Term
| 31 USC 1301 is the statute defines ________________ of the appropriation? |
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Definition
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Term
| 31 usc 1502 defines the ___________ of the appropriation? |
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Definition
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Term
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Definition
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Term
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Definition
| ADA in regards to voluntary services |
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Term
| 31 USC 1517 Is the statute that covers_____________________? |
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Definition
| Anti-deficiency act in regards to over obligations of funds |
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Term
| The fiduciary certifier is responsible for the use of appropriated funds as they pertain to what 3 elements? |
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Definition
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Term
| The pecuniary certifier is responsible for |
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Definition
| Accuracy of the disbursement of funds and responsible for the repayment of any disbursement not in accordance with proper purpose time or amount |
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Term
| There is relief from an ADA violation true or false? |
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Definition
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Term
| Pecuniary responsibility conveys what ? |
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Definition
| Physical control of monies entrusted to the care of an accountable official |
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Term
| Fiduciary responsibility conveys what ? |
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Definition
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Term
| What are the 3 tests for the necessary expense doctrine of purpose ? |
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Definition
Logical relationship
not prohibited by law
not funded elsewhere |
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Term
| What are the 2 basic uses of appropriations ? |
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Definition
| Obligations and expenditures |
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Term
| What is the test of the bona fide needs rule in regards to time? |
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Definition
You will only obligate in the fiscal year for the material requirements of that fiscal year
Note: maintenance of inventory levels so as to avoid disruption of operations, can be an exception |
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Term
| What is an example of a non severable service ? |
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Definition
| Overhaul of a ship that takes 2 or more years |
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Term
| What is an example of a severable service ? |
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Definition
Routine maintenance
housekeeping services
trash collection
Note: can cross fiscal years provided that the contract is no more than 12 months |
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Term
| How is multi year contract authority an important exception to the bona fide needs rule? |
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Definition
| Permits severable service contracts for up to 5 years on a single contract in 1 year increments |
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Term
| In what situations does a change in contracts scope occur? |
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Definition
Change in:
Quantity
mission
contract time
Or other controllables ( such as a warranty) |
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Term
| What are the obligation rules for contractor termination ? |
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Definition
Contractor default;
Convenience of the government |
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Term
| When may a no year appropriation be closed? |
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Definition
The president or agency head determines the purpose has been fulfilled
AND
No disbursements have been made for 2 consecutive fiscal years |
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Term
| When does an appropriation cancel? |
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Definition
| At the end of the 5th year after the expiration of the appropriation year |
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Term
| What is the 1 percent rule? |
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Definition
| No more than 1 percent of the total appropriation may be paid for legitimate obligations related to canceled appropriations |
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Term
| Who may approve obligations for canceled appropriation in amounts exceeding a $4M in 1 year? |
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Definition
USD(C) via SECDEF
($25M At the program levels Requires congressional committee approval) |
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Term
| How many forms of budget authority exist and what are they? |
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Definition
6:
Appropriations
contract authority
borrowing authority
monetary credits
offsetting receipts
loan and loan guarantee |
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Term
| What are the 3 phrases of ear marking in an appropriation? |
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Definition
Not to exceed
not less than
exclusively for |
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Term
| From highest to lowest what is the funding flow? |
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Definition
Appropriation
apportionment
allotment
commitment
obligation
outlay (payment) |
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Term
| An agency may not_______ its appropriation from outside sources with out some statutory authority to do so. |
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Definition
AUGMENT
31 USC 3302(b)
31 USC 1301(a)
18 USC 209 |
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Term
| What are the ADA penalties? |
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Definition
Suspension from duty without pay;
firing;
$5000 dollar fine;
2 years in jail
or both |
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Term
| How much time do you have to report an anti deficiency act violation? |
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Definition
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Term
| When does an obligation of funds occur? |
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Definition
As a result of a legally binding agreement for the purchase of goods or services
The obligation must meet all legal criteria of 31 usc 1501 |
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Term
| How are continuing resolutions enacted? |
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Definition
As joint resolutions
( Both houses of congress) |
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Term
| The disbursing officer or certifying officer has the statutory right to seek ___________ ___________ from the DoD general counsel regarding the lawfulness of any payments or certifications to be made. |
