FISCAL LAW EXAM BUNDLE(COMPLETE PACKAGE)

Affirmative Authority governed by what: - ANSWER • The U.S. Constitution • Legislative Appropriations and Authorization Acts • Judicial Court Rulings and Comptroller General decisions DoD AA - ANSWER Depart of Defense Appropriations Act NDAA - ANSWER National Defense Authorization A...

Is repurposing or converting a facility for a new use considered construction? - ANSWER Yes 3 Essential Principles of Fiscal Law - ANSWER Time, Purpose, and Amount What funds are ordinary operating expenses funded with? - ANSWER 0100 O&M What are Procurement (Proc) Funds used for? - ANSW...

"The established rule is that the expenditure of public funds is proper only when authorized by Congress," describes _____ - ANSWER Affirmative Authority ______ has the ability to appropriate funds to be spent by the federal government. - ANSWER Congress The three main elements that must b...

What are the three main types of appropriation and their availability for obligation? - ANSWER 3400 - O&M (1-year appropriation) 3600 - RDT&E (2-year appropriation) 3080 - Procurement (3-year appropriation) Within procurement there are different types of appropriation for aircraft, naval s...

A(n) Commitment is an administrative reservation of funds and a(n) obligation creates a legal liability on behalf of the government to pay for goods and services ordered or received - ANSWER Commitment/Obligation The antideficiency act (ADA) prohibits - ANSWER involving the government in a cont...

Federal appropriations law can be categorized into which three topical areas? - ANSWER Purpose, Time, and Amount In the DoD final decisions of fiscal law questions are "officially" rendered by whom? - ANSWER DoD General Council What are the basic types of budget authority used in the Feder...

Federal appropriations law can be categorized into which three topical areas? - ANSWER Purpose, Time, and Amount In the Department of Defense, final decisions of Fiscal Law questions are "officially" rendered by whom? - ANSWER DoD General Counsel How many basic types of budget authority ar...

T/F? A working capital (Revolving) fund or part of that fund cannot violate the Anti Deficiency Act? - ANSWER FALSE Agencies are responsible for maintaining a system of accounting and internal controls to avoid violations of the? - ANSWER 31 USC 1341, 1342, and 1517 ADA The 2 provisions of t...

Time Statute - ANSWER Bona Fide Need-Time Statute: A fiscal year appropriation must only be obligated for a legitimate or bona fide need arising in the FY for which the appropriation was made. Amount Statue - ANSWER Anti-Deficiency Act: Prohibits obligating, expending, or authorizing an obligat...

Fiscal Year Closeout Requirements - ANSWER Fiscal Year Resources - ANSWER Sample Checklist, Table of Important Commitment Doc Dates; Rack and Stack of Unfunded Reqs Fiscal Law - ANSWER Body of law that governs availability and use of federal funds. Fiscal Law is derived from: - ANSWER ...

Federal appropriations law can be categorized into which three topical areas? - ANSWER Purpose, Time, and Amount (PTA) In the DoD, final decisions of fiscal law questions are "officially" rendered by whom? - ANSWER DoD General Counsel, Courts What are the basic types of budget authority us...

What is the "Bona Fide Need" Rule? - ANSWER The concept of the "legal availability" of Congressional appropriations is defined in terms of three elements - purpose, time, and amount. The Bona Fide Need rule covers the "time" aspect of legal availability and is one of the primary means of cong...

U.S. Fiscal Law - ANSWER Body of law which governs the use and availability Federal funds by Executive Agencies Fiscal Law is derived from... - ANSWER 1. US Constitution (Article I) 2. US Code, Title 31 3. FAR and subsequent regulations 4. GAO and court rulings Fiscal Year - ANSWER Start...