Download CDFM - Module 3 Questions with 100% Correct Answers | Verified for Latest Update |100% Sol and more Exams Agricultural engineering in PDF only on Docsity!
CDFM - Module 3 Questions with 100% Correct
Answers | Verified for Latest Update |100%
Solved
What are the three tests that must be met for use of the Necessary Expense doctrine? - ✔✔ Must bear a logical relationship Not prohibited by law Not funded elsewhere (p 3.1.17) Who grants relief of liability to a certifying officer for erroneous or illegal payments in the Department of Defense? - ✔✔The Defense Finance and Accounting Service (DFAS) (p. 3.1.51) What type of budgetary resources remains available for new obligations for more than one fiscal year? - ✔✔Multi-year authority (p. 3.1.24) What type of Congressional resolution can be thought of as a temporary appropriations act? - ✔✔Continuing Resolution (CR) (p. 3.1.41) What agency apportions funds for a working capital fund? - ✔✔The Office of Management and Budget (OMB) (p. 2.1.71)
What is the acronym for disbursing office identification numbers? - ✔✔Disbursing Station Symbol Numbers (DSSN) (p. 3.2.30) What three primary types of officials are accountable Individuals in the DoD?
- ✔✔Certifying Officers (CO), Disbursing Officers (DO), Departmental Accountable Officials (DAO) (p. 2.2.21, 2.2.64) What is the normal collection method for debts owed by active military members and civilian employees who are still in service? - ✔✔Salary Offset garnishing (p. 3.2.38) When collecting debts owed by vendors that have failed to properly respond to the demand letters, what is the next step? - ✔✔Do Not Pay List (p. 3.2.40) When in doubt about the proper use of an appropriation, what may the disbursing officer request form the OSD General Counsel on the propriety of the prospective payment? - ✔✔An Advance Decision (p. 3.2.12)
(p. 3.3.39) Which three Federal agencies established the FASAB? - ✔✔The Government Accountability Office (GAO), the Department of Treasury, and the Office of Management and Budget (OMB) (p. 3.3.13) 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 (p. 3.4.5) Which standards generally apply to all Federal Government audits? - ✔✔GAO Standards or GAGAS (p. 3.4.10) How many hours of continuing professional education must an auditor complete every 2 years? - ✔✔80 hours in 2 years (p. 3.4.14) What is the minimum number of hours that must be completed in any year of the 2-year period? - ✔✔20 hours minimum each year
(p. 3.4.14) The auditor is restricted access to essential data necessary to satisfy the audit objective. What type of impairment would this be? - ✔✔External Impairment (p. 3.4.12) Which type of audit is expected to determine whether:
- The financial information is presented in accordance with established stated criteria;
- The entity has adhered to specific financial compliance requirements; and
- The entity's internal control structure over financial reporting and/or safeguarding of assets is suitably designed and implemented to achieve the control objective? - ✔✔Financial Audit (p. 3.4.22) Which type of audit is expected to determine whether:
- The entity is acquiring, using, and protecting its resources economically and efficiently;
- The entity's programs are achieving the desired results or benefits; and
- The entity is accomplishing its mission in accordance with applicable laws, regulations, and public policies. - ✔✔Performance Audit (p. 3.4.22) What does Title 31 do? - ✔✔Provides statutory authority for the use, control, and accountability of public funds.
What did the Budget and Accounting Act of 1921 provide? - ✔✔- Required the President to submit an annual budget to Congress for all three branches of the Federal Government
- Created a budget office for the President (chgd to OBM in 1970)
- Established the General Accounting Office (now called the Government Accountability Office) This law:
- Governs the congressional budget process
- Defines some key budget terms, such as budget authority, that are used in all phases of the budget process
- Establishes the House and Senate Budget committees and the Congressional Budget Office (CBO) - ✔✔P.L. 93-344 and P.L. 100-119 Congressionl Budget Act of 1974 This law prescribes rules and procedures designed to constrain spending and receipts legislation.
