Fasab mission - Study guides, Class notes & Summaries

The Federal Accounting Standards Advisory Board mission is that it serves the _______________ interest by improving federal financial reporting through issuing federal financial accounting standards. -private -federal government -public -business -public _________________ establishes "the measurement of economic activity, time when such measurements are to be made and recorded, disclosures surrounding this activity, and preparation and presentation of summarized economic informatio...

CDFM - Module 3 questions with complete solutions 2022/2023What are the three tests that must be met for use of the Necessary Expense doctrine? Must bear a logical relationship Not prohibited by law Not funded elsewhere (p 3.1.17) Who grants relief of liability to a certifying officer for erroneous or illegal payments in the Department of Defense? The Defense Finance and Accounting Service (DFAS) (p. 3.1.51) What type of budgetary resources remains available for new obligatio...

Governments exist to provide services - Answer no profit motive, no single measure of success Primary funding source = - Answer taxes (involuntary payments, because there is no ability to match services to those who provide the resource) Budget process = - Answer primary control device in government US Constitution provides two levels of government - Answer Federal and State State consitituions similar in that each defines the excutive and legislative braches, establishes political o...

[REVIEWED] CDFM- MODULE 3 LATEST QUESTIONS AND ANSWERS NEW STUDY GUIDE What are the three tests that must be met for use of the Necessary Expense doctrine? - correct answersMust bear a logical relationship Not prohibited by law Not funded elsewhere (p 3.1.17) Who grants relief of liability to a certifying officer for erroneous or illegal payments in the Department of Defense? - correct answersThe Defense Finance and Accounting Service (*DFAS*) What type of budgetary resources remain...

What are the three tests that must be met for use of the Necessary Expense doctrine? - correct answer Must bear a logical relationship Not prohibited by law Not funded elsewhere (p 3.1.17) Who grants relief of liability to a certifying officer for erroneous or illegal payments in the Department of Defense? - correct answer The Defense Finance and Accounting Service (*DFAS*) (p. 3.1.51) What ty...

CDFM Module 3 Correct Answers with complete solutions Federal appropriations law can be categorized into which three topical areas? Purpose, Time and Amount In the Department of Defense, final decision of fiscal law questions are "officially" rendered by whom? DoD General Counsel, Courts What are the basic types of budget authority used in the Federal Government? Appropriations Contract Authority Borrowing Authority Monetary Credits Offsetting Collections and Receipts Loan a...

Governments exist to provide services - Correct answer-no profit motive, no single measure of success Primary funding source = - Correct answer-taxes (involuntary payments, because there is no ability to match services to those who provide the resource) Budget process = - Correct answer-primary control device in government US Constitution provides two levels of government - Correct answer-Federal and State State consitituions similar in that each defines the excutive and legislative brache...

CDFM Module 3 Exam Prep Questions & Answers 2023, Complete Solution, Over 350 Questions And Answers What are the three tests that must be met for use of the Necessary Expense doctrine? Must bear a logical relationship Not prohibited by law Not funded elsewhere (p 3.1.17) Who grants relief of liability to a certifying officer for erroneous or illegal payments in the Department of Defense? The Defense Finance and Accounting Service (DFAS) (p. 3.1.51) What type of budgetary resources rem...

Taxes - Answer Resources for gov are derived primarily from Grants and shared revenues - Answer Gobs receive revenue from other levels of gov through Budget - Answer Primary control device in gov Financial reporting - Answer Primary mechanism to demonstrate accountability Financial reports - Answer Shows how much was raised, how it was spent, and whether spending followed the budget Performance reports - Answer Inform users how well gov is operating and whether it is achieving goals...

Chapter 01 Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Entities True / False Questions 1. Special purpose governments generally provide a wider range of services to their residents than do general purpose governments. True False 2. Examples of general purpose governments include cities, towns, and public schools that receive tax revenue to finance the services they provide. True False 3. The Governmental Accounti...