Fiscal law exam - Study guides, Class notes & Summaries

FISCAL LAW EXAM Questions and Answers Elaborations (GRADED A)

Is repurposing or converting a facility for a new use considered construction? - ANSWER Yes 3 Essential Principles of Fiscal Law - ANSWER Time, Purpose, and Amount What funds are ordinary operating expenses funded with? - ANSWER 0100 O&M What are Procurement (Proc) Funds used for? - ANSWER Capital Purchases ie) Aircraft, Missiles, Tanks Name 3 colors of Proc Funds - ANSWER 3010, 3020, 3080 What funding can be funded with two types of funds under two different dollar ceilings?...

CDFM 3 1 Fiscal Law Exam Questions with Correct Answers True or false? A working capital (Revolving) fund or part of that fund cannot violate the Anti Deficiency Act. - ANSWER FALSE Agencies are responsible for maintaining a system of accounting and internal controls to avoid violations of the . - ANSWER 31 USC 1341, 1342, and 1517 (Anti-Deficiency Act) The appropriation time line for Military Construction is years. - ANSWER 5 The appropriation time line for Procurement (excluding Shi...

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 ex...

CDFM 3.1 Fiscal Law Exam Questions with Correct Answers True or false? A working capital (Revolving) fund or part of that fund cannot violate the Anti Deficiency Act. - ANSWER FALSE Agencies are responsible for maintaining a system of accounting and internal controls to avoid violations of the . - ANSWER 31 USC 1341, 1342, and 1517 (Anti- Deficiency Act) The appropriation time line for Military Construction is years. - ANSWER 5 The appropriation time line for Procurement (excluding Shi...

Competency 1 Fiscal Law Exam Questions and Answers

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 spe...

SC Property Management License Exam with Complete & Verified Solutions | 2024 Update PM & PMIC licenses need to renewed biennially - Answer ️️ -June 30th (end of state's fiscal year) Conversion - Answer ️️ -to use trust funds for the purpose other than the purpose of which they are held. Unlawful use of funds. Customer - Answer ️️ -a buyer, seller, landlord or tenant who uses the services of a real estate licensee but does not establish an agency relationship through a writte...

CDFM All Modules FISCAL LAW EXAM QUESTIONS WITH CORRECT ANSWERS T/F? A working capital (Revolving) fund or part of that fund cannot violate the Anti Deficiency Act? - ANSWER FALSE Agencies are responsible for maintaining a system of accounting and internal controls to avoid violations of the? - ANSWER 31 USC 1341, 1342, and 1517 ADA The 2 provisions of the US Constitution that provide the underpinning for the budget process are? - ANSWER Article 1 Section 8 ...

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