- ✔✔P.L. 99-177 Congressional Balanced Budget and Emergency Deficit Control Act of 1985 These sections prescribe rules and procedures for budget execution. The overarching statutory requirement for the use, control and accountability of funds are found here. - ✔✔31 USC 13 and 15 Responsible for use of appropriated funds as to the proper Purpose, Time and Amount and for those US Codes pertaining thereto. - ✔✔Fiduciary Certifier Responsible for the accuracy of the disbursement of funds. - ✔✔Pecuniary Certifier
(True/False) There is relief from ADA violations in certain circumstances. - ✔✔False Disbursing officers, cashiers, and collecting officers all have pecuniary responsibility for the monies entrusted to their case and will be held ____ ____ for any loss or theft of these funds. - ✔✔personally liable (True/False) Relief can be granted for either a loss of cash or miscertification when certain conditions are met. - ✔✔True What are the 3 dimensions of the availability of budgetary resources? - ✔✔Purpose / Time / Amount Funds may be obligated and expended only for the purposes authorized in appropriations acts or other laws. - ✔✔Purpose The period of time during which budgetary resources may be used incur new obligations is different from the period of time during which the budgetary resources may be used to incur expenditures. - ✔✔Time Obligations and expenditures may not exceed the amounts established in law. Examples are interest on the debt, Federal retirement, social security, and the judgement fund. - ✔✔Amount
What are the 2 basic uses of appropriations? - ✔✔Obligations and Expenditures ___ are legal reservations for which payments, or expenditures, will be made in the future. - ✔✔Obligations ___ are the cash payments made to liquidate an obligation. - ✔✔Expenditures A violation of the time code will results in? - ✔✔ADA What is the Bona Fide Needs Rules? - ✔✔a Test to determine when to obligate and for how much consumption or effort the obligation should cover. When an agency maintains inventories of commonly used items, does the Bona Fide Needs Rule prevent maintaining legitimate inventories at reasonable levels? - ✔✔No Does the Bona Fide Needs Rules permit an obligation in one fiscal year and delivery in a subsequent fiscal year even when the production lead-time of the materials requires obligation in one fiscal year in order for the material to be available for installation in a later fiscal year. - ✔✔Yes The bona fide needs occurs in which year (when the order is placed or when the goods and services are delivered)? - ✔✔When the order is placed
___ services are those for which the the Government receives something useful immediately upon the expenditure of funds or by the end of the fiscal year, e.g. routine maintenance, housekeeping services, and trash collection. - ✔✔Severables ___ services are those that cannot be separated into increments that will provide something useful at the end of the fiscal year, e.g. overhaul of a ship that takes two or more years or development of a software program that will result in a definite end product after more than one year of work. - ✔✔Non-severable Severable services are paid... - ✔✔month to month The qualification to the rules on severable services is that the 12-month contract can cross fiscal years as long as it is for no more than ___ months. - ✔✔ 12 What reference indicates the qualifications of a 12-month severable contract? - ✔✔ 10 USC 2410(a) Training that begins in the following year can be charged to the current year if the Government must make: - ✔✔1) a payment or deposit in the current year
- the scheduling is beyond the Governments control
- the time between obligation and performance is not excessive
What is it called when it becomes necessary to terminate a contract because the contractor defaults? - ✔✔Contractor Default What is it called when an agency voluntarily acts to reduce the scope of a contract or termination of the contract for its own convenience will not entitle the agency to obligate expired funds to issue a replacement contract. - ✔✔Convenience of the Government Government may obligate same year funds previously obligated for a replacement contract for amounts less, same or greater than originally obligated if: - ✔✔- bona fide need still exists
- same or lesser scope of work
- replacement contract awarded in a timely manner What are the types of appropriation lifes? - ✔✔- Single Year
- Multi-Year
- No Year Military Personnel (MILPERS) has a ____ expense appropriation type. - ✔✔1 year Research, Development, Test & Evaluation (RDT&E) has a ____ expense appropriation type. - ✔✔2 years
