CGFM Test 1 questions and answers

Accountability - ANSWER-Principle that, in a democracy, the government operates by the consent of the people. Therefore, it is responsible to, and must answer to, the people for its actions and results, including the taking and using of the people's resources Allotment - ANSWER-In the federal government, an agency's distribution of apportioned budgetary authority to various components within the agency. After the executive agency receives its apportionment, it allots budgetary authority to specific components within the agency Anti-Deficiency Act - ANSWER-At the federal level, a law stating that officials can be fined and/or jailed if they obligate the government to spend funds beyond the legally authorized purpose, time, or amount Apportionment - ANSWER-Definitions may vary at different levels of government. At the federal level, this is OMB's approval to use a portion of the legislatively approved budgetary authority Appropriated Budget - ANSWER-Budget that has been passed by the legislative branch (and signed by the chief executive, if required); has effect of law Appropriation - ANSWER-A legislative enactment (law, statute, or ordinance) that created spending authority; the legal authority to incur expenses and spend money Attestation Engagement - ANSWER-Engagement concerning with examining, reviewing, or performing agreed-upon procedures on a limited subject matter, or a limited assertion about a subject matter, and reporting on the results. The subject matter may be financial or nonfinancial Authorization - ANSWER-Legislative enactment that approves programs; prescribes wh