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CDFM CG Maj > Module 3 without auditing > Flashcards

Module 3 without auditing Flashcards

1
Q

Government Fund Types

A

general, special, public enterprise, Intragovernmental, Trust, Trust revolving, deposit, clearing accounts

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2
Q

Government fund categories

A

Appropriated, Reimbursable, revolving, trust, non appropriated

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3
Q

Special Fund Type

A

Earmarked for specific purposes

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4
Q

Public enterprise fund type

A

revolving funds, business ops

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5
Q

Intragovernmental fund type

A

revolving funds, busness ops between gov agencies

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6
Q

Clearing accounts

A

temporary account for transactions that don’t fit elsewhere

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7
Q

trust fund type

A

carrying out specific programs IAW statute where nation is the beneficiary ex. Highway trust fund. Government owns the assets

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8
Q

Three color books

A

Green book - Internal Controls; Yellow book - Auditing policy; Red book - fiscal law

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9
Q

Act exempts promotion of individual for gov purchases

A

Gov employee incentive awards act

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10
Q

Type of approps and time frame

A

MILPERS - 1; O&M - 1; RDT&E - 2; Procurement - 3; SCN (Ship construction NAVY) - 5; MILCON - 5

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11
Q

When are no year approps cancelled

A
  1. agency determines no longer needed 2. no charges for 2 years
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12
Q

Severable Services

A

Governemnt recives something useful uppon expenditure; can cross Fys

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13
Q

Non Severable Services

A

Cannot be separated into increments. Entire amount Obligated at onset. Training is non severable usually

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14
Q

This carries forward expired phased balances

A

SF-133

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15
Q

Agency head approval for program AL amounts above

A

$4M

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16
Q

What kinds of gifts can be made, and what happens to unauthorized gifts

A

Gifts to the US (real or personal property. 2. Gifts to an agency (money or real property), can accept services/property under mutual agreement; unauthorized are deposited in misc receipts

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17
Q

ADA criminal penalties

A

no more than $5000 and no more that 2 years

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18
Q

ADA must be reported within ___ and investigation complete within ___

A

10 days, 14 weeks

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19
Q

ADAs reported to

A

POTUS through congress,OMB and comp general

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20
Q

Instructions on ADA provided in

A

OMB circular A-11

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21
Q

Continuing Resolution for authority for multi year

A

carry over authority is subtracted from CR portion

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22
Q

Certifying official authorized to seek guidance of ___

A

Comptroller General or DOD General Council

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23
Q

Acounting “Major Loss” vs “Minor Loss”

A

Major -$750 or if any fraud; Minor - under $750 no fraud

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24
Q

Is relief provided for loss? Who Provides it? What is statute of limitations

A

DFAS provides it. Granted for accidental loss (no statute of limitations) Accidental illdgal/incorrect/ improper payment (3 yr statute of limitation)

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25
Q

Certifying official must ensure 4 things

A

Complete, computed correctly, correct and legal

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26
Q

Which accountable individual CANNOT hold public funds

A

Certifying official

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27
Q

DOD Finance has 4 distinct functions

A

Entitlement, Payment, Collecting, Controlling

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28
Q

Law requires Certifying Officers to be personally liable for wrong payment resulting from negligence

A

1996 Public Law 104-106

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29
Q

Two types of accounting used the US Standard General Ledger; one other type

A

Budgetary Accounting - System to set priorities, allocate/finance resources, assess implications; Proprietary/Financial Accounting - Supports Accral accounting and financial reporting; Managerial accounting not required until 2006 w/ SFFAS 30

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30
Q

Which entities hold Dispersing Office (DO) functions

A

Militray holds their own while the rest of gov is through Treasury

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31
Q

This holds all DOD FM policy/regs/procedures

A

DOD FMR - Financial Management Regulations (16 volumes)

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32
Q

Dispersement voucher has 5 elements

A

Date and unit info, line of accounting, amount, dispersement method, payee

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33
Q

All units authorized to disperse funds are asigned a ____

A

DSSN - Dispersing Station Symbol Number

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34
Q

Preferred method of dispersement

A

ETF

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35
Q

Dispersing offices are responsible for

A

payment operations and disbursement accountibility (not ADMIN work)

36
Q

Large dispersement thresholds and reporting requirements

A

> $50M report to Fiscal Service 2 days advance; >$500M 5 business days

37
Q

Proper payment defined as

A

right recipient, right amount, right time, right reason

38
Q

How much leave can you sell back at separation

A

60 days

39
Q

How many allotments can you put on LES

A

six

40
Q

Civilian Pay dutes separated into what categories

A

Certifying, Compiling/certifying payments, recording, maintaining systems

41
Q

Civilian Time and attendance records must be reconciled every ____ 4 months, resolved withing ____ and kept for ___

A

4 months, 10 days, 56 years

42
Q

Civilian special pay is for

A

if employee underpaid by more than 10%

43
Q

Civilian premium pay

A

overtime, compensatory time/credit hours

44
Q

how much sick leave can be donated

A

104 hours

45
Q

Questionable Travel Claim

A

Illegal/improper payment. Less than $250 Certifying officer works with DOD General council; more than $250 Office of hearing and appeals

46
Q

Doubtful Travel Claim

A

employee questions Certifying official decision, can appeal to certifying official or go to DFAS

47
Q

Permanent duty travel (PDT) (same as PCS travel) charge to

A

gaining activity unless bewteen agencies or DOD components (Reduction in Force - RIF) or within same DOD compotent (Base Realignment and closure - BRAC)

