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CDFM CG Maj > 3.3 and 3.4 final > Flashcards

3.3 and 3.4 final Flashcards

(101 cards)

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1
Q

Act Established the GSA

A

1949 Federal Property and administrative services act

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2
Q

Bugetary accounting

A

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

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3
Q

Proprietary Accounting

A

Accounts for assets and liabilities like private businesses

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4
Q

Government Management and Reform Act 1994

A

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

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5
Q

Federal Financial Statements

A
  1. Balance Sheets 2. (statement of budgetary resources for DOD) Statements of Operations 3. Statements of Net Cost 4. Changes in net position
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6
Q

1921 Budget and Accounting Act

A

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

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7
Q

1982 Federal Managers Financial Integrity Act

A

FMFIA; Internal controls and report annually

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8
Q

GPRA Modernization Act of 2010

A
  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
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9
Q

Government Performance and Results Act 1993

A

Improve Federal Program and Effectiveness and PUBLIC accountability

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10
Q

Government management reform act of 1994

A

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

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11
Q

Required annual Financial Report; Required AUDITED annual Financial report

A

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

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12
Q

1996 Federal Financial Management Improvement Act

A

Requires Managerial Cost Accounting;

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13
Q

2002 Accountability of Tax Dollars Act

A

Audited Financial statements for ALL Executive Branch

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14
Q

2010 National Defense Authorization Act

A

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

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15
Q

OMB with regard to Accounting

A

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

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16
Q

GAO with regard to auditing

A

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

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17
Q

Federal Accounting Standards Advisory Board (FASAB) established by

A

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

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18
Q

Federal GAAP comprised of

A

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

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19
Q

OMB Circular A-136

A

Implementation and procedures of the standards of federal financial accounting.

