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Block II
WE CAN DO IT!
82
Accounting
Graduate
04/20/2013

Additional Accounting Flashcards

 


 

Cards

Term
What is on all financial transaction documents and documents involving an appropriated fund financial transaction?
Definition
Fund Citation (1-1)
Term
What does BPIE stand for and what is the appropriation number?
Definition
Base Procured Investment Equipment ; 57*3080 (1-2)
Term
BPIE is used to fund what?
Definition
Annual requirements that exceed $250K in cost and are not available through AF central procurement.
Term
What are items with 57*3080, BPAC Funds?
Definition
investment equipment items with a source of supply from General Services Administration, DLA< other services, or local purchase (including replacement Real Property Installed Equipment [RPIE]) (1-2)
Term
What does PECI stand for?
Definition
Productivity Enhancing Capital Investment (1-3)
Term
What does the PECI program include?
Definition
The Fast Payback Capital Investment (FASCAP) Program and Productivity Investment Fund (PIF) Program (1-3)
Term
To qualify for PECI funds each project requires what?
Definition
A capital investment that falls within the program dollar ranges. FASCAP is for projects less than #250K and PIF is used for projects over $250K. (1-3)
Term
What are the time limits for PECI Programs?
Definition
FASCAP = 2 years
PIF = 4 years
(1-4)
Term
MAJCOM PECI analysts and HQ USAF Productivity Office prioritize qualified FASCAP and PIF projects at their own discretion using what factors?
Definition
1) Return on Investment (ROI)
2) Payback Period
3) Mission Criticality
(1-4)
Term
When may commands reinvest savings (dollar and manpower) to satisfy valid unfunded requirements?
Definition
When the project has amortized or when the investment cost has been paid back, whichever comes first. (1-4)
Term
What does DWCF stand for and how was it established?
Definition
Defense Working Capital Fund ; financial principles that provide improved cost visibility and accountability to enhance business management and improve the decision making process. It builds on revolving fund principles. (1-5)
Term
What is the purpose of the DWCF?
Definition
Provide a business management structure that encourages managers and employees of DoD support organizations to provide quality products and services at the lowest cost. (1-5)
Term
What does AFWCF stand for?
Definition
Air Force Working Capital Fund (1-6)
Term
What is the AFWCF?
Definition
A division within the DWCF, revenues generated in the AFWCF are from the sale of items and/or services to appropriated funded customers. They conduct business in two primary areas: 1) CSAG and 2) SMAG-R (1-6)
Term
What do CSAG and SMAG-R stand for?
Definition
CSAG = Consolidated Sustainment Activity Group
SMAG-R = Supply Management Activity Group - Retail
(1-6)
Term
What is the mission of CSAG?
Definition
To supply management of reparable and consumable items as well as maintenance services. CSAG is divided into a maintenance division and supply division. (1-6)
Term
What does the Maintenance Division under CSAG do?
Definition
Repair systems and spare parts to ensure readiness in peacetime and to provide sustainment for combat forces in wartime. This division operates on the funds received from its customers through sales of its services. (1-7)
Term
What does the Supply Division under CSAG do?
Definition
They are responsible for AF-managed, depot-level reparable spares and consumable spares unique to the AF. They also provide a wide range of logistics support services including requirements forecasting, item introduction, cataloging, provisioning, procurement, repair, technical support, data management, item disposal, distribution management and transportation (1-7)
Term
What the three divisions that comprise SMAG-R?
Definition
1) General Support
2) Medical-Dental
3) USAF Academy
(1-7)
Term
What does SMAG-R provide?
Definition
A wide range of logistics support services including a wide range of logistics support services including requirements forecasting, item introduction, cataloging, provisioning, procurement, repair, technical support, data management, item disposal, distribution management and transportation (1-7)
Term
What is the objective of SMAG-R?
Definition
To replenish inventories and provide supplies to customers in a timely manner within customer funding constraints, while maintaining fund solvency. (1-7)
Term
The General Support Division (GSD) under SMAG-R manages what?
Definition
Multiple support items that are procured from DLA and GSA (General Services Administration) and manage items related to installation, maintenance, and administrative functions. (1-7)
Term
What does the Medical-Dental Division (MDD) manage?
Definition
Medical Treatment Facilities (MTF) worldwide and War Readiness Materiel (WRM) (1-7)
Term
The AFWCF assesses financial performances using what?
Definition
NOR (Net Operating Results) of an activity which is the difference between revenue and expenses. The goal is to break even over a two year period. (1-8)
Term
What serves as the AF's general ledger?
Definition
GAFS/BQ (1-9)
Term
GAFS uses what type of system for processing documents?
Definition
dual-address system (1-9)
Term
What is the purpose of the dual addresses?
Definition
To allow for the control of funds issued to the base and to accumulate accounting data needed for reporting. (1-9)
Term