48
Q

Contractor can request advance payment if

A

Gives adequate security, is in public interest, only up to contract price

49
Q

Types of vendor payments

A
  1. Fast Pay - Contractor paid by proof of shipping instead of receipt (authorized by KO); 2. Pay and Confirm - Invoice paid but not received receiving report; 3. Constructive acceptance - Acceptance documents not received in timely manner (at least 7 days after delivery)
50
Q

Payment pacakage consists of

A

Copy of purchase order/contract, proper invoice from contracter, receiving report, acceptance of product/service

51
Q

What are exceptions to using EFT

A

Vendor express - Commercial entities join this electronic pay network; Governemnt purchase cards; Card Aquiring Service (CAS) like Visa or mastercard

52
Q

How long are Governemnt purchase card records held

A

6 years and 3 months

53
Q

Types of Collecting

A

Reciepts - collections from credible accounts, Reimbursements - from property sold/services furnished, refunds- from excess payments

54
Q

Three components of IPAC system

A
  1. IPAC 2. Retirement and Insurance Transfer System (RITS) 3. Treasury Recivable accounting and collection system (TRACS)
55
Q

Debt ____ days old and not in litigation go to ______

A

180, treasury

56
Q

Collection action begins after ____ days

A

60

57
Q

Quesionable payments handled by

A

GAO

58
Q

Fraud or False claims handled by

A

Dept of Justice

59
Q

What Act limits accrual claim against gov and what is time frame

A

Barring Act, 6 years

60
Q

_____ must be notified of debts no later than _____ days

A

Debt Management office (DMO), 90 days

61
Q

Undeliverable Check

A

attempted to deliver 60 days. Dispose and document on SF-1098

62
Q

All treasury checks payable for

A

1 year but can reissue

63
Q

Spoiled Check

A

returned to DO. DO must reissue

64
Q

All dispersement office reporting forms kept for

A

6 years and 3 months, except payroll 56 years

65
Q

Dispersing Office Reporting Requirements

A
  1. Daily statement of accountibility - All transactions 2. Statement of accountibility - monthly for each DSSN 3. Daily agent accountibilty summary - Actual count of all cash 4. Voucher control log - daily voucher transactions; 5. Deposit ticket - prepared to deposit all currency to US Treasury
66
Q

Initial requirements for accounting

A

Constitution

67
Q

What are the Federal Financial Statements (each one)

A

Balance sheet; statement of net cost; statement of changes in net position; statement of budgetary resources

68
Q

Sections of Statement of Budgetary Resources

A
  1. Budgetary Resources 2. Status of Resources 3. Outlays
69
Q

CFO Act of 1990

A

Established CFO position for 24 agencies 2. Agencies required to publish Financial statements subject to audit 3. Deputy director for management established in OMB

70
Q

What Act required agencies to set up Internal controls

A

1982 Federal Managers Financial Integrity Act (FMFIA)

71
Q

Financial Accounting Standards Board (FASB)

A

GAAP for private sector/businesses/non-profit

72
Q

Government Accounting Standards Board (GASB)

A

GAAP for STATE and LOCAL governemnet entities

73
Q

Federal Accounting Standards Advisory Board (FASAB)

A

GAAP for federal government

74
Q

Federal Accounting Standards Advisory Board (FASAB) publishes these

A

SFFAC Statement of Federal Financial Accounting Concept; SFFAS Statement of Federal Finanacial accounting standard

75
Q

Fereral GAAP Hierarchy

A
  1. FASAB Statements and Interpretations 2. FASAB technical bulletins 3. FASAB technical releases 4. FASAB Implementation guides and industry best practices
76
Q

DOD Financial Management Structure chain

A

USD Comptroller directs DFAS (Defense Finance and Accounting Service) - the accounting entity for DOD

77
Q

Primary documents used to obligate

A
  1. Contracts 2. MIPRs
78
Q

Types of MIPRs

A
  1. Project Orders: can cross Fys but not extend budget authority; 2. Economy Act Orders: routine work/services recurring. Usually less than a year.
79
Q

Undistributed Dispersements

A

Federal funds that have been paid but are not ID’d to a specific organization. Placed in suspese account

80
Q

Types of fixed assets (and capitalized or expensed)

A
  1. General PPE (Capitalized) 2. Heritage Assets - may have little or indeterminable value (also multi ude heritage means they have a mission ex. pentagon) Usually capitalized 3. Stewardship Land - land and land rights aquired at no cost (expensed in period incurred)
81
Q

Properties of General PPE

A

est life of 2+ years, not for sale during ops, available for entity use, cost or fair market value exceeds capitalization thresholds (which vary by component)

82
Q

Footnotes required for Federal Financial Report

A

Required Supplementary Stewardship Info (Human capital such as education/training, investments but not physical assets); Required Supplementary Info RSI (estimated deffered mx and repairs; Other accompanying info (OAI - Management challenges/assurances)

83
Q

Defence authorization act of 2010 mandated this for financial audit improvements

A

Financial improvement and audit remediation plan (mandated by 2017)

84
Q

Ratio analysis is used to conduct what types of analysis

A

Trend analysis - ratio moves over time; Comparitive Analysis - how entity is performing at a point in time compared to other entities

85
Q

Current Ratio

A

Working capital. Current Assets / Current Liabilites. DOD desires 2:1 ratio

86
Q

Quick Ratio

A

Also known as Acid Test. Quick Assets (all assets but inventory)/ Current Liabilites. How quickly assets can convert to meet liabilites. DOD goal 1:1

CDFM CG Maj (12 decks)

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