Exam (elaborations)
Federal and DoD Financial Statements & Reports Questions with answers.
- Course
- Institution
Federal and DoD Financial Statements & Reports Questions with answers.
[Show more]
Seller
Follow
Content preview
Federal and DoD Financial Statements &Reports Questions with answers.
1990 Chief Financial Officers (CFO) Act ANS -• Appointment of a CFO in 24 major Federal agencies
• Financial reports for business operations
1994 Government Management Reform Act (GMRA) ANS -Amended CFO Act
• Required a consolidated financial statement for the entire executive branch
(prepared by Treasury / audited by the GAO) beginning FY97
• Required 24 Agencies to submit audited financial statements
2010 National Defense Authorization Act, PL 111 ‐84 ANS -• Required to develop/maintain FIAR Plan
(FIAR)
• Required to validate financial statements ready for audit by 30 Sep 2017
Office of Management and Budget (OMB) ANS -• Primary oversight over improving accounting &
financial reporting
• Assists President in preparing & overseeing budget
execution
Government Accountability Office (GAO) ANS -• Congressional agent
• Referred to as "watchdog" of Congress
• Primary concern
• How executive agencies/departments implement legislation
• Responsible for auditing executive branch financial
performance
• Example - Aug 16 report - "DOD Needs to Improve Reporting
of Operation and Maintenance Base Obligations"
, Federal and DoD Financial Statements & Reports Key Players ANS -- Department of the Treasury
- Undersecretary of Defense (Comptroller)(USD(C))
- DoDFMR 7000.14‐R - Financial Management
Regulation (FMR)
- Defense Finance and Accounting Service (DFAS)
- Implementation of Federal Accounting Standards
Department of the Treasury ANS -• Manages the balances/flow of government funds
• Formulates & recommends economic, financial, tax, and fiscal
policies
• Serves as financial agent for the U.S. Gov't
• Manufactures coins and currency
• Enforces the law
• Publishes the U.S. Standard General Ledger (USSGL)
• Feeds all financial reports; makes consolidated financial statements
possible
• Compiles the consolidated Federal financial statements
Undersecretary of Defense (Comptroller)(USD(C)) ANS -• Defense Department CFO
• Principal advisor to the Secretary and Deputy Secretary
of Defense for budgetary and fiscal matters
• Responsible for:
• DoD wide financial management policies
• Overseeing accounting and finance operations and systems
• Implementing financial management improvement
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Professorkaylee. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
66475 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now