CDFM All Modules FISCAL LAW -Exam Questions and Answers (solved)

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True or false? A working capital (Revolving) fund or part of that fund cannot violate the Anti Deficiency Act. - ANSWER FALSE Agencies are responsible for maintaining a system of accounting and int... ernal controls to avoid violations of the _________. - ANSWER 31 USC 1341, 1342, and 1517 (Anti-Deficiency Act) The appropriation time line for Military Construction is _______ years. - ANSWER 5 The appropriation time line for Procurement (excluding Shipbuilding and Conversion, Navy) is _______ years. - ANSWER 3 The 2 provisions of the US Constitution that provide the underpinning for the budget process are ______. - ANSWER Article 1 Section 8 clause 1, Article 1 Section 9 clause 7 The budgetary resources that are available for new obligations until the purposes for which were provided are carried out are called _________. - ANSWER No-Year Authority The ________ governs the congressional budget, defines key budget term and establishes house and senate budget committees and the Congressional Budget Office. - ANSWER Congressional Budget Act of 1974 True or false? Article 2 section 8 empowers Congress to collect taxes and Section 9 requires appropriations in law before money can be spent from the Treasury. - ANSWER FALSE The appropriation time line for R & D is ________ years. - ANSWER 2 The penalty for willfully and knowingly violating the Anti Deficiency Act is ______. - ANSWER Up to 2 years and a $5,000 fine or both Over obligation of an appropriation or funds and obligations or contracts in advance of an appropriation is a violation of _______. - ANSWER 31,. USC 1341(a) ________ appropriations is (are) no longer available for adjustments or payments any adjustments will be charged to current same appropriation (1% max) - ANSWER Cancelled Over-obligations of apportionments, allotments or other subdivision of funds are a violation of ________ - ANSWER 31,. USC 1517 True or False? Not knowingly or willfully committing a violation of the Anti-Deficiency Act does not, by itself, justify a decision to not impose disciplinary action against the individual. - ANSWER TRUE It is the responsibility of the _____ to review and approve the agency systems of administrative control of funds to prevent violations of the Anti-Deficiency Act. - ANSWER OMB Acceptance of voluntary service is a violation of _________ - ANSWER 31,. USC 1342 _____ is the shift from one purpose or activity to another within different appropriations. - ANSWER Transfer The ____ prescribe rules and procedures for budget execution. Many of the specific provisions were previously enacted as Section 3679 of the revised statutes also known as the Anti-Deficiency Act. - ANSWER Chapters 13 and 15, 31 USC The appropriation time line for Operation and Maintenance is ________. - ANSWER 1 The Basic substantive legislation enacted by Congress that sets up or continues the legal operation of a Federal program or agency either indefinitely or for a specific time frame or sanctions a particular type of obligation or expenditure within a program is _______. - ANSWER Authorization True or False? For no year and unexpired multiyear contracts, apportioned recoveries of prior year obligations are available for new obligations. - ANSWER TRUE _______ is the shift from one purpose or activity to another within the same appropriations. - ANSWER Reprogramming ______ is the shift from one purpose or activity to another between different appropriations. - ANSWER Transfer The Package that lists all of the reprogramming actions and all sources and increases is the ______. - ANSWER Omnibus Reprogramming Request The amount of obligational authority transferred from one agency bureau or account that is set aside in a transfer appropriation account to carry out the purpose of the parent appropriation is a (n)_______. - ANSWER Allocations The issuance of Treasury Warrants are the _____ ______ action taken after the President signs the bill into law. - ANSWER 1st legal The 3 Dimensions of Budget Resource Availability are _______,_______, _________. - ANSWER Purpose Time and Amount ______is required for reprogramming that result in increases in procurement quantities of major program end items, changes to Congressional Interest Items in an Authorization Act, movement of funds between appropriations involving General Transfer Authority. - ANSWER Congressional Prior Approval True or False? For expired accounts recoveries of prior year obligations are available for new obligations incurred in current year. - ANSWER FALSE ________ is (are) the system that measures and controls the use of the resources according to the purposes for which budget authority was enacted and that records receipts and other collections by source. - ANSWER Budgetary Accounting ______ is (are) the authority provided by Federal law to incur financial obligations that will result in immediate or future outlays. - ANSWER Budget Authority _________ appropriations is (are) available for payments and obligations adjustments from years 2-6: FY remains and appropriation integrity required. - ANSWER Expired _______ appropriations is (are) the reduction or cancellation of new budget authority; unobligated balances, new loan guarantee commitments or limitations. - ANSWER Sequestration ______ is (are) authorizations available for new obligations for 1 year. - ANSWER Current A footnote to apportionments should specify that, "Pursuant to 31 USC 1553(b) not the exceed _____% of the total appropriations for this account is apportioned for the purpose of paying legitimate obligations related to canceled appropriations" This is called the ______ - ANSWER 1, One Percent Requirement A(n) _______ is any organizational, functional, programmatic, or other applicable subdivision, used to delineate responsibilities under management control assessment procedures. - ANSWER Assessable Unit The time frame for investigations of potential violations of the Anti deficiency Act, including submission of the final report to the Under Secretary of Defense Comptroller is _____ months. - ANSWER 9 The formal program management control was established in DoD with the _______. - ANSWER Federal Manager/s Financial Integrity Act of 1982 True or false? One goal of the Federal Managers Integrity Act is to establish internal controls that make it easier to determine misuse and waste of agency funds or property and to assure the accountability of assets. - ANSWER TRUE The _______ establishes guidelines for reviewing internal controls. - ANSWER Director OMB The ____ evaluates internal controls annually and submits to Congress and the President as a report. The reports are to be available to the public, excluding classified information. - ANSWER Head of each Agency OMB Circular ______ provides guidance on improving the accountability and