Fiscal Law 201 Exam Questions & Answers 100% Correct!!
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Course
Fiscal Law 201
Institution
Fiscal Law 201
A(n) Commitment is an administrative reservation of funds and a(n) obligation creates a legal liability on behalf of the government to pay for goods and services ordered or received - ANSWER Commitment/Obligation
The antideficiency act (ADA) prohibits - ANSWER involving the government in a con...
Fiscal Law 201 Exam Questions &
Answers 100% Correct!!
A(n) Commitment is an administrative reservation of funds and a(n) obligation creates a legal liability
on behalf of the government to pay for goods and services ordered or received - ANSWER
Commitment/Obligation
The antideficiency act (ADA) prohibits - ANSWER involving the government in a contract or
obligation for payment of money before an appropriation is made, unless authorized by law
Where is the authorized purpose of an appropriation found? - ANSWER The appropriation act itself
and its legislative history to include authorizing and organic legislature
Fiscal law refers to the body o flaw governing the availability and use of Federal Funds. Which of the
following is NOT a source that forms the basis of fiscal law - ANSWER Federal Acquisitions
Regulations
Analysis of appropriations uses ______ guidance, including the National defense Authorization Act;
Department of Defense Appropriations Acts; the Federal Acquisition Regulation(FAR); and the
Department of Defense Financial Management Regulation (DoD FMR) - ANSWER Authoritative
If an accountable Official provides negligent information, data or services to a certifying officer that
results in an erroneous or illegal payment, the accountable officer may be - ANSWER Financially
liable
Which of the following is an authority that allows interagency acquisitions - ANSWER Economy Act
When employees violate the Antideficiency Act, they may be subject to appropriate administrative
discipline. Which one of the following is an appropriate administrative discipline? - ANSWER
Suspension from duty without pay
A(n) ________ is the procedure when one agency needing supplies or services (requesting agency)
obtains them through another Federal Government Agency (Servicing Agency) - ANSWER
interagency Acquisition
, Appropriations can only be applied to the objects for which the appropriation was - ANSWER
Purpose
Accountable Officials are designated in WRITING and notified of their pecuniary liability - ANSWER
WRITING
The Antideficiency Act (ADA) is a series of Title 31 statutes that contain provisions limiting
expenditure of appropriated funds. All of the following statements about ADA are correct, EXCEPT: -
ANSWER Establishes strict provisions for ADA violations that apply in all circumstances
An interagency acquisition is the procedure by which an agency needing supplies or services (the
requesting agency) obtains them through another Federal government agency (the servicing agency).
Which of the following is considered a type of interagency acquisition? - ANSWER An assisted
acquisition
Generally, a Continuing Resolution - ANSWER Is a temporary source of authority that is issued if
Congress does not pass appropriation bills on time
A Service obligating O&M funds in excess of the Continuing Resolution Authority (CRA) allocation
would result in a/an - ANSWER ADA Violation
The concept of obligation is central to Fiscal Law. Each obligation must be charged against the
relevant - ANSWER Appropriation
Module 1 Key Points
The key points to take away from Module 1 are: - ANSWER -Fiscal law is the body of law governing
the availability and use of Federal funds
-The NDAA authorizes appropriations for a specific fiscal year for military activities of the Department
of Defense, military construction, military personnel strengths, and other purposes
-The purpose of an appropriation act is to provide legal authority by an act of the Congress that
permits Federal agencies to incur obligations and to make payments out of the Treasury for specified
purposes; an appropriation usually follows enactment of authorizing legislation
Module 2 Key Points
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