
4. cooperation of non-financial managers
5. short term systems solutions
6. extraordinary effort