Who's responsibility is it to establish addresses into the BQ system?
Definition
DFAS, unless DFAS has not already established an address in they system in which case FMA can create an address. (1-9)
Term
What are the four major internal files in BQ?
Definition
CSR, FSR, PSR, and DSR (Control, Fund, Program, and Document Summary) (1-10)
Term
CSRs are created to do what?
Definition
To link obligation type FSRs (fund type L - Disbursement) with related reimbursement type FSR (fund type M) (1-10)
Term
What are PSRs?
Definition
The accounting records established and maintained on the computer at report level, subordinate to CSRs and FSRs, but higher than DSRs ; they are required for all fund types ; PSRs have dollar amounts which are targets as opposed to specific dollar fund limitations (CSRs and FSRs) (1-12)
Term
What do DSRs identify?
Definition
The open balances of commitments and obligations (1-12)
Term
When are DSRs killed automatically? What can be used to save a DSR?
Definition
When all amounts for a document have progressed to a disbursement stage and any residue funds are removed. A document save indicator is used when a DSR must be maintained, regardless of balances held in DSR. (1-13)
Term
Source documents can be used as evidence that what occurred?
Definition
A financial transaction (1-15)
Term
What is the purpose of an appropriation?
Definition
1) it provides a maximum fiscal year amount
2) it directs payments necessary to liquidate obligations whenever they become liabilities
(1-15)
Term
Current appropriations are available for what?
Definition
Incurring new obligations and making disbursements (1-15)
Term
Expired appropriations are available for what?
Definition
Disbursements to liquidate existing obligations, but are no longer available for new obligations (1-15)
Term
What are canceled appropriations available for?
Definition
To liquidate any obligations till valid against a canceled account, but are no longer available for new obligations or disbursements to liquidate existing obligations (1-15)
Term
Do certifications of fund availability act as advisory guides or rigid restrictions?
Definition
Advisory Guides (1-16)
Term
What are certifying officials responsible for and who appoints them?
Definition
They are responsible for certifying fund availability on a ll commitment documents and are appointed by the Comptroller (1-16)
Term
The signature of a certifying official certifies what?
Definition
The correctness of statements, facts, accounts, and amounts appearing on a voucher or other document. The certifying official and comptroller have joint pecuniary liability for the certified amount (1-16)
Term
Who can be a certifying official?
Definition
Officer, enlisted member, or civilian employee (1-16)
Term
What are the four steps to fund certification?
Definition
1) Review Document and Accounting Classification for Completeness and Accuracy
2) Determine Propriety of Funding
3) Determine Fund Availability
4) Certify Fund Availability
(1-18)
Term
What is the appropriation symbol for Investment Equipment?
Definition
3080 (1-18)
Term
What is the appropriation symbol for Military Construction?
Definition
3300 (1-18)
Term
Which system provides the most reliable source for fund status and provides live and up to date information?
Definition
GAFS/BQ (1-19)
Term
Documents pertaining to AP are entered into what?
Definition
IAPS = Integrated AP System (1-19)
Term
An alternate method (from CRIS) to determine fund availability is by manually checking the printed copy of what?
Definition
Operating Budget Ledger (OBL) for O&M funds
Allotment Ledger (AL) for other than O&M funds
(1-19)
Term
What is disbursement accounting?
Definition
The recording of transactions pertaining to the purchase of goods/services made by the AF / when AF organizations purchase goods or services from commercial vendors or other branches of military; there are four stages:
1) Commitments
2) Undelivered Orders Outstanding (UOO)
3) Accrued Expenditures Unpaid (AEU)
4) Accrued Expenditures Paid (AEP)
(1-21)
Term
What is a commitment?
Definition
An administrative reservation of funds and the first stage of disbursement accounting. It is not legally binding, but just shows the intent to incur an obligation (1-21)
Term
When may committed funds be de-committed?
Definition
At any time, unless action has been taken to obligate the government into the next stage (1-21)
Term
Financial managers on the base that need to purchase goods/services must prepare what?
Definition
A purchase request (commitment document) (1-21)
Term
Is the commitment stage mandatory?
Definition
Yes, it ensures funds are set aside and available to pay the bills when due (1-22)
Term
What is an obligation?
Definition
A legally binding agreement between the government and a contractor or vendor that represents transactions entered by the AF that impose a future requirement for the disbursement of funds. (1-22)
Term
Explain UOO.
Definition
This stage of obligation represents orders, contracts, or agreements that constitute a legal obligation of funds. At this point, an order has been placed with a vendor or contractor and the AF is awaiting the delivery of the goods/services. (1-22)
Term
Explain AEU.
Definition
The second stage of obligation, it occurs when the goods/services are received. This stage represents orders received but payment has not been made. AKA AP stage. (1-22)
Term
Explain AEP.
Definition