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Definition
Advance decision
This insulates the officer from liability |
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Term
Disbursing officer and certifying officer:
What are the 3 criteria to grant relief for physical loss? |
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Definition
SECDEF determines the official was carrying out official duties when loss occurred ;
The loss was not the result of an illegal improper or incorrect payment;
The loss was not the result of a fault or negligence of the official. |
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Term
Disbursing officer and a certifying officer:
What are the 4 criteria for granting relief for illegal incorrect or improper payment? |
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Definition
Payment was not the result of bad faith or lack of reasonable care;
The certification for payment was based on official records;
No law specifically prohibited the payment;
The u s government received value for the payment |
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Term
| What are the statute of limitations? |
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Definition
Fraud: no time limit
Error: 3 years from the time CG receives the account |
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Term
| What act authorizes the DoD to incur obligations in excess of available appropriations in procuring or furnishing clothing subsistence forage fuel quarters transportation or medical supplies? |
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Definition
Feed and forage act
41 USC 11 |
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Term
| What is proprietary accounting? |
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Definition
| Also known as financial accounting a process that supports accrual accounting and financial reporting that attempts to show actual financial position and results of operations by accounting for assets liabilities net position revenues and expenses |
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Term
| ____________ ________________ Is the system that measures and controls the use of resources according to the purposes for which this type of authority was enacted and it records receipts and other collections by source. |
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Definition
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Term
| What permits an agency to obligate funds in advance of appropriations? |
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Definition
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Term
What is an example of a trust fund?
Hint: Usually an earmark from congress |
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Definition
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Term
| What are the 4 major functions of finance? |
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Definition
Entitlements
payments
collections
control of public funds |
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Term
| What is the serialization ( Regulation) number of the DODFMR? |
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Definition
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Term
| What are the 4 steps to the entitlement process? |
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Definition
Entitling
Authorization
Voucher Preparation
Certification |
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Term
| Where does liability for payments reside? |
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Definition
| Wherever the certification function is assigned |
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Term
| Who are the accountable individuals? |
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Definition
Departmental accountable officials
Certifying officers
Disbursing officers |
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Term
How many days of leave do military members earn in 1 year?
How many days in a career may they sell back? |
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Definition
30 Earned
60 days can be sold back in a military career |
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Term
| What type of month are military pay entitlements calculated? |
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Definition
| A 30 day month regardless of the number of days in a month |
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Term
| What are some basic military pay allowances? |
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Definition
Subsistence
Quarters or housing
Clothing or uniforms
Other allowance is based upon assignment |
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Term
| What 2 types of allotments can a military member have deducted from their pay and how many of each type? |
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Definition
Discretionary allotments-6
( insurance, car payments, et cetera)
Non discretionary allotments -unlimited
( Bonds, child support, charity) |
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Term
| What is the family friendly leave act? |
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Definition
| Allows civilians to use up to 104 hours of sick leave for the care of a family member or significant other. |
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Term
| What is the family and medical leave act? |
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Definition
| It allows a civilian employee up to 12 weeks to care for newborn child, adopt a child, care for an immediate family member who is ill; or take unpaid medical leave for employees illness. |
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Term
| When may a civilian employee request special pay? |
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Definition
| When less than 90 percent of normal biweekly pay and allowances received |
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Term
| Questionable travel claims in excess of 100 dollars are submitted to whom for resolution? |
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Definition
| Per diem, travel and transportation allowance committee for final resolution by DoD office of general counsel. |
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Term
| Gaining activities generally pay for civilian pcs travel. There are 2 exceptions, what are they? |
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Definition
Between agencies or DoD components
R I F/ transfer of functions under the DoD priority placement program;
Within the same DoD component
RIF/BRAC Transfers, OCONUS to CONUS, OCONUS to Hawaii |
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Term
| What are the 4 items that construct a payment package for a vendor payment? |
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Definition
Copy of the purchase order or contract
A proper invoice
Receipt of the product or service
Acceptance of the product or service |
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Term
| What are the 3 special conditions for payments to vendors? |
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Definition
Fast Pay
Constructive acceptance (NLT 7 days after delivery)
Pay and confirm |
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Term
| What is the prompt payment act? |
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Definition
The government owes interest on late payments
May need to know a simple formula for the exam |
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Term
What do large disbursements require?
