M3 Flashcards
What is an undistributed disbursement?
Federal Government funds that have been paid but for whatever reason have not yet been identified to a specific organization; therefore they are placed in a suspense account.
What is an advance decision?
An advance decision as to the proprietary of certifying a payment or making a payment using appropriated funds provided by the DOD General Counsel to a departmental Accountable official, certifying officer, Disbursing Officer, or agency head acting as a certifying officer.
Federal appropriations law can be categorized into which three topical areas
Purpose
Time
Authorization
(PTA)
Final decisions of fiscal law questions are officially rendered by whom
DoD General Counsel
Who are determined to be accountable individuals in the DoD
Certifying Officials
Disbursing Officials
Departmental Accountable Officials
Who grants relief of liability to a certifying officer for erreronous or illegal payments in the DoD
DFAS
If a contracting officer signs a contract in advance of an appropriation what type of violation has occurred
Antideficiency Act Violation
What agency apportions funds for working capital fund
OMB
What is the primary organization in DoD with the responsibility for Finance requirements
DFAS
What three primary types of Officials are accountable individuals in the DoD
Certifying officers
Disbursing Officers
Departmental Accountable Official
When in doubt about the proper use of an appropriation what may the Disbursing Officer request from the OSD General Counsel on the propriety of the prospective payment
An advance decision
To what along Accountability does certification equate
Liability
Who besides the Disbursing Officer is likely to be held accountable for an improper payment
Certifying officer
When a civilian employee moves from a job oversees to a job in the states which organization pays for Permanent Duty Travel
Losing activity (the OCONUS)
Which individuals hold personal and pecuniary liability for their actions in financial transactions
Certifying officers
Disbursing Officers
Departmental Accountable officials
How often does the Disbursing Officer need to inspect and document office security measures
Semi-annual
Assuming you found it justified to take a discount what is the due date for making a discount payment
10 days after vendor invoice date
If you aren’t able to take a discount what is the due date for a net payment
30 days after later of invoice receipt or acceptance
The GPRA requires agencies to define goals, set performance targets and report what
Actual performance
Any enforceable agreement between an agency and a business concern for the acquisition of property or services is called what
A contract
What term is used to describe Federal Government funds that have been paid but have not yet been identified to a specific organization
Undistributed Disbursements
Accounting Assets = liabilities + ____________
Net Position
The aggregate amount of an entity’s funds in the Treasury is in what account
FBWT
PPE defines tangible assets with an estimated useful life of more than what number of years
Two years
What is the Statement of Budgetary Resources equation
Budgetary Resources = Status of Budgetary Resources
Which financial statement shows the components of the net cost of the reporting entity’s operation for the period
Statement of Net Cost
What DoD Accounting entity maintains a central general ledger
DFAS
Which three Federal agencies established the FASAB
GAO
DoT
OMB
What is the Federal Law that specifically required existing CFO agencies to have financial statements that successfully pass a financial audit
Government Management Reform Act of 1994
Pay and confirm refers to the process of obtaining which of the following documents
Invoices
Receiving reports
Purchase orders
Purchase order amendments
Receiving reports
Primary equation characterizing financial (proprietary) accounting is
Assets = Liabilities + Net Position
Severable service contracts are for those services that
The agency receives something useful immediately upon the expenditure of funds or by the end of the FY
The government can terminate for convenience at any time yet still would have received benefits for the period under contract
If an agency receives a valid invoice related to an appropriation that is cancelled the agency
Must pay from a currently available appropriation of the same type with a limit up to 1% of the currently available appropriation or unextended balance of the applicable cancelled appropriation, whichever is less
Agency X has received an appropriation that is available until fully expended. To close this appropriation
The agency cannot close the appropriation. Instead the agency must fully obligate the appropriation.
The DoD has multiyear contracting authority. This means
DoD can sign a 5 year contract for severable services but obligate the contract incrementally over a 5 year period using O&M
Premium pay for civilians consists of certain types of pay such as
Overtime
Night
Holiday
Environmental
1990 Chief Financial Officer’s Act
Required annual financial reports for agency business operations (revolving funds, trust funds, etc)
The FASAB is responsible for developing:
GAAP for the Federal Government
Which organization issues Standards of accounting, known as GAAP
FASB
What is the formula for budgetary accounting
Resources = status of resources
A tangible asset should be recorded in the proprietary accounting system at acquisition value which includes
Amount paid for the asset plus transportation, installation, and other related costs of obtaining the asset and preparing it for use
The Statement of Net Costs
Displays gross cost incurred by the reporting entity less any exchange revenue earned from its activities
According to GAGAS when gathering audit evidence for performance audits, auditors must consider if the evidence is
Sufficient and appropriate
The accounting and finance office prepares the Daily Statement of Accountability DD Form 2657
To report all transactions that affect fund balances for the day
A finance office experiences a check issue overdraft when
The amount of the check is greater than the amount the disbursing officer reports
Agencies performing reimbursable work may credit the reimbursement to
The appropriation of the performing agency used to perform the work
Constructive acceptance is considered to take place
Under prompt pay rules when the certifying officer has not received acceptance documents within 7 days
