CDFM Exam 3

CDFM Exam 3 Who are determined to be accountable individuals for the DoD? - ✔✔Certifying & Disbursing Officers & DAOs If a contracting officer signs a contract in advance of an appropriation, what type of violatio ...

CDFM Exam 3 Who are determined to be accountable individuals for the DoD? - ✔✔Certifying & Disbursing Officers & DAOs If a contracting officer signs a contract in advance of an appropriation, what type of violation has occurred? - ✔✔ADA What are the 4 major functions in DoD Finance? - ✔✔Entitlements, Payments, Collections, Control of Public Funds What 3 primary types of officials are accountable individuals in the DoD? - ✔✔Certifying & Disbursing Officers & DAOs When collecting debts owed by vendors that have failed to properly respond to demand letters, what is the next step? - ✔✔Do not pay list If a civilian employee receives less than 90% of his/her pay and allowances, what may he/she request? - ✔✔Special Pay When a civilian employee PCSs from OCONUS to CONUS, who pays? - ✔✔OCONUS Activity How often does the disbursing officer need to inspect and document office security measures? - ✔✔Semi-annually What are the two self-balancing sets of accounts in the USGSGL? - ✔✔Budgetary and Proprietary In proprietary accounting, assets equal liabilities plus what? - ✔✔Net position The aggregate amount of an entity's funds in the Treasury is in what account? - ✔✔Fund Balance with Treasury PP&E defines tangible assets with an estimated useful life of more than what number of years? - ✔✔2 Which three federal agencies established the FASAB? - ✔✔GAO, Treasury & OMB What is the Federal law that specifically required existing CFO agencies to have financial statements that successfully pass a financial audit? - ✔✔The Government Management Reform Act of 1994 In which of the four waves of the FIAR process would a DoD entity expect to have an auditable statement of budgetary resources? - ✔✔Wave 2 Government audits provide essential elements of public accountability and what? - ✔✔Control Which standards generally apply to all Federal Government audits - ✔✔GAO Standards or GAGAS Who conducts, supervises, monitors and initiates audits and investigations relating to DoD programs and operations? - ✔✔DoD IG Which is the DoD Document that provides policy for DoD audit and internal review offices to use for conducting audits of DoD operations, systems, program and functions? - ✔✔DoD IG Audit Handbook Auditors auditing with personal impairments violate which general standard? - ✔✔Independence How many CPEs must an auditor complete every 2 years? What's the minimum per year? - ✔✔80 / 20 The auditor is restricted access to essential data necesssary to satisfy the audit objective. What type of impairment would this be? - ✔✔External Which type of audit is expected to determine financial information is presented... - ✔✔Financial Audit Which type of audit is expected to determine whether...(no mention of finance) - ✔✔Performance Audit During what audit phase would the auditor select the most important areas for audit coverage? - ✔✔Planning What is the name of the GAO standard that provides reasonable assurance that DoD auditors comply with applicable auditing standards and DoD audit policies? - ✔✔Quality Control and Assurance What term is used to describe Federal Government funds that have been paid out but have not yet been identified to a specific organization? - ✔✔Undistributed Disbursements What DoD accounting entity maintains a central general ledger? - ✔✔DFAS What are the supporting documents required in the DoD Payment Package? - ✔✔Contract Invoice Proof of Receipt Acceptance Document What law established the House & Senate Budget Committees and the CBO? - ✔✔The congressional budget act of 1974 What are the 3 phases of a governmental audit? - ✔✔Planning, Review & Report What are the general standards for audits and engagements? - ✔✔Auditor Independence Auditor Professional Judgement Auditor Competence Quality Control & Assurance What is the established rule for Fiscal Law? - ✔✔The expenditure of public funds is proper only when authorized by Congress, not that public funds may be expended unless prohibited by Congress What was created by the Budget and Accounting Act of 1921? - ✔✔- Requirement for annual budget - Created budget office (Bureau of the Budget, became OMB in 1970) - Established Government Accounting Office (Now GAO) What did the Bureau of the Budget become the OMB? - ✔✔1970 What office did the OMB originate from? - ✔✔Bureau of the Budget What legislation established the House and Senate budget committees and the CBO? - ✔✔The