And
Who must be notified of the action? |
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Definition
Over $50M, 3 days notice
Over $500M, 5 days notice
treasury financial management service (FMS) must be notified |
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Term
| What are the 2 major disbursing systems? |
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Definition
Automated disbursing system (ADS)
Consolidated disbursing system (CDS) |
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Term
| What are the 3 common types of electronic commerce used in DoD? |
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Definition
Electronic document access or EDA
Electronic data interchange or EDI
Electronic funds transfer or EFT |
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Term
| What are 4 types of electronic funds transfer? |
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Definition
Vendor express
Government purchase cards
Plastic card collections
Lockbox collections |
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Term
| What are the 3 types of collections? |
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Definition
Receipts
Reimbursements
Refunds |
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Term
| What are the names of the 2 collection systems? |
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Definition
Intergovernmental payment and collection or IPAC
Government online accounting link system or GOALS II |
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Term
| When is a debt collection from a vendor transferred to the DFAS Columbus center for action ? |
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Definition
| After two demand letters and the amount is over 600 dollars |
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Term
| What is the hold up list? |
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Definition
A list of vendors who are indebted to the united states
D O's will withhold payment to a vendor on this list |
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Term
| How often does a disbursing officer make security inspections? |
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Definition
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Term
Out of balance,
Check issue overdraft,
and
Check under draft
are examples of what? |
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Definition
| Disbursing officer account irregularities |
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Term
31 USC 3702,
the Barring Act,
requires what? |
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Definition
| Claims, other than entitlements, must be received by the government in 6 years. |
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Term
What are the form numbers for the following disbursing forms?
1. Daily statement of accountability
2. Statement of accountability
3. Daily agent accountability summary
4. Voucher control log
5. Deposit ticket
6. Ca$h-link II |
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Definition
1. DD 2657
2. SF 1219 ( monthly by the 10th)
3. DD 2665
4. DD 2659
4. SF 215
5. e-Reporting to Treasury (daily) |
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Term
| The budget and accounting act of 1921 established the GAO to audit financial transactions of which branch of the government? |
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Definition
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Term
| The GPRA of 1993 requires agencies to define goals, set performance targets, and report what? |
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Definition
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Term
| In addition to establishing the government accountability office what else did the 1921 budget and accounting act accomplish? |
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Definition
| Requires the president to submit a comprehensive national budget no later than the first Monday in February |
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Term
| What did the 1990 CFO act accomplish? |
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Definition
| It required appointment of a CFO in 24 major federal agencies and required financial reports for business operations. |
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Term
| Name the 3 accounting standards boards |
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Definition
FASB- financial accounting standards board
GASB- Government accounting standards board
F A S A B- Federal accounting standards advisory board |
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Term
| Which 3 agencies share responsibility for implementing the federal accounting standards? |
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Definition
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Term
| What do standard federal financial accounting concepts and standards (SFFAC) represent? |
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Definition
Generally accepted accounting principles (GAAP)
SFFAC1- Objectives of federal financial reporting
SFFAC2- Entity and display
SFFAC3- Concepts of management discussion and analysis
SFFAC4- Intended audience
SFFAC5- Elements of accrual basis financial statements and basic recognition criteria |
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Term
| What is the federal GAAP hierarchy? |
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Definition
FASAB Statements and interpretations
FASAB Technical bulletins
AICPA Accounting standards executive committee practice bulletins
-- Implementation guides published by the f a s a b staff
-- Standards and guides published by other authoritative standard setting bodies |
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Term
| Which 5 funds make up DoD? |
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Definition
Appropriated
Reimbursable
Revolving
Trust
Non appropriated |
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Term
| What are the 4 types of of appropriations? |
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Definition
Annual
Multi year
No year
Permanent or indefinite
( Permanent allows treasury to pay without Enactment by congress. Examples are interest, federal retirement, social security) |
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Term
U S S G L Chart of accounts
Can be found in FMR volume 1 chapter 7
They are: |
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Definition
1000 Assets -D
2000 Liabilities -C
3000 Net position - C
4000 Budgetary -BOTH
5000 Revenues and financing sources -C
6000 Expenses - D
7000 Gains and losses -BOTH
8000 Memorandum accounts - N/A |
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Term
The chart of accounts provides the basic structure for u s government standard general ledger.
