3.2 and some 3.1 Flashcards
(128 cards)
1
Q
What kinds of gifts can be made, and what happens to unauthorized gifts
A
Gifts to the US (real or personal property. 2. Gifts to an agency (money or real property) ONLY IN NAME OF US, can accept services/property under mutual agreement; unauthorized are deposited in misc receipts
2
Q
Statement of Accountability
A
SF 1219 monthly (like the 12 and S for DSSN)
3
Q
This carries forward expired phased balances
A
SF-133
4
Q
Of the three types of collections, which go to treasury
A
Receipts
5
Q
What Act required agencies to set up Internal controls
A
1982 Federal Managers Financial Integrity Act (FMFIA)
6
Q
Types of fixed assets (and capitalized or expensed)
A
- General PPE (Capitalized) 2. Heritage Assets - may have little or indeterminable value (also multi ude heritage means they have a mission ex. pentagon) Usually capitalized 3. Stewardship Land - land and land rights aquired at no cost (expensed in period incurred)
7
Q
Special Fund Type
A
Receipt Account for federal fund reciepts that laws have earmarked for specific purposes. Benefitting specific programs
8
Q
How are funds transmitted BETWEEN agencies
A
IPACS (Inta-governmental payment and collection
9
Q
Government Fund Types
A
general, special, public enterprise, Intragovernmental, Trust, Trust revolving, deposit, clearing accounts
10
Q
Document set Initial requirements for accounting
A
Constitution
11
Q
Deposit Ticket
A
SF 215 shortest for small coins
12
Q
Debt ____ days old and not in litigation go to ______. This mandated by…
A
180, treasury; The debt collection and improvement Act of 1996
13
Q
How often must DO inspect safe
A
every 6 months. They must be provided one. And access to financial systems must be controlled
14
Q
Civilian Time and attendance records must be reconciled every ____ , resolved withing ____ and kept for ___
A
4 months, 10 days, 56 years
15
Q
Intragovernmental fund type
A
revolving funds, busness ops between gov agencies. Working capital
16
Q
Financial Accounting Standards Board (FASB)
A
GAAP for private sector/businesses/non-profit
17
Q
Three color books
A
Green book - Internal Controls; Yellow book - Auditing policy; Red book - fiscal law
18
Q
Military Pay
A
Volume 7A
19
Q
Civilian Pay dutes separated into what categories
A
Certifying TandA, Compiling/certifying payments, recording the payroll data, maintaining computer support systems; SEPARATION of duties involving these
20
Q
Government Accounting Standards Board (GASB)
A
GAAP for STATE and LOCAL governemnet entities
21
Q
Financial reports transmitted to OMB via
A
GOALS II; Governemnt On-line accounting link system
22
Q
How many pay periods in a year
A
26 pay periods
23
Q
how much sick leave can be donated
A
104 hours
24
Q
Verbal travel orders authorize _____ but not _____
A
The travel but not the reimbursement
25
Ratio analysis is used to conduct what types of analysis
Trend analysis - ratio moves over time; Comparitive Analysis - how entity is performing at a point in time compared to other entities
26
Footnotes required for Federal Financial Report
Required Supplementary Stewardship Info (Human capital such as education/training, investments but not physical assets); Required Supplementary Info RSI (estimated deffered mx and repairs; Other accompanying info (OAI - Management challenges/assurances)
27
ADA must be reported within ___ and investigation complete within ___
10 days, 14 weeks
28
When are no year approps cancelled
1. agency determines no longer needed 2. no charges for 2 years
29
Preferred method of dispersement
EFT
30
NAF Employees travel on…
regular governemnt travel orders, NOT invitational
31
Certifying official authorized to seek guidance of ___
Comptroller General or DOD General Council
32
Is relief provided for loss? Who Provides it? What is statute of limitations
DFAS provides it. Granted for accidental loss (no statute of limitations) Accidental illdgal/incorrect/ improper payment (3 yr statute of limitation)
33
Questionable Travel Claim
Illegal/improper payment. Less than $250 Certifying officer works with DFAS General council; more than $250 DOD Office of hearing and appeals
34
Entitlement Process
1. Entitling 2. Authorization 3. Voucher Preparation 4. Certification
35
FMR contracts volume
10
36
DOD Financial Management Regulations (number)
DOD 7000.14R
37
Government fund categories
Appropriated, Reimbursable, revolving, trust, non appropriated
38
Proper payment defined as
right recipient, right amount, right time, right reason
39
DOD FMR volumes
4- accounting
5-dispersing
6-reporting
I wanna be A DR
