Fiscal Law Exam 2024 Questions & Answers 100% Updated!!
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Course
Fiscal Law
Institution
Fiscal Law
Fiscal Law - ANSWER Body of law governing use of federal funds
Fiscal Year - ANSWER 1 October ‐ 30 September
Period of Availability - ANSWER Most appropriations available for obligation for limited time period
Funds not obligated in timely manner generally expire
Obligation - ANSWER...
Fiscal Law Exam 2024 Questions &
Answers 100% Updated!!
Fiscal Law - ANSWER Body of law governing use of federal funds
Fiscal Year - ANSWER 1 October ‐ 30 September
Period of Availability - ANSWER Most appropriations available for obligation for limited time period
Funds not obligated in timely manner generally expire
Obligation - ANSWER Transaction legally binding the government to make payment
E.g., place an order, award a contract, receive services
Budget Authority - ANSWER Federal law provides to incur obligations up to specified amount
National Defense Authorization Act (NDAA) - ANSWER Authorizes programs, but doesn't provide
obligation authority
E.g., end strength; DoD FM Certification Program; government
lodging program (i.e., Integrated Lodging Program)
Appropriation Act - ANSWER Statutory authorization "to incur obligations and make payments out
of the Treasury for specified purposes
Continuing Resolution Authority - ANSWER In the absence of a regular appropriations act ‐ provides
budget
authority to continue operations
Affirmative Authority - ANSWER "The established rule is that the expenditure of public
funds is proper only when authorized by Congress, not
that public funds may be expended unless prohibited by Congress.
, ‐ United States v. MacCollom,
426 U.S. 317, 321 (1976)L
Governed by:
• The U.S. Constitution
• Legislative Authorization and Appropriations Acts
• Judicial Court Rulings and Comptroller General decisions
• Fines and Penalties
• License and Certificates
• Miscellaneous Personal Expenses
Purpose - ANSWER "Appropriations shall be applied only to the objects
for which the appropriations were made except as
otherwise provided by law."
31 U.S.C. 1301(a)
Three part expenditure test ...
Must be for a statutory purpose or necessary/
incident to the general purpose of the appropriation
Not prohibited by law
Not otherwise provided for in another appropriation
Purpose - ANSWER Necessary/incident to general purpose of the
appropriation...
• Congress can't list everything....so agencies have
reasonable discretion...
• Must be reasonably necessary
• Materially contribute to mission accomplishment?
• Or is it nice to have?
• Doesn't have to be only or best way
• Determinations are fact, agency, and purpose specific
Typical Questionable Expenses for Purpose - ANSWER • Clothing
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