Congressional Budget Act of 1974 What law prescribes the rules and procedures under which the President may withhold appropriated funds (deferrals and recissions)? - ✔✔The Budget Impoundment Control Act of 1974 Who carries pecuniary liability? - ✔✔Disbursing officers, cashiers and collecting officers Who is personally liable for erroneous payments? - ✔✔Certifying officers What title of the USC deals is the ADA in? - ✔✔Title 31 Where is the "Purpose" statute found? - ✔✔31 USC 1301 Where is the "Time" statute found? - ✔✔31 USC 1502 Where is the "Amount" statute found (Also ADA)? - ✔✔31 USC 1341, 1342 & 1517 What are the five types of general operating expenses? - ✔✔Training, Travel, Postage, Books & Periodicals, and Miscellaneous items Training, Travel, Postage, Books & Periodicals, and Miscellaneous items are all examples of what type of expense? - ✔✔General Operating Expenses Are awards allowed for sick leave balances? - ✔✔No What are the three tests of the necessary expense doctrine? - ✔✔Logical Relationship Not prohibited by Law Not Funded Elsewhere 1. Logical Relationship 2. Not prohibited by Law 3. Not Funded Elsewhere These are the three tests of what? - ✔✔The necessary expense doctrine What does the Bona Fide Needs rule provide? - ✔✔That you will only obligate for the material requirements of the period of fund availability Does the Bona Fide need rule apply to when the order is purchased or when goods are delivered? - ✔✔When goods are delivered Where is the authority to allow severable services to cross fiscal years (but not longer than 12 months) found? - ✔✔10 USC 2410(a) What are the three circumstances where training beginning in the following year can be charged to the current year? - ✔✔1. Government must make a payment or deposit in the current year 2. The scheduling is beyond the Government's control 3. The time between obligation and performance is not excessive What is multi-year service contracting authority - ✔✔It allows a service contract for up to five years in five one-year increments What are the three requirements for funds to remain available from an expired appropriation for a replacement contract to an original contract that defaulted? - ✔✔1. A bona fide need must still exist 2. The replacement contract is not to exceed the scope of the original 3. The replacement contract is to be awarded in a reasonable period of time after termination of the original contract What funds pays for judgments made against the DoD? - ✔✔The DoD Judgement Fund What FY must be sourced to reimbursed the DoD Judgement Fund? - ✔✔Funds from the FY from when the judgment was made Why does congress apply time limits to appropriations? - ✔✔To reserve to itself the continuation of programs and projects When are appropriations said to expire? - ✔✔After the last day of the specified time period associated with that appropriation When do you close a no-year account? - ✔✔When the agency head or President determines its purpose has been fulfilled AND no disbursements have been made for two consecutive fiscal years Where does the Bona Fide Needs Rule not apply? - ✔✔No-year appropriations What is required by 31 USC 1553 - ✔✔- That approval be sought from the head of the agency if obligations from an expired appropriation during a fiscal year exceed $4M for any program - That approval must be sought from the Authorization and Appropriation committees if obligations from an expired appropriation during a fiscal year exceed $25M at the program level If a notification to Congress is made IAW 31 USC 1553, how much time must be given? - ✔✔30 Days notice, USC(C) monitors progress What are the three statutes associated with the ADA? - ✔✔31 USC 1341, 1342 & 1517 What are the forms of Budget Authority? - ✔✔Appropriations Contract Authority Borrowing Authority Monetary Credits Offsetting Receipts Loan & Loan Guarantee How many forms of budget authority are there? - ✔✔6 What does 31 USC 1342 state about voluntary services? - ✔✔An officer or employee of the US Government or DC Government may not accept voluntary services for either government or employ personal services exceeding that authorized by law except for emergencies involving the safety of human life or the protection of property Can an appointee volunteer to serve without compensation if the compensation for their position is fixed by law? - ✔✔No What are three examples of statutorily authorized gratuitous services? - ✔✔- Red Cross - Candy stripers in hospitals - Museum volunteers What does 31 USC 1517 say about apportionment? - ✔✔An officer or employee of the US Government may not make or authorize an expenditure