11a reimbursible
11b reimbursible WCF
40
FMr dispersing
5
41
ADA criminal penalties
no more than $5000 and no more that 2 years
42
Civilian incentive awards and buy-out payments
Withheld at 25% flat rate by IRS
43
This holds all DOD FM policy/regs/procedures
DOD FMR - Financial Management Regulations (16 volumes)
44
Excused Absence for civilian
absent from duty, without loss of pay
45
What Act limits accrual claim against gov and what is time frame
Barring Act, 6 years
46
Travel Form
DD Form 1610
47
Civilian Permanent duty travel (PDT) charge to
gaining activity unless bewteen agencies or DOD components (Reduction in Force - RIF) or within same DOD compotent (Base Realignment and closure - BRAC). OVERSEAS pays BOTH ways
48
Can dispersing officers ammend vouchers if they find error
No must return for recertificaiton
49
Doubtful Travel Claim
employee questions Certifying official decision, can appeal to certifying official or go to DFAS
50
Spoiled Check
returned to DO. DO must reissue
51
Civilian premium pay
overtime, compensatory time/credit hours
52
Clearing accounts
temporary account for transactions that don’t fit elsewhere
53
Collection action begins after ____ days
60 days
54
Instructions on ADA provided in
OMB circular A-11
55
Act says pay venders in timely manner OR
Pay Interest, Prompt payment act of 1982
56
Constructive acceptance
Considered to take place when acceptance documents not in a timely manner. Not later than 7 CALENDAR days after delivery. Based on Prompt Payment
57
trust fund type
Collect money, put in trust for carrying out specific programs IAW statute where nation is the beneficiary ex. Highway trust fund. Government owns the assets. Like Pollution trust fund, military retirement
58
Agency head approval for program AL amounts above
$4M
59
All dispersement office reporting forms kept for
10 years and 3 months, except payroll 56 years
60
Department Accountable Officials
Prepare source information, data, or service to a CO or DO. Pecuniary liable. Also must ensure INTERAL CONTROLS are in place at their level
61
Large dispersement thresholds and reporting requirements; how does DOD get around this
>$50M report to Fiscal Service 2 days advance; >$500M 5 business days; USD Comp sends monthly report of anticipated dispersements to treasury
62
Primary documents used to obligate
1. Contracts 2. MIPRs
63
How much leave can you sell back at separation
60 days
64
Dispersing Office Reporting Requirements
1. Daily statement of accountibility - All transactions 2. Statement of accountibility - monthly for each DSSN 3. Daily agent accountibilty summary - Actual count of all cash 4. Voucher control log - daily voucher transactions; 5. Deposit ticket - prepared to deposit all currency to US Treasury
65
Which accountable individual CANNOT hold public funds
Certifying official
66
Collections are documented on what form
DD Form 1131
67
Sections of Statement of Budgetary Resources
1. Budgetary Resources 2. Status of Resources 3. Outlays
68
All units authorized to disperse funds are asigned a ____
DSSN - Dispersing Station Symbol Number
69
Properties of General PPE
est life of 2+ years, not for sale during ops, available for entity use, cost or fair market value exceeds capitalization thresholds (which vary by component)
70
Voucher Control log
DD 2659
71
Daily Agent Accountability summary
DD 2665 (5 days in the work week)
72
How many allotments can you put on LES
six
73
Certifying officer and defense accountable officials appointments documented on
DD form 577
74
What does 2/10 Net 30 mean
2% discount if paid within 10 days of invoice date, otherwise full amount due in 30 days
75
Type of approps and time frame
MILPERS - 1; O&M - 1; RDT&E - 2; Procurement - 3; SCN (Ship construction NAVY) - 5; MILCON - 5
76
Certifying official must ensure 4 things
Complete, computed correctly, correct and legal
77
Recording a documentation of transactions
1. Promptly recorded 2. properly classified 3. Accounted for
78
Who sets the interest rate the government will pay
Secretary of Treasury, updated every 6 months
79
Acounting "Major Loss" vs "Minor Loss"
Major -$750 or if any fraud; Minor - under $750 no fraud
80
1996 Public Law 104-106
Certifying officers always personally liable for wrong payment or overobligaiton; Internal controls require COs independent of DOs in chain
81
How long are Governemnt purchase card records held
10 years and 3 months
82
Calculate when government owes interest
EARLIER of contructive acceptance (7 days after delivery) and actual acceptance compared to LATER of invoice received, and add 30 days.
