CDFM Fiscal Law Exam || With 100% Accurate Solutions
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Course
Fiscal Law
Institution
Fiscal Law
CDFM Fiscal Law Exam || With 100% Accurate Solutions
CDFM Fiscal Law Exam || With 100% Accurate Solutions
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)
...
CDFM Fiscal Law Exam || With
100% Accurate Solutions
, CDFM Fiscal Law Exam || With 100%
Accurate Solutions
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 - Starts October 1
End September 30
Government Accountability Office (GAO) - ANSWER - An investigative arm of
Congress that issues opinions and reports to federal agencies concerning the
obligation and expenditure of public funds
Obligation - ANSWER - Any act that legally binds the government to make payment.
Period of Availability - ANSWER - The period of time where budget authority is
available for original obligation.
Who appropriates funds? - ANSWER - Only Congress has the ability to appropriate
funds
No money can be paid out of the treasury unless it has been appropriated by an act
of Congress (Appropriations Clause) (Power of the purse)A statute passed annually
by Congress that authorizes the appropriation of funds for programs and activities
Limitations on Congressional Spending - ANSWER - 1. Spending must be in pursuit
of the general welfare
2. Federal funds must be reasonably tied to an articulated goal
3. Imposed conditions must be authoritative and unambiguous
4. No actions may be prohibited by the Constitution
New start validation - ANSWER - Any program, subprogram, modification, project, or
subproject not previously justified to and funded by Congress during the
appropriations process for the fiscal year involved.
1. Most notify Congrats via SAM
2. No minimum dollar thresholds
Active/Current Appropriations - ANSWER - Money whose availability for new
obligations has not yet expired
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