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Retail Service Specialists NWAE STUDY MATERIAL > Appropriations/Funds & Profits > Flashcards

Appropriations/Funds & Profits Flashcards

1
Q

How does the Navy receive funds to operate, train, and maintain fleet readiness?

A

Through an appropriation authorized by congress

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2
Q

The 2013 fiscal year begins when?

A

1 October, 2012

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3
Q

The fiscal year for the ships store is separated into haw many accounting periods?

A

Accounting Periods - 3

a. 31 January
b. 31 May
c. 30 September

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4
Q

When are ships store financial reports detailing returns submitted to DFAS?

A

At the end of each accounting period

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5
Q

How does DFAS receive payment for the purchase order?

A

“Fast Pay” Invoice

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6
Q

How many types of appropriations do we have?

A

3 Types -

a. Annual
b. Continuing
c. Multi-year

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7
Q

What is the purpose of an Annual Appropriation?

A

To cover all expended and obligated funds for the fiscal year

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8
Q

When do Annual Appropriations become available?

A

At the beginning of the fiscal year

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9
Q

Fiscal year obligated funds remain available for a maximum of how long?

A

For a period of 6 years from the end of the fiscal year from which obligated funds were obligated

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10
Q

What appropriation is good until the project is complete?

A

Continuing Appropriation

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11
Q

Name 3 examples of programs that are supported by a continuing appropriation?

A

a. Shipbuilding
b. Research & Development
c. Public Works

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12
Q

For a project that requires a large amount of advance planning and will incur obligations for a definite period of time, exceeding 2 years or more, would be covered by what type of appropriation?

A

Multiple-year Appropriation

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13
Q

What is the purpose of the account classification system?

A

To classify type and/or purpose of expenditures and to designate the authority responsible for recording expenditures

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14
Q

How many elements comprise the accounting classification system?

A

9 Elements -

a. Appropriation (7 digits) 17x8723
b. Subhead (4 digits) 2301
c. Object class (3 digits) 000
d. Bureau Control Number (5 digits) 21001
e. Sub-allotment (1 digit) 0
f. Authorization Accounting Activity (6 digits) 000250
g. Transaction Type (2 digits) 21
h. Property Accounting Activity (6 digits) v20012
i. Cost Code (12 digits) 0V0000075401 (V=Atlantic, R=Pacific, N=Ashore)

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15
Q

The appropriation code consists of how many alpha numeric characters?

A

7

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16
Q

What number signifies Department of Defense?

A

97

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17
Q

What number signifies Department of the Navy?

A

17

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18
Q

The letter ‘x’ signifies what type of appropriation?

A

Continuing Appropriation (Indefinite)

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19
Q

Which element identifies the charges to the appropriation or fund, indicated in element 1, for that particular transaction?

A

2nd Element (Subhead)

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20
Q

What specific element of the accounting classification code represents the allotment authorization number?

A

4th Element (Bureau Control Number)

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21
Q

Which element of the Accounting Classification Code is used to permit processing stores account processes by machines?

A

7th Element (Transaction Type)

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22
Q

Name and explain the 4 transaction types

A

a. 7C- Purchase of stock for ships store chargeable to NWCF.
b. 1J- Transferring stores from general mess to the ships store and vice verse
c. 7J- Purchase of NSA material by ships and chargeable to NWCF
d. 2I- Payments chargeable to SSPN for the transfer of funds to the MWR fund and charges for repairs to ships store material or equipment

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23
Q

What element in the accounting classification code indicates the UIC of the account activity?

A

8th Element (Property Accounting Activity)

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24
Q

What is the purpose of Functional Account Numbers?

A

? They are used as reference numbers to determine the content of certain accounts used in various reports.

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25
Q

Each Functional Account has how many digits?

A

5 digits

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26
Q

The first digit of each Functional Account Number indicates what?

A

The Major Heading

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27
Q

How many Major Series of functional account numbers are there?

A

6 Major Series’

a. 1-Naval vessels,
b. 4-Ashore Naval activities,
c. 5-Stores,
d. 6-Store manufacturing and repairs;
e. 7- Military personnel pay,
f. 9- Misc

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28
Q

How many Second Series of functional account numbers are there?

A

6 Second Series

a. 13000? General Stores (Credit)
b. 51000? Other supply officers (Charge)
c. 73170? General Mess
d. 75400? Expenses of operation charged to SSPN
e. 75401? SSPN to MWR
f. 98074? NWCF cash sales from ship’s stores
g. 99250? Military personnel claims for damage to personal property

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29
Q

What is the difference between funds and appropriations?

A

Funds do not expire. Appropriation is good for a specific time period.

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30
Q

What are 3 types of funds commonly used by the US Navy?

A

a. General
b. Trust
c. Revolving

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31
Q

The Navy Working Capital Fund is an example of what type of fund?

A

Revolving

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32
Q

What is the purpose of the NWCF?

A

Finances original procurement of all ships store stock

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33
Q

What type of fund is the NWCF?