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20
Q

GAGAS

A

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

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21
Q

Maintains general ledger for DOD

A

DFAS

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22
Q

Maintains general ledger for US Government

A

Department of Treasury; consolodates all financial statements

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23
Q

_____ states objectives of Federal Financial Reporting which are _____

A

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

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24
Q

Concept of stewardship

A

Government’s duty to be publically acountable for monies

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25
Other relevent information that is not dollars
Supplemental Information
26
Significant accounting principles and policies used by the organization published in
footnotes
27
Managerial Accounting standards including WCF located where
SFFAS #4; Statement of Federal Financial Accounting Standards
28
USD Comptrolloer duties related to accounting
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)
29
Represents DOD on the Chief Financial Officers Council
DEPUTY CFO
30
General ledger classifies all financial transactions such as assets, liabilities, net income…
in order to control, summarize and report results
31
Prepares summarized financial reports for DOD
DFAS
32
General Fund Type
Almost all income tax receipts; appropriations come from the general fund; NOT earmarked by law
33
In order to accept reinbursable work an agency must
include the estimated amount of receipts in budget request
34
Foreign military sales go into what type of fund
Trust Fund
35
What fiscal year do you pay judgment fund
When the court makes the decision, not when person first raises it
36
A commitment require signature of _____ who has ______
official responsible for administrative control and has FIDUCIARY certification
37
PCS costs obligated when
orders issued
38
Military and Civ pay obligated when
beginning month it is earned
39
Which cannot cross Fiscal Years (Economy or Project)
Economy Act Orders therefore DEOBLIGATED when approp expires
40
Propietary and Bugetary USSGLs
Each have one and they are independently self-balancing (debits = credits)
41
USSGL code for Budgetary
Code 4000
42
Key equation for Budgetary Accounting what form
Resources(Debits) = Status of Resources (Credits); Status side reflects flow of funds. Statement of budgetary resources
43
Key Propriety accounting equation
Assets (1000)= Liabilities (2000)+ Net Position (3000)
44
Key Net Cost of operations equation
Expenses - Exchange Revenue = Net Cost Operations (or Net Operating Cost)
45
What is the basis for recording an accounting entry
A receiving report DD250
46
Propriety entry is made when you have
Received something of value; Just shuffling funds around (such as apportionment, commitment) is budgetary only
47
Fund Balance with Treasury USSGL number
Code 1010
48
Payment of invoice
Proprietary entry (Debit - Accounts payable) (Credit - Fund balance with treasury)
49
Accounts payable are debited when
When the invoice is paid
50
Who certifys final closed books for components
Service components comptroller and then they send to DFAS for consolidation
51
What is the Capitalization threshold
$250k
52
Acquisition value of PPE
amount paid for asset (or Fair market value), transportation, installation and other related costs of obtaining asset and preparing for use
53
How are weapons system reflected
Same as PPandE, listed on balance sheet, but ammo is OandM
54
Hertiage assets vs Multi-use heritage assets reporting difference
Heritage assets not valued or depreciated. Multi-Use ARE Valued,depreciated, listed on balance sheet
55
If the purchase price is not known
a cost estimate can be used
56
For fixed assets, the amount expected to be recovered from asset disposal is called
residual value
57
Excess obsolete and unserviceable inventory should be valued on financial statement at
net realizable value
58
Statement of net cost is ________ based
accrual based acconting
59
Bugetary accounting is __________ based
obligation based accounting
60
Full cost in Managerial Accounting is
1. Direct Costs 2. Indirect Costs 3. Intra-entity costs 4. Inter-entity costs (aka inputed costs)
61
Lasting impact of CFO Act
Took financial management from "backroom function" to "boardroom function"
62
Strategic long-term plan to produce the audited financial statements
Financial Improvement and Audit Remediation Program (FIAR); get audit ready
63
FIAR strategy waves
1. Appropriations received audit 2. Statement of budgetary resources (includes funds balance w/ treasury) 3. Mission Critical Asset Existence and completeness audit 4. Full Financial statement audit
64
Goal of FIAR
get an unmodified opinion
65
Wave 2
Statement of budgetary resources - internal controls, systems and supporting docs that will be in audit scope
66
Wave 3
Mission Critical Assest existence and completeness - What assets do we have and are their valuations correct
67
Wave 4
Full financial statements audit - bringing it all together and reconciling disconnects between accounts that should match
68
Can government contract out audit
Yes, if government...1. Don’t have the expertise 2. Don't have the people
69
GAO General Standards for Audit
1. Audior Independence 2. Auditor Professional Judgement 3. Auditor competence 4. Quality Control and Assurace
70
Auditor Independence
1. Independence of Mind - No bias 2. Independence of Appearance -
71
Three impairments to auditor independence
1. Personal 2. External 3. Organizational
72
Auditor Professional Judgement question
Exercise reasonable care, maintain integrity and objectivity, carefully select methodology and procedures, exercise skepticism, obtain reasonable but not absolute assurance
73
Auditor Competence
1. Team collectively posseses prof comp 2. 80 hours of eductaion every 2 years
74
Quality control and assurance
1. INTERNAL system of quality control 2. EXTERNAL peer reviews every 3 years
75
DOD Inspector General Reports to
SECDEF
76
Federal Inspector Generals comply with Comptroller General Standards and serve as independent and objective official in DOD
Inspector General Act of 1978
77
DOD Inspector General does what
Investigates and audits DOD programs
78
Guidance in DOD supplements the Yellow Book
DOD Audit Handbook
79
Who do DOD Audit organizations report to
Secretary of the DOD component
80
GAO is headed by the
Comptroller General, reports to congress
81
Types of audits
1. Performance Audits 2. Financial Audits 3. Attestation Engagements
82
Defence Contract Audit Agency reports to
USD (comptroller). All contract auditing, accoutning and financial advisory services for DOD
83
Financial Audits
1. Financial info in accordance with established criteria 2. Adhered to financial complicane requirements 3. Internal controls
84
Performance Audits
Assessment of 1. program efficiency, effectiveness 2. Internal controls and 3. Compliance with laws; state consequences of these not being met
85
Non-audit services
Other consulting type actions: Forecasting program outcomes, developing methods, investigative work
86
Non-audit services restrictions
1. Should not involve performing management functoins 2. audit organization should not audit their own work.
87
Overall Audit Plan
1. Check regulatory and statutory requirements 2. management/congressional concerns 3. High-risk areas
88
If an auditor comes in and find out they have broken a law it goes to…
A partner external to the audit agency
89
An auditors understanding of an agency's internal control environment
Could influence the auditors plan
90
Phases in a governmental audit
1. Plan 2. Review 3. Report
91
Audit Planning Phase
OSMIC (Objectives, Scope, Methodology), Internal controls, corrective action from previous audits
92
Basic toll used by auditors to organize and control audits is
audit program (consists of plan, review, report)
93
Review Phase
Review audit evidence and ensure 1. Sufficient and 2. appropriate materials; Especially suspect if data provided by one being audited
94
What is an example of a competent form of evidence
A listing of cleared checks
95
Audit working papers are LEAST likely to include…
documentation showing how management schedules are prepared (they don't care about that)
96
Audit Report Phase
Finacial - Unmodified, modified, disclaimer, adverse; Condition (What?) Criteria (What it should be) Effect (so what?) Cause (why)
97
Which of the following is not included in a performance report
Areas for future audits (you never put those in)
98
Who is responsible for resolving audit findings
Agency management
99
Benefits of audit reports expressed in
1. Monetary benefits -expressed in financial terms 2. Non-monetary benefits - safety, readiness, comliance, etc.
100
Excess equipment NOT evaluated for value by auditor
should not be expressed as having a monetary value in the audit report
101
Evaluating internal controls of an information system that prepares financial statements
What is an audit procedure

CDFM CG Maj (12 decks)

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