3.3

Question 1

Act Established the GSA

Answer 1

1949 Federal Property and administrative services act

Question 2

Bugetary accounting

Answer 2

Relates to flow of funds. Apportionments, Obligations, Outlays etc

Question 3

Proprietary Accounting

Answer 3

Accounts for assets and liabilities like private businesses

Question 4

Government Management and Reform Act 1994

Answer 4

Amended CFO Act; agencies must turn in AUDITED Financial Report March 1st

Question 5

Federal Financial Statements

Answer 5

1. Balance Sheets 2. (statement of budgetary resources for DOD) Statements of Operations 3. Statements of Net Cost 4. Changes in net position

Question 6

1921 Budget and Accounting Act

Answer 6

Established GAO to audit Executive Branch. Established Bereau of Budget (OMB), President annual budget

Question 7

1982 Federal Managers Financial Integrity Act

Answer 7

FMFIA; Internal controls and report annually

Question 8

GPRA Modernization Act of 2010

Answer 8

1. Apply latest technologies 2. produce FREQUENT, RELEVANT DATA better inform decision makers, 3. Assign Performance Improvement Officers (PIOs) and Performance Improvement Council (PIC). 4. MANDATED 4 year strategic plans and ANNUAL performance plan tied to funding then ANNUAL performance REPORT to Potus/congress

Question 9

Government Performance and Results Act 1993

Answer 9

Improve Federal Program and Effectiveness and PUBLIC accountability

Question 10

Government management reform act of 1994

Answer 10

Direct deposit of wages required AUDITED Financial Statements due 1 March following end of FY

Question 11

Required annual Financial Report; Required AUDITED annual Financial report

Answer 11

1990 CFO Act; Government Management Reform Act 1994 (GMRA)

Question 12

1996 Federal Financial Management Improvement Act

Answer 12

Requires Managerial Cost Accounting;

Question 13

2002 Accountability of Tax Dollars Act

Answer 13

Audited Financial statements for ALL Executive Branch

Question 14

2010 National Defense Authorization Act

Answer 14

DOD financial statements be ready for audit by 30 September 2017; gave them some time

Question 15

OMB with regard to Accounting

Answer 15

OMB Conducts continuous program for improving accounting and financial reporting in Federal Gov

Question 16

GAO with regard to auditing

Answer 16

An AGENT of CONGRESS; audits financial performance of Executive Branch, overseas executive branch implementation of legislation; “watchdog of congress”

Question 17

Federal Accounting Standards Advisory Board (FASAB) established by

Answer 17

Comptroller General (GAO), Secretary of Treasury, Director of OMB

Question 18

Federal GAAP comprised of

Answer 18

Statement of Federal Accounting CONCEPT, Statement of Federal Financial Accounting STANDARD

Question 19

OMB Circular A-136

Answer 19

Implementation and procedures of the standards of federal financial accounting.

Question 20

GAGAS

Answer 20

Generally Accepted Government AUDITING standards; formulated by GAO; guidance for government auditors

Question 21

Maintains general ledger for DOD

Answer 21

DFAS

Question 22

Maintains general ledger for US Government

Answer 22

Department of Treasury; consolodates all financial statements

Question 23

_____ states objectives of Federal Financial Reporting which are _____

Answer 23

SFFAC No. 1 - 1.Budgetary Integrity 2. Operating Performance 3. Systems and Control 4. Concept of Stewardship

Question 24

Concept of stewardship

Answer 24

Government’s duty to be publically acountable for monies

Question 25

Other relevent information that is not dollars

Answer 25

Supplemental Information

Question 26

Significant accounting principles and policies used by the organization published in

Answer 26

footnotes

Question 27

Managerial Accounting standards including WCF located where

Answer 27

SFFAS #4; Statement of Federal Financial Accounting Standards

Question 28

USD Comptrolloer duties related to accounting

Answer 28

1. Principle advisor to Secretary for budgetary and fiscal 2. CFO for DOD 3. Formulates FM policies (7000.14r) 4. Directs DFAS and Defence Contract Audit Agency (DCAA)

Question 29

Represents DOD on the Chief Financial Officers Council

Answer 29

DEPUTY CFO

Question 30

General ledger classifies all financial transactions such as assets, liabilities, net income…

Answer 30

in order to control, summarize and report results

Question 31

Prepares summarized financial reports for DOD

Answer 31

DFAS

Question 32

General Fund Type

Answer 32

Almost all income tax receipts; appropriations come from the general fund; NOT earmarked by law

Question 33

In order to accept reinbursable work an agency must

Answer 33

include the estimated amount of receipts in budget request

Question 34

Foreign military sales go into what type of fund

Answer 34

Trust Fund

Question 35

What fiscal year do you pay judgment fund

Answer 35

When the court makes the decision, not when person first raises it

Question 36

A commitment require signature of _____ who has ______

Answer 36

official responsible for administrative control and has FIDUCIARY certification

Question 37

PCS costs obligated when

Answer 37

orders issued

Question 38

Military and Civ pay obligated when

Answer 38

beginning month it is earned

Question 39

Which cannot cross Fiscal Years (Economy or Project)

Answer 39

Economy Act Orders therefore DEOBLIGATED when approp expires

Question 40

Propietary and Bugetary USSGLs

Answer 40

Each have one and they are independently self-balancing (debits = credits)

Question 41

USSGL code for Budgetary

Answer 41

Code 4000

Question 42

Key equation for Budgetary Accounting what form

Answer 42

Resources(Debits) = Status of Resources (Credits); Status side reflects flow of funds. Statement of budgetary resources

Question 43

Key Propriety accounting equation

Answer 43

Assets (1000)= Liabilities (2000)+ Net Position (3000)

Question 44

Key Net Cost of operations equation

Answer 44

Expenses - Exchange Revenue = Net Cost Operations (or Net Operating Cost)

Question 45

What is the basis for recording an accounting entry

Answer 45

A receiving report DD250

Question 46

Propriety entry is made when you have

Answer 46

Received something of value; Just shuffling funds around (such as apportionment, commitment) is budgetary only

Question 47

Fund Balance with Treasury USSGL number

Answer 47

Code 1010

Question 48

Payment of invoice

Answer 48

Proprietary entry (Debit - Accounts payable) (Credit - Fund balance with treasury)

Question 49

Accounts payable are debited when

Answer 49

When the invoice is paid

Question 50

Who certifys final closed books for components

Answer 50

Service components comptroller and then they send to DFAS for consolidation

Question 51

What is the Capitalization threshold

Answer 51

$250k

Question 52

Acquisition value of PPE

Answer 52

amount paid for asset (or Fair market value), transportation, installation and other related costs of obtaining asset and preparing for use

Question 53

How are weapons system reflected

Answer 53

Same as PPandE, listed on balance sheet, but ammo is OandM

Question 54

Hertiage assets vs Multi-use heritage assets reporting difference

Answer 54

Heritage assets not valued or depreciated. Multi-Use ARE Valued,depreciated, listed on balance sheet

Question 55

If the purchase price is not known

Answer 55

a cost estimate can be used

Question 56

For fixed assets, the amount expected to be recovered from asset disposal is called

Answer 56

residual value

Question 57

Excess obsolete and unserviceable inventory should be valued on financial statement at

Answer 57

net realizable value

Question 58

Statement of net cost is ________ based

Answer 58

accrual based acconting

Question 59

Bugetary accounting is __________ based

Answer 59

obligation based accounting

Question 60

Full cost in Managerial Accounting is

Answer 60

1. Direct Costs 2. Indirect Costs 3. Intra-entity costs 4. Inter-entity costs (aka inputed costs)