CDFM All Modules FISCAL LAW Exam Questions and Answers

CDFM All Modules FISCAL LAW Exam Questions and Answers 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 the US Constitution that provide the underpinning for the budget process are? - ANSWER Article 1 Section 8 clause 1, Article 1 Section 9 clause 7 T/F? Article 2 section 8 empowers Congress to collect taxes and Section 9 requires appropriations in law before money can be spent from the Treasury? - ANSWER FALSE The penalty for willfully and knowingly violating the Anti Deficiency Act is? - ANSWER Up to 2 years and a $5,000 fine or both Over obligation of an appropriation or funds and obligations or contracts in advance of an appropriation is a violation of? - ANSWER 31 USC 1341a ________ appropriations is (are) no longer available for adjustments or payments any adjustments will be charged to current same appropriation (1% max)? - ANSWER Cancelled Over-obligations of apportionments, allotments or other subdivision of funds are a violation of? - ANSWER 31 USC 1517 T/F? Not knowingly or willfully committing a violation of the Anti-Deficiency Act does not, by itself, justify a decision to not impose disciplinary action against the individual? - ANSWER TRUE It is the responsibility of the _____ to review and approve the agency systems of administrative control of funds to prevent violations of the Anti-Deficiency Act? - ANSWER OMB Acceptance of voluntary service is a violation of? - ANSWER 31 USC 1342 Prescribe rules and procedures for budget execution. Many of the specific provisions were previously enacted as Section 3679 of the revised statutes also known as the AntiDeficiency Act? - ANSWER Chapters 13 and 15, 31 USC The Basic substantive legislation enacted by Congress that sets up or continues the legal operation of a Federal program or agency either indefinitely or for a specific time frame or sanctions a particular type of obligation or expenditure within a program is? - ANSWER Authorization T/F? For no year and unexpired multiyear contracts, apportioned recoveries of prior year obligations are available for new obligations? - ANSWER TRUE Is the shift from one purpose or activity to another within the same appropriations? - ANSWER Reprogramming Is the shift from one purpose or activity to another between different appropriations? - ANSWER Transfer The Package that lists all of the reprogramming actions and all sources and increases is the? - ANSWER Omnibus Reprogramming Request The amount of obligational authority transferred from one agency bureau or account that is set aside in a transfer appropriation account to carry out the purpose of the parent appropriation is a (n)? - ANSWER Allocations The issuance of Treasury Warrants are the _____ ______ action taken after the President signs the bill into law? - ANSWER 1st legal The 3 Dimensions of Budget Resource Availability are? - ANSWER Purpose, Time and Amount ______is required for reprogramming that result in increases in procurement quantities of major program end items, changes to Congressional Interest Items in an Authorization Act, movement of funds between appropriations involving General Transfer Authority? - ANSWER Congressional Prior Approval T/F? For expired accounts recoveries of prior year obligations are available for new obligations incurred in current year? - ANSWER FALSE The system that measures and controls the use of the resources according to the purposes for which budget authority was enacted and that records receipts and other collections by source? - ANSWER Budgetary Accounting ______ is (are) the authority provided by Federal law to incur financial obligations that will result in immediate or future outlays. - ANSWER Budget Authority Are the reduction or cancellation of new budget authority; unobligated balances, new loan guarantee commitments or limitations? - ANSWER Sequestration appropriations A footnote to apportionments should specify that, "Pursuant to 31 USC 1553(b) not the exceed 1% of the total appropriations for this account is apportioned for the purpose of paying legitimate obligations related to canceled appropriations" This is called the? - ANSWER One Percent Requirement Is any organizational, functional, programmatic, or other applicable subdivision, used to delineate responsibilities under management control assessment procedures? - ANSWER Assessable Unit The time frame for investigations of potential violations of the Anti deficiency Act, including submission of the final report to the Under Secretary of Defense Comptroller is? - ANSWER 9 months The formal program management control was established in DoD with the? - ANSWER Federal Managers Financial Integrity Act of 1982 T/F? One goal of the Federal Managers Integrity Act is to establish internal controls that make it easier to determine misuse and waste of agency funds or property and to assure the accountability of assets? - ANSWER TRUE Establishes guidelines for reviewing internal controls? - ANSWER Director OMB Evaluates internal controls annually and submits to Congress and the President as a report. The reports are to be available to the public, excluding classified information? - ANSWER Head of each Agency OMB Circular that provides guidance on improving the accountability and effectiveness of Federal programs and operations by using management controls? - ANSWER A-123 Organization, policies, and procedures used to reasonably ensure that certain events take place? - ANSWER Management Controls