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Principles of Finance > Principles of Finance > Flashcards

Principles of Finance Flashcards

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1
Q

What are 5 responsibilities of a CO as listed in the Corps Accounting Guide?

A
  1. Raising & Securing income for Corps Programming
  2. Safeguard all income received
  3. Spending of any money must be done in conformity and with an approved budget.
  4. Accounting records must be up to date
  5. Required reports to funding organizations and/or supervising headquarters should be submitted on a timely basis
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2
Q

How do we release financial information to the public or an individual donar?

A

We Don’t

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3
Q

When can we release financial information to the public or an individual donar?

A

Only If prior approval is obtained by DHQ.

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4
Q

How long do we maintain bank statement records?

A

7 years

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5
Q

How long do we maintain cancelled check records?

A

7 years

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6
Q

How long do we maintain Payroll records?

A

They are permanent; but when in doubt follow the retention manual.

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7
Q

What is the Accounting Equation

A

Assets (deposits) = Liability (expenses) + Fund Balance (What you are worth)

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8
Q

What is Fund Accounting?

A

A fund designates a different set of books within a company.

Each Fund must have their own balance sheet and must balance within the fund.

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9
Q

What is the difference between Cash and accrual accounting?

A 
Cash = what you have now to spend
Accrual= expenses that are reported when incurred and income is recorded as it is earned.
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10
Q

What is the 3 purposes of accounting?

A
  1. Record
  2. Report
  3. Manage
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11
Q

Who is responsible for Accounting?

A

The Corps. Commanding Officer

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12
Q

What is the SA Fiscal Year?

A

Oct 1 - Sept 30

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13
Q

How often do we issue cartidge receipts/ listings to our soldiers and attendees?

A

Annually (yearly)

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14
Q

What are Board Designated Funds?

A

Programs that maintains their own funds i.e Womans Ministries, Troops, Mens Fellowship programs.

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15
Q

Are Board designated Funds subject to support services?

A

For the most part Yes, with minimal acceptions

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16
Q

What income is exempt from support services?

A 
World Services- Self Denial
World Services- Women's Ministries
Appropriations/ DHQ EXEMPT
Gifts in Kind Exempt
Program Service Fees
War Cry sales
17
Q

What are the 5 types of donations?

A
  1. Unrestricted
  2. Restricted
  3. Conduit Contributions
  4. Quid Pro Quo
  5. Gifts in Kind
18
Q

What are gifts in kind?

A

Material Donations, Non cash gifts

19
Q

What makes up world Services Income?

A

Harvest Festival

Self Denial

20
Q

What dollar amount are we mandated by the government to provide a receipt letter for a donation?

A

$250

21
Q

How many people should count income, especially cash?

A

2 - must not be related.

22
Q

How often do we make deposits?

A

Weekly

Daily During Kettles

23
Q

How do we take money out of our Corps bank account?

A

By check

24
Q

Can we use a statement to back up documentation?

A

No, it must be an invoice.

25
Q

Are Volunteers reimbursed fro meals and travel expenses?

A

YEs, as long as they have a receipt.

26
Q

Can we issue manual checks?

A

No

27
Q

What needs to be included on receipts for Gas purchases?

A 
License Plate Number
Initials
Mileage
Price per gallon
How many gallons purchased
28
Q

Who issues checks to employees?

A

DHQ

29
Q

Who files quarterly and annual payroll reports to government agencies?

A

DHQ

30
Q

How much is remitted to DHQ/ Payroll Company?

A

Gross wage of employee + FICA

31
Q

How does an officer receive reimbursements for dry cleaning , child care expenses?

A

Submits receipts to DHQ, is reimbursed in bi weekly check.

32
Q

What is petty cash?

A

Cash that is kept on hand for miscellaneous small expenses.

33
Q

Who are petty cash reimbursment checks written to?

A

The Petty cash custodian.

34
Q

What are bank reconciliations?

A

Reconciling your bank statement with your check book.

35
Q

How often do we reconcile bank statements?

A

Monthly

36
Q

What is power of attorney?

A

The legal document that states who is authorized to act on behalf of the SA locally (Corps)

37
Q

Who authorizes Accounts?

A

DHQ

38
Q

How many signatures are needed for bank transactions?

A

2

Principles of Finance (1 decks)

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