The final stage of obligation, it's where a payment is made. The requester must have received the goods/services and DFAS must have received an invoice from the vendor. (1-23)
Term
What is reimbursement accounting?
Definition
The accounting of amounts earned and collected for goods sold or services furnished to authorized customers by the AF. The AF is the vendor when using reimbursement accounting and may sell goods/services to the DoD, federal and non-federal agencies, and customers authorized by the government. (1-23)
Term
What are the stages of Reimbursement Accounting?
Definition
1) Unfilled Customer Orders (UFCO)
2) Filled Customer Orders - Uncollected (FCOU)
3) Filled Customer Orders - Collected (FCOC)
(1-23)
Term
Explain UFCO.
Definition
This stage represents customer orders for supplies or services that have been received and accepted by the performing activity. The supplies/services have not yet been provided to the customer. The UFCO transaction can be compared to the UOO in disbursement accounting. (1-24)
Term
Explain FCOU.
Definition
This stage represents orders for goods/services that have been provided to the customer, but the collection has not been received from the customer. AKA AR stage, compared to the AEU stage of disbursement accounting. (1-24)
Term
Explain FCOC.
Definition
This stage represents the final stage of reimbursement accounting where the reimbursement amounts are received as payment for goods delivered or services provided to customers. (1-24)
Term
AR is what?
Definition
Accounts Receivable is an amount owed to the government by an individual, organization, corporation, public entity, other government agency or foreign government to satisfy indebtedness. They can be grouped as Refunds, Reimbursements, Receipt Accounts, Open Allotments, Miscellaneous Transactions, or For-Self Transactions (1-24)
Term
What are refunds?
Definition
A reduction of expenses that are processed against the appropriation and fiscal year that the expense was originally recorded. There are three types of refunds:
1) Collection of Overpayments
2) Collection of Damage to Government Quarters
3) Tuition Assistance
(1-25)
Term
What are reimbursements (under AR)?
Definition
Amounts earned and collected, or to be collected, for goods or services furnished to the public or to another US Government agency. (1-25)
Term
How are reimbursements distinguished from other accounting classifications?
Definition
AR sales codes, which are used to identify customers. (1-25)
Term
What does OLVIMS stand for?
Definition
On-Line Vehicle Integrated Management System (1-25)
Term
What is MOA?
Definition
Memorandum of Agreement -> allows you to bypass the first stage of reimbursement accounting (1-10 of AB notes)
Term
Who produces the bill for reimbursements?
Definition
DFAS (1-10 of AB notes)
Term
What is MORD?
Definition
The estimate for reimbursement because you want your MAJCOM to see money is coming (1-10 of AB notes)
Term
***1-9 and 1-10 of AB notes
Definition
1-9: When you collect or earn something that's a reimbursement- know wording
1-10: Know what a sales code is in relation to reimbursement accounting**
Term
Examples of Reimbursements:
Definition
OLVIMS, Utilities, Communications, and Medical (1-25)
Term
What is a Receipt Account?
Definition
A miscellaneous source of revenue that is credited to a US Treasury miscellaneous receipt account ; they are recognizable by the POA (period of availability) in the appropriation symbol of an accounting classification (1-26)
Term
What are some examples of collections that are collected into receipt accounts?
Definition
Lost and Found Monies, Court Martial/Article 15 Fines, Government Property Lost or Destroyed (GPLD) (1-26)
Term
What are miscellaneous transactions?
Definition
Those source documents that contain an ADSN other than the processing base and the FMA is not responsible for accounting of these funds ; they require MAFR processing in GAFS (1-26)
Term
Miscellaneous transactions include what?
Definition
CMA (centrally managed allotments), CMOB (centrally managed operating budgets), For-Others, By-Others Adjustments, Receipts, and Interfund transactions (1-27)
Term
What does ABSS stand for and what does it do?
Definition
Automated Business Services System assists government officials who have unique requirements to procure end items or services and to enter those requirements on-line into an electronic system. It interfaces with other systems including ACPS, CPAS, GAFS, IAPS, SPS (1-29)
Term
What is the ABSS?
Definition
The AF standard system for processing financial documents designed to comply with the DoD and AF regulatory guidance. (1-30)
Term
What are some documents that ABSS can produce?
Definition
AF Form 9
AF Form 616
AF Form 4009
DD Form 448 and 448-2
(1-30)
Term
What are some advantages of ABSS?
Definition
Reduction in form processing time
Automation of financial processes
Elimination of duplicate data entry
Reduction of paperwork
Ability to trace documents
Digital signature technology
(1-30)
Term
What is the order of checkpoints to ensure legality, proper funding, and correct accounting classification data for ABSS?
Definition
Basic ABSS User, RA, Approver/Coordinator, Module Manager, Certifying Official, Contracting Officer (1-31)
Term
What is IAPS?
Definition
Integrated Accounts Payable System is an interactive online processing system, designed to serve base-level FMA needs at AF bases worldwide. (1-31)
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