Module 3: Accounting and Finance: Competency 1: Fiscal Law Flashcards
- Federal appropriation law can be categorized into three topical areas?
Purpose, Time, and Amount (page 12)
- In the DoD, final decisions of fiscal law questions are “officially” rendered by whom?
DoD General Counsel
- What are the basic types of budget authority used in the Federal Government?
Appropriations;
Contract Authority;
Borrowing Authority,
Monetary Credits;
Offsetting Collections and Receipts;
Loan and Loan Guarantee Authority (page 29)
- Annual appropriations remain available for new obligations for how long?
They normally remain available for new obligations for ONE fiscal year (page 23)
- O&M is an example of what type of appropriation?
Annual Appropriation
- RDT&E is an example of what type of appropriation?
Multi-year appropriation (page 23)
- Budget authority does not expire in what type of appropriation?
No year (X year) appropriations (page 24)
- Article 1, Section 9, of the U.S. Constitution gives the power to appropriate funds for operating the Government to which branch of the Government?
Legislative Branch, Congress (page 8)
- Which law established the House and Senate Budget Committees and the Congressional Budget Office (CBO)?
Congressional Budget Act of 1974 (page 10)
- What are the three tests which must be met for use of the Necessary Expense doctrine?
Must bear a logical relationship; Not prohibited by law; Not funded elsewhere (page 16)
- Who are determined to be accountable individuals in the Department of Defense?
Certifying and Disbursing Officers and Departmental Accountable officials (page 47)
- Who grants relief of liability to a certifying officer for erroneous or illegal payments in the Department of Defense?
DFAS (page 50)
- What type of budgetary resources remains available for new obligations for more than one fiscal year?
Multi-year authority (page 23)
- What type of budgetary resources remains available for new obligations until the purpose for which they were provided is carried out?
No year authority (page 24)
- What type of Congressional resolution can be thought of as temporary appropriations act?
Continuing resolution (page 41)
- If a Contracting Officer signs a contract in advance of an appropriation, what type of violation has occurred?
ADA (page 28)
- What agency apportions funds for a working capital fund?
OMB (page 33)
- What does the sequestration of federal funds mean?
Sequestration of federal funds concerns automatic cuts in federal spending that occur through the withdrawal of funding for certain government programs, such as has occurred resulting from the Gramm-Rodman-Hollingsworth Act and the Budget Control Act of 2011 (page 45 & 54)