effectiveness of Federal programs and operations by using management controls. - ANSWER A-123 _________ are the organization, policies, and procedures used to reasonably ensure that certain events take place. - ANSWER Management Controls The ________ environment is the management and employees attempt to establish and maintain an environment throughout the organization that sets a positive and supportive attitude toward internal control and conscientious management. - ANSWER Control ______ is a statement on whether there is reasonable assurance that the agency's control are achieving their intended objectives. - ANSWER Statement of Assurance _________ is (are) available for payments and obligations adjustments from years 2-6: FY remains and appropriation integrity required. - ANSWER Expired The _______ prescribes rules and procedures under which the President may withhold appropriated funds from obligation. - ANSWER Impoundment Control Act of 1974 The appropriation time line for Military Personnel is ______ years. - ANSWER 1 The appropriation time for Shipbuilding Navy and Conversion is _____ years., - ANSWER 5 _______ authorization is available for new obligations for 1 year. - ANSWER Current ____ is no longer available for adjustments or payments. Any adjustments will be charged to current same appropriation (1% max). - ANSWER Cancelled A form of budget authority provided by law that permits Federal agencies to incur obligations and make payments out of the Treasury for specified purposes is________. - ANSWER Appropriations The _______ governs the congressional budget, defines key budget term and establishes house and senate budget committees and the Congressional Budget Office. - ANSWER Congressional Budget Act of 1974 ______ is responsible for policy oversight of a particular functional area. - ANSWER DoD Functional Proponent The budgetary resources that are available for new obligations for 2 or more fiscal years are called _________. - ANSWER Multiyear Authority The budgetary resources that are available for new obligations for 1 year or less are called _______. - ANSWER Annual Authority ________ is the system that measures and controls the use of the resources according to the purposes for which budget authority was enacted and that records receipts and other collections by source. - ANSWER Budgetary Accounting True or false? The Feed and Forage Act authorizes the military departments to incur obligations in excess of available appropriations in procuring or furnishing clothing, subsistence, fuel, quarters medical and hospital supplies not to exceed the necessities of the current fiscal year. - ANSWER TRUE ________ is the process that supports accrual accounting and attempts to show actual financial position and results of operations by accounting for assets, liabilities net position revenues and expenses. - ANSWER Proprietary Accounting ________ is the reduction or cancellation of new budget authority; unobligated balances, new loan guarantee commitments or limitations. - ANSWER Sequestration The Anti-Deficiency Acts are _______ - ANSWER 31 USC 1341, 1342, and 1517 A law that extends the availability of unobligated budget authority that has expired is called _______. - ANSWER Reappropriation The most authoritative source of information on the proper use of appropriated funds is a volume published by the GAO, Office of the General Counsel, titled Principles of Federal Appropriation Law, better known as _______. - ANSWER The Red Book The Sec Def must receive a signed statement of material weaknesses from each principle DoD component by_____. - ANSWER 15 Nov of each year Three forms that a statement of reasonable assurance must take are: - ANSWER Unqualified, qualified, no assurance A material ______ in DoD system of management controls may result from a lack of an applicable control, or more frequently, an inadequate compliance with existing controls. - ANSWER weakness The ________ prescribe rules and procedures (including sequestration) designed to constrain spending and receipts legislation. When originally enacted, the act was known ad the Gramm-Rudman-Hollis Act. - ANSWER Balanced Budget and Emergency Deficit Control Act of 1985 The Management Control Program, DoD Instruction _____ states that each DoD component shall develop a Management Control Program. - ANSWER 5010.40 ____ is the probable or potentially adverse effects from inadequate management controls that may result in the loss of Government resources or cause an agency to fail to accomplish significant mission objectives through fraud, error, or mismanagement. - ANSWER Risk ________ weakness is one that is recognized by a functional proponent as occurring in several other components because of the components' ineffective implementation or failure to adequately identify or define the internal controls required. - ANSWER Systemic Control A brief, written plan indicating accomplished management control evaluations, assessable units, and progress toward meeting planned requirements is called ________. - ANSWER Management Control Plan ______ are those procedures used to determine through observation, examination, verification, sampling, or other procedures whether management control systems are working as intended (in accordance with management control objectives). - ANSWER Testing Management controls should be implemented by each manager and consistent with the (5) five standards which are: - ANSWER Control Environment, Risk Assessment, Control Activities, Information and Communications, Monitoring Management and employees positive and supportive attitude toward internal control and conscientious management is called ________. - ANSWER Control Environment Management controls should provide for an assessment of the risks that the agency faces from both external and internal sources. This is called_______. - ANSWER Risk Assessment ______ are the policies, procedures, techniques, and mechanisms that enforce management's directives, such as the process of adhering to requirements for budget development and execution. They help ensure that actions are taken to address risks. - ANSWER Control Activities _______ should assess the quality of performance over time and ensure that the findings of audits and other reviews are promptly resolved. - ANSWER Monitoring __________ is a specific aim, goal, condition, or level of control established by a manager for an assessable unit that provides reasonable assurance that the resources allocated to that activity are safeguarded or protected adequately against waste, fraud or mismanagement, and that organizational, operational, or administrative objectives are accomplished. - ANSWER Control Objective _______ is any form of organization procedure or document flow that is being relied on to accomplish a control objective. - ANSWER Control Technique [Show More]

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