Operation & Maintenance (O&M) has a ___ expense appropriation type and up to ____ amount limitation. - ✔✔1 year; minor construction up to $1,000,000 or unit cost of < $250k Shipbuilding and Conversion, Navy (SCN) has a ___ expense appropriation type - ✔✔5 years No-Year Appropriations are covered by? - ✔✔31 USC 1555 - Agency head or President determines its purpose has been fulfilled, and no disbursements have been made for two consecutive fiscal years In the Appropriation Life Cycle, the adjustments and payments are charged to currently available appropriation of same type, up to lesser of ___% of currently available appropriation or unexpended balance balance of closed appropriation - ✔✔1% At the end of ___ after the expiration of the appropriation year, all unliquidated obligations and expired budget authority are cancelled and deposited into the Misc Receipts of the Treasury and what is the reference? - ✔✔5th year; 31 USC 1552 What requires that approval be sought from the head of the agency if obligations from an expired appropriation during a fiscal year exceed $4 million for any program? - ✔✔31 USC 1553
Accepting voluntary services for the United States is covered by - ✔✔31 USC 1342 Obligating or expending in excess of the apportionment or reapportionment or obligating or expending in excess of an administrative subdivision of an apportionment to the extent provided in the agency's fund control regulations prescribed under Section 1514 is covered by - ✔✔ 31 USC 1517 Appropriation control by amount are part of what? - ✔✔31 USC 1341 - Obligating or expending in advance or in excess of the appropriation 31 USC 1342 - Accepting voluntary services for the United States 31 USC 1517 - Obligating or expending in excess of the apportionment or reapportionment or obligating or expending in excess of an administrative subdivision of an apportionment to the extent provided in the agency's fund control regulations prescribed under Section 1514 What are the key provisions of the ADA 31 USC 1341 - ✔✔- Make or authorize an expenditure or obligation exceeding an amount available in an appropriation or fund for the expenditure or obligation
- Involve either Government in a contract or obligation for the payment of money before an appropriation is made unless authorized by law Authority in appropriations acts and other provisions of law provide authority to incur new obligations - ✔✔Appropriations
An authorization for an agency to pledge to pay a part or all the loan principal and interest to a lender in the event of default by a third party borrower. - ✔✔Loan and Loan Guarantee Authority The Concept of Earmarking includes: - ✔✔- Not to Exceed (ceilings)
- Not Less Than (floors)
- Exclusively for (fences) What is the exception of 31 USC 1342 - Voluntary Services law? - ✔✔for emergencies involving the safety of human life or the protection of property What are some of the interpretations and decisions pertaining to the Voluntary Services law? - ✔✔- If the compensation for a position is fixed by law, then an appointee may not agree to service without compensation
- If the level of compensation is discretionary AND the compensation can be set at zero, THEN an appointment without compensation is permissible
- Example of statutorily authorized gratuitous services are (red cross, candy stripers, & museum volunteers) What does section 1514 require? - ✔✔agency in control of an apportionment to prescribe, by regulation, a system of administrative control consistent with accounting procedures prescribed under law.
The ADA preliminary review should be completed with how many weeks from the date of the initial discovery. - ✔✔14 weeks Is there any relief from ADA? - ✔✔In view of the explicit provisions of 31 USC 1351, it has been held that there is no private right of action for declaratory, mandatory, or injunctive relief under the Anti-deficiency Act. A legal liability of the Government for the payment of appropriated funds for goods and services ordered or received. - ✔✔An Obligation What are the recording principles? - ✔✔- must have an Obligation
- over/under-recording of an obligations are equally improper
- recording only evidences the obligation but does not create it Will recording of an obligation make it an legally binding obligation? - ✔✔Not under statutory authority of 31 USC 1501 An appropriation act that permits an agency to continue operations of the previous year at a specific level of funding for a specific period of time. - ✔✔Continuing Resolution (CR)
What are the statutory exceptions permitting employees to conduct operations? - ✔✔involving safety of life and protection of property (e.g. air traffic controllers) When funds were provided to begin a program or project in the middle of a fiscal year, you need to what? - ✔✔annualize the funds to determine the current rate. If $1 billian was provided in an R&D appropriation last year and $750 million was obligated as of the end of the prior fiscal year, the amount of the appropriation under the continuing resolution would be? - ✔✔$750 million Most continuing resolutions contain provisions restricting what? - ✔✔new starts Who is an Accountable Individual? - ✔✔Departmental Accountable Official (DAO) Certifying Officer (CO) Disbursing Officer (DO) Others An ___ is any Government officer or employee who, by the reason of his or her employment, is responsible for or has custody of Government funds. - ✔✔accountable individual A ___ is a Government officer or employee whose job is or includes certifying vouchers for payment and has no public funds in his/her possession. - ✔✔certifying officer
