Accounting Flashcards
The Budget and Accounting Act of 1921 established the GAO (Legislative Branch) to audit financial transactions of which branch of the government?
Executive Branch
The GPRA requires agencies to define goals, set performance targets, and report what?
Actual performance
An officer or employee shall be subject to appropriate discipline for violating the Anti Deficiency Act, but what determines the severity of the punishment?
Whether or not the act was willful
The Federal Accounting Standards Advisory Board (FASAB) was set up by what three organizations?
GAO, OMB, and Treasury
The life of an appropriation is specified by which body?
Congress
Funds from the sale of goods and services to DoD military and civilian personnel and their family members are what type of funds?
Non-Appropriated Funds
Any enforceable agreement between an agency and a business concern for the acquisition of property or services is called what?
A Contract
What term is used to describe Federal Government funds that have been paid but have not yet been identified to a specific organization?
Undistributed Disbursements
What term is used in SFFAS #4 to describe the process of accumulating, measuring, analyzing, interpreting, and reporting cost?
Managerial Cost Accounting
What are the two self-balancing sets of accounts in the U.S. Government Standard General Ledger (USGSGL)?
Budgetary and Proprietary
In proprietary accounting, assets equal liabilities plus?
Net Position
The aggregate amount of an entity’s funds in the Treasury is in what account?
Fund Balance with Treasury
PP&E defines tangible assets with an estimated useful life of more than what number of years?
Two Years
What is the Statement of Budgetary Resources equation?
Budgetary Resources = Status of Budgetary Resources
Which financial statement shows the components of the net cost of the reporting entity’s operation for the period?
Statement of Net Cost
