Module 3 Competency 3: Accounting Flashcards
Which act required audited financial statements for the business activities of 24 designated CFO agencies?
Chief Financial Officers (CFO) Act
Which act amended the CFO act to require audited financial statements for the 24 CFO agencies and an audited Financial Report of the United States Government commencing with FY1997?
The Government Management Reform Act of 1994
Which act required the direct deposit of federal wages, salary, and retirement payments?
The Government Management Reform Act of 1994
As amended in the GMRA act of 1994, who prepares the consolidated financial statements for the executive branch?
The Treasury
As amended in the GMRA act of 1994, who audits the consolidated financial statements for the executive branch?
The GAO
In which year shall audited financial statements as dictated in the GMRA act of 1994 commence?
FY 1997
Who conducts continuous programs for improving accounting and financial reporting?
OMB
Who audit the financial performance of the executive branch and is referred to as “watchdog” of congress?
GAO
Who manages balances and flow of funds required to support the Government formulates and recommends economic, tax, and fiscal policies?
Department of Treasury
Who published the USSGL for the government?
Department of Treasury
What was established in 1990 by Comptroller General, Secretary of Treasury, and director of OMB, and is responsible for codifying GAAP for Federal Government?
Federal Accounting Standards Advisory Board (FASAB)
Who issues standards of accounting, referred to as Generally Accepted Accounting Principles (GAAPs) for non-governmental, not-for-profit entities?
Financial Accounting Standards Board (FASB)
Who issues Generally Accepted Accounting Principles for state and local governmental, not-for-profit entities?
Government Accounting Standards Board (GASB)
Who was recognized as the body designated to establish GAAP for the Federal Government in October 1999 by the American Institute of Certified Public Accountants (AICPA) governing council?
Federal Accounting Standards Advisory Board (FASAB)
Who are the three agencies responsible for implementing Federal Accounting Standards?
1) OMB
2) GAO
3) Department of Treasury
What is OMB’s role in implementing Federal Accounting Standards?
Publishing and Updating OMB Circular A-136
What is GAO’s role in implementing Federal Accounting Standards?
Formulates the Generally Accepted Government Auditing Standards (GAGAS)
What is the Department of Treasury’s role in implementing Federal Accounting Standards?
Publishing and Updating the USSGL and make changes to the financial statement crosswalks that may be required in changes to OMB Circular A-136
What focuses on the uses, user needs, and objectives of Federal Financial Reporting?
SFFAC No. 1
What are the SFFAS objectives?
1) Budgetary Integrity
2) Operating Performance
3) Systems and Controls
4) Concept of Stewardship
“Federal financial reporting should assist in fulfilling the government’s duty to be publicly accountable for monies raised through taxes and other means and for their expenditure in accordance with appropriation laws that establish the government’s budget for a particular FY and related laws and regulations” is found in which Accounting Standard?
SFFAC No. 1
In the Statements of Federal Financial Accounting Standards which Standard is found in Statement #4 and when was it issued?
Managerial Cost Accounting Standards and Concepts; July 1995
What is the Federal GAAP Hierarchy?
1) FASAB Statements and Interpretations
2) FASAB Technical Bulletins
3) AICPA Accounting Standards Executive Committees Practice Bulletins
4) Implementation guides published by FASAB Staff
5) Standards and guides published by other authoritative standard setting bodies
Who is the principle advisor to the SECDEF and DEPSECDEF and the CFO of the DoD?
Under Secretary of Defense (Comptroller) (USD(C)