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CDFM-Mod1 Definitions
Definitions for Mod1
49
Finance
Graduate
08/11/2011

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Term
When an agency exceeds an allotment they violate what USC?
Definition
31 USC 1517, The Anti Deficiency Act
Term
Where to deposit funds received on the governments behalf?
Definition
Miscellaneous Receipts of the Treasury.
Term
The Basic Axiom of Fiscal Law
Definition
The Expenditure of public funds is only proper when authorized by Congress, not that public funds may be expended unless prohibited by Congress.
Term
In most cases, this is a form of budget authority that permits federal agencies to incur obligations and make payments out of the Treasury for specific purposes.
Definition
Appropriation
Term
The most common means of providing budget authority.
Definition
Appropriation
Term
Sets up or continues the legal operation of a federal program or agency.
Definition
authorization legislation
Term
The authority provided by Federal law to incur financial obligations.
Definition
Budget Authority
Term
Budget Authority maybe be classified in these 4 ways.
Definition
Period of availability, nature of authority (current or permanent), amounts available (definite or indefinite), gross or net
Term
The system that measures and controls the use of resources according to the purposes for which budget authority was enacted.
Definition
Budgetary Accounting
Term
The forms of authority given to an agency allowing it to incur obligations.
Definition
Budgetary Resources
Term
An existing condition involving uncertainty as to possible gain or loss to an entity that will be resolved in the future.
Definition
Contingency
Term
four types of Budgetary Resources
Definition
New budget authority, unobligated balances, direct spending authority, offsetting collections.
Term
Provides budget authority in cases where the regular fiscal year appropriation has not been enacted by the beginning of the fiscal year.
Definition
Continuing Resolution
Term
This usually specifies a maximum rate at which an agency may incur obligations, based on the rate of the prior year, the President's budget request, or an appropriation bill passed by Congress.
Definition
Continuing Resolution
Term
Permits agencies to obligate funds in advance of appropriations.
Definition
Contract Authority
Term
The dollar amount of appropriations used to fund goods and services received or benefits or grants provided.
Definition
Expended Appropriations
Term
This is recorded on the books at the time the goods or services are received, whether or not the agency has paid for the goods or services.
Definition
Expenditure
Term
Outlflows or other using up of assets or incurrences of liabilities, the benefits from which do not extend beyond the present operation period.
Definition
Expense
Term
An appropriation account that can no longer incur new obligations because the time availablefor incurring such obligations has expired.
Definition
Expired Appropriation Account
Term
The net amount of obligations in a given account for which payment has not yet been made.
Definition
Obligated Balances
Term
Amounts of orders placed, contracts award, services received, and similar transactions during an accounting period that will require payment during the same, or a future, period.
Definition
Obligations
Term
Such amounts include payments for wich obligations previously have not been recorded, and adjustments for differences bewteen obligations previously recorded and actual payments to liquidate those obligations.
Definition
Obligations
Term
The amount of this incurred is segregated into undelivered orders and accrued expenditures - paid or unpaid
Definition
Obligations
Term
Collections from the public that result from business-type or market-oriented activities and collections from other goverment accounts.
Definition
Offsetting Collections
Term
These are deducted from gross disbursement in calculating outlays, rather than counted in gov receipts.
Definition
Offsetting Collections
Term
Are credited directly to appropriation or fund accounts.
Definition
Offsetting Collections
Term
Are credited directly to receipt accounts.
Definition
Offsetting Receipts
Term
The issuance of checks, disbursement of cash, or electronic transfer of funds made to liquidate a federal obligation.
Definition
Outlay
Term
Also occurs when interest on the Treasury debt held by the public accrues and when the gov issues bonds, notes, debentures, monetary credits, or other cash-equivalent instruments in order to liquidate obligations.
Definition
Outlay
Term
Also, under credit reform, the credit subsidy cost is recorded as this when a direct or guaranteed loan is disbursed.
Definition
Outlay
Term
A tabulation, calculation, or recording of activity or effort that can be expressed in a quantitative or qualitative manner.
Definition
Output
Term
Each of these shall have two key characteristics: 1) each shall be systematically or periodically captured through an accounting aor management information system, and 2) there shall be a logical connection between the reported measures and the program's purpose.
Definition
Output
Term
Attempts to show actual financial position and results of operations by accounting for assets, liabilities, net position, revenues, and expenses.
Definition
Proprietary Accounting
Term
Also known as financial accounting, a process that supports acrual accounting and financial reporting.
Definition
Proprietary Accounting
Term
Established to finance a cycle of operations through amounts received by the fund.
Definition
Revolving Fund
Term
Within DoD, such funds include the Defense Working Capital Fund, as well as other working capital funds.
Definition
Revolving fund
Term
A fund consisting of a permanent appropriation and expenditures of collections, from both the public and other goverment agencies and accounts that are earmarked to finance a continuing cycle of business type operations.
Definition
Revolving Fund
Term
The reduction or cancellation of new budget authority.
Definition
Sequestration
Term
A particular kind of external even involving the transfer of something of value concerning two or more entities.
Definition
Transaction
Term
Either a two way or one way flow of resources or of promises to provide resources.
Definition
Transaction
Term
Establishes the amount of monies authorized to be withdrawn from the cenral account that the Treasury maintains.
Definition
Treasury Warrant
Term
An official document that the Secretary of the Treasury issues pursuant to law.
Definition
Treasury Warrant
Term
Currently unavailable special and trust fund receipts are issued this when requirements for their availability have been met.
Definition
Treasury Warrant
Term
Accounts are designated by law as these, such as the one for Social Security
Definition
Trust Funds
Term
Balances of budgetary resources that have not yet been obligated.
Definition
Unobligated balances
Term
These expire (cease to be available for obligation)
Definition
Unobligated balances
Term
FMFIA Requirements __ to establish guidelines for executive agencies to aply in evaluation their systems of internal counting and administrative control.
Definition
Director of the Office of Management and Budget.
Term
FMFIA Requires _ to evaluate internal accounting and administrative control annually and submit report to Congress and the President. The reports, excluding classified information, are to be available to the public.
Definition
Head of Each Agency
Term
FMFIA also requires that material weaknesses be identified, tracked, and corred by __.
Definition
The Head of each Agency
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