What 2 accounts does it contain? |
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Definition
Proprietary And budgetary
( Self balancing or total debits equals total credits) |
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Term
| Budgetary accounting equation is: |
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Definition
| Resource = Status of resources |
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Term
| Proprietary accounting equation is: |
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Definition
Assets = liabilities + net position
Also expressed as
1000 = 2000 + 3000 In terms of USSGL chart of accounts |
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Term
| Statement of net cost is expressed as: |
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Definition
Expenses - exchange revenue = net cost of operations
Or
6000 - 5000 equals net cost |
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Term
| What is the definition of a undistributed disbursement? |
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Definition
| Funds that have been paid but have not yet been identified to an organization |
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Term
| What are some examples of heritage assets? |
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Definition
Museum collections
monuments |
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Term
| What are some properties of general plant property in equipment (PP&E)? |
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Definition
Tangible assets
Useful life of 2 years or more
Not intended for sale in the ordinary course of business
$100k criteria |
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Term
| What is the formula for current ratio? |
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Definition
Cash + accounts receivable + inventory
_____________________________________
current liabilities
Used to measure ability to meet current obligations |
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Term
| What is the formula for quick ratio? |
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Definition
Cash + accounts receivable
________________________________
Current liabilities
Used to test immediate solvency |
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Term
| What are the 3 standards of an auditor's independence? |
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Definition
Be free from external impairments to independence
Be organizationally independent
Maintain independent attitude and appearance |
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Term
| What are the 3 standards for auditors professional judgement? |
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Definition
Exercise reasonable care and diligence
Maintain integrity and objectivity
Carefully select the methodology and procedures for gathering information |
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Term
| What do our auditor competence standards require? |
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Definition
Staff collectively possess adequate professional competency for the task required
80 hours continuing education every 2 years with no less than 20 hours in any 1 year |
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Term
| Auditor quality control and assurance standards consist of what? |
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Definition
An internal system of quality control and assurance
External peer reviews every 3 years |
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Term
| What do yellow book fieldwork standards address? |
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Definition
| How audits are to be performed |
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Term
| What do audit reporting standards provide? |
|
Definition
| Guidance for auditors to follow when writing audit and attestation engagement reports |
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Term
| The DoD IG Provides the DoD audit handbook. What is its purpose? |
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Definition
| To maintain the integrity of the internal operations of the office of inspector general for auditing organizations |
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Term
| Who are the main four audit groups within DoD? |
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Definition
OIG,DOD
Army audit agency
Naval audit service
Air force audit agency |
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Term
| When can DoD contract for non federal auditors? |
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Definition
Temporary assistance is required
Expertise is not available within DoD |
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Term
| What are the 3 types of audits? |
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Definition
Financial
Performance
Attestation |
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Term
| How do audit organizations select the areas for audit coverage? |
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Definition
Regulatory and statutory requirements
Specific concerns of management and Congress
High risk areas |
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Term
| What are the 3 phases of an audit? |
|
Definition
|
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Term
| What are 2 potential benefits of an audit report? |
|
Definition
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|
Term
| What must auditors gain sufficient understanding of prior to conducting an audit? |
|
Definition
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