83
Payment pacakage consists of
Copy of purchase order/contract, proper invoice from contracter, receiving report, acceptance of product/service
84
Order of debt collection referal
DO (or DCO) to DMO to Treasury
85
DOD Finance has 4 distinct functions
Entitlement, Payment, Collecting, Controlling
86
Severable Services
Governemnt recives something useful uppon expenditure; can cross Fys
87
Dispersing offices are responsible for
payment operations and disbursement accountibility (not ADMIN work)
88
Dispersement voucher has 5 elements
Date and unit info, line of accounting, amount, dispersement method, payee
89
All treasury checks payable for
1 year but can reissue
90
Defence authorization act of 2010 mandated this for financial audit improvements
Financial improvement and audit remediation plan (mandated by 2017)
91
Do not pay initiative
Database of source data showing contractors that owe debt; NOT A LIST
92
Which entities hold Dispersing Office (DO) functions
Militray holds their own while the rest of gov is through Treasury
93
Civilian Pay Policies and Procedures
Volume 8
94
Contractor can request advance payment if
Gives adequate security, is in public interest, only up to contract price; also must be in the contract
95
DOD Financial Management Structure chain
USD Comptroller directs DFAS (Defense Finance and Accounting Service) - the accounting entity for DOD
96
What are exceptions to using EFT
Vendor express - Commercial entities join this electronic pay network; Governemnt purchase cards; Card Aquiring Service (CAS) like Visa or mastercard
97
Quesionable payments handled by
GAO
98
Types of vendor payments
1. Fast Pay - Contractor paid by proof of shipping instead of receipt (authorized by KO); 2. Pay and Confirm - Invoice paid but not received receiving report; 3. Constructive acceptance - Acceptance documents not received in timely manner (at least 7 days after delivery)
99
Continuing Resolution for authority for multi year
carry over authority is subtracted from CR portion
100
Act exempts promotion of individual for gov purchases
Gov employee incentive awards act
101
Undistributed Dispersements
Federal funds that have been paid but are not ID'd to a specific organization. Placed in suspese account
102
Current Ratio
Working capital. Current Assets / Current Liabilites. DOD desires 2:1 ratio
103
General lockbox network
a collection and processing service provided by certain financial institutions to help gov process checks and remittance docs
104
Three components of IPAC system
1. IPAC 2. Retirement and Insurance Transfer System (RITS) 3. Treasury Recivable accounting and collection system (TRACS)
105
Fraud or False claims handled by
Dept of Justice
106
Daily statement of accountability
DD 2657 (7 for seven days a week) DD since DO does them
107
Non Severable Services
Cannot be separated into increments. Entire amount Obligated at onset. Training is non severable usually
108
Quick Ratio
Also known as Acid Test. Quick Assets (all assets but inventory)/ Current Liabilites. How quickly assets can convert to meet liabilites. DOD goal 1:1
109
Undeliverable Check
attempted to deliver 60 days. Dispose and document on SF-1098
110
Civilian special pay is for
if employee underpaid by more than 10% they can request SPECIAL paycheck. If less than this, it will be made up in next paycheck
111
ADAs reported to
POTUS through congress,OMB and comp general
112
_____ must be notified of debts no later than _____ days
Debt Management office (DMO), 90 days
113
Federal Accounting Standards Advisory Board (FASAB)
GAAP for federal government
114
This gives authority for DO to make payments for obligations
Disbursement Voucher
115
Law requires Certifying Officers to be personally liable for wrong payment resulting from negligence
1996 Public Law 104-106
116
Public enterprise fund type
revolving funds for programs authorized by law, business type ops. Tennessee valley authority, Amtrak. Businesses benefiting the people
117
Types of Collecting
Reciepts - collections from credible accounts, Reimbursements - from property sold/services furnished, refunds- from excess payments
118
Fereral GAAP Hierarchy
First, statements and concepts. Then FASAB Statements and Interpretations 2. FASAB technical bulletins 3. FASAB technical releases 4. FASAB Implementation guides and industry best practices
119
What are the Federal Financial Statements (each one)
Balance sheet; statement of budgetary resources; statement of net cost; statement of changes in net position
120
CFO Act of 1990
Established CFO position for 24 agencies 2. Agencies required to publish Financial statements subject to audit 3. Deputy director for management established in OMB
121
Family and Medical Leave Act
12 Work Weeks UNPAID during 12 month period. Must exhaust personal leave first
122
Federal Accounting Standards Advisory Board (FASAB) publishes these
SFFAC Statement of Federal Financial Accounting Concept; SFFAS Statement of Federal Finanacial accounting standard
123
Reservist with no dependents ordered to annual training and assigned governement quarters is intitled to
Partial BAH
124
Types of MIPRs
1. Project Orders: can cross Fys but not extend budget authority; 2. Economy Act Orders: routine work/services recurring. Usually less than a year.
125
DOD Travel Policy and Procedures
Volume 9; memory aid (Military and Civilian Travel)(7,8,9)
126
DSSNs are assigned by ____ and include
Treasury; location code of specifc office, dispersing office's identification
127
Military Retired Pay
Volume 7B
128
Two types of accounting used the US Standard General Ledger; one other type
Budgetary Accounting - System to set priorities, allocate/finance resources, assess implications; Proprietary/Financial Accounting - Supports Accral accounting and financial reporting; Managerial accounting not required until 2006 w/ SFFAS 30