A

Self replenishing; Revolving fund

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34
Q

What is the NWCF Appropriation number?

A

97X4930.NC1A

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35
Q

Navy Stock Account (NWCF) is designated by what functional account number?

A

51000

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36
Q

Ship’s store stock remains in the Navy Stock Account until when?

A

Sold, Issued or surveyed

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37
Q

Who is ultimately credited with the cost price of sales, issues and survey of stock?

A

NWCF

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38
Q

A Revolving Fund is established to provide what?

A

Working Capital

39
Q

What is the purpose of the NWCF?

A

To provide the necessary capital to purchase and maintain stocks of common supply items for support and operation of the Navy

40
Q

What is the holding account for NWCF procured supplies?

A

Navy Stock Account

41
Q

What type of fund is used to buy ships store merchandise?

A

NWCF

42
Q

Ship’s Store Profit, Navy (SSPN) is an example of what type of fund?

A

Trust Fund

43
Q

What is the purpose of a Trust Fund?

A

To deposit amounts received or appropriated and held in trust

44
Q

How are profits from the ships store profits, Navy (SSPN) trust fund being used?

A

MWR of Navy personnel

45
Q

Monies from this account accrue from what?

A

Sales in ships stores

46
Q

What is the appropriation number for SSPN?

A

17x8723.2301

47
Q

Under which allotment is payment of ship’s store profits to the CO for the recreation of the crew is authorized?

A

Open allotment

48
Q

An open allotment under SSPN has been assigned to what 3 things?

A

a. Authorized expenses of ships stores
b. Markdowns and surveys incurred in the normal course of business
c. Payment of ships store profits to the CO for the recreation of the crew

49
Q

Retail stores have a maximum gross profit of what percent?

A

20%

50
Q

Drink vending machines have a maximum gross profit of what percent?

A

55%

51
Q

What formula should be used to determine gross profit for retail stores?

A

Line C02 – (minus) B21 (divided by) C02 = (equals) % of gross profit

52
Q

What formula should be used to determine gross profit for drink vending machines?

A

Line C03 – (minus) B25 (divided by) C03 = (equals) % of gross profit

53
Q

Under which allotment is travel and miscellaneous expenditures for NEXCOM, Fleet Assistance Teams and fleet personnel to support ship’s store personnel authorized?

A

General Fund

54
Q

What authority maintains the SSPN (GF)?

A

NAVSUPSYSCOM

55
Q

Monies for the General Fund accrue from what 2 sources?

A

a. Assessment on cash received from retail sales by individual stores
b. Balance of ships store profits remaining after loss or decommissioning of a ship

56
Q

Purchases of vending machines, coin changers, and dollar bill changers are charged to what account

A

SSPN, General Fund

57
Q

When a ship decommissions, where does the money go?

A

SSPN (GF)

58
Q

How is money deposited into the general fund to be spent?

A

To carry on the general operations of the Government

59
Q

The profits from sales in the ships store are the basic source of funds available to whom?

A

CO for MWR fund

60
Q

What will NOT be included in the amount taken up as cash received from sales in the ships store?

A

Contributions

61
Q

A Ships store may request a loan to cover the cost of what 3 things?

A

a. Equipment (such as vending machines),
b. Modernization and improvement of ships store facilities
c. Operating losses

62
Q

Who is the approving authority for ships store loans?

A

NEXCOM

63
Q

Loans and grants are charged to what account?

A

SSPN, General Fund

64
Q

Ships having a complement of less than 350 may repay a loan in how many installments?

A

5

65
Q

Loans to cover the cost of modernization may be requested for a period of up to how long?

A

3 years

66
Q

To reimburse the General Fund, the individual ship’s store will make payments from what source?

A

Local profits

67
Q

The amount of the loan will be entered as a one-time entry on what line of the NAVCOMPT 153?

A

C05

68
Q

The amount of the grant will be reported on what line of the NAVCOMPT 153?

When will this entry be made?

A

C06

At the end of the accounting period in which the grant was received

69
Q

How is the General Fund Assessment computed?

A

Line C02 x (buper percentage) = GF Assessment

70
Q

Name 3 things that will NOT be included in the GF Assessment?

A

a. Drink vending machine sales,
b. Rebates from exchange catalog sales,
c. Contributions

71
Q
  1. What specific criteria of a ship delineate the percentages of assessment of the ships total retail sales to support the SSPN, general fund?
A

Crew size

72
Q

What is OPNAV 1000/2?

A

Manpower Authorization Document

73
Q

What is the NEXCOM percentage of the GF Assessment?

A

.5%

74
Q

What is the BUPERS percentage of the GF Assessment for a crew size of

A

a. 1500 or more? 5.5% (6-5) 5.0% (8101)
b. 500-1499? 5.0% (6-5) 4.5% (8101)
c. Less than 500? 0.5% (6-5) 0.0% (8101)

75
Q

ROM will automatically compute and post the GF Assessment to what 2 lines of the NAVCOMPT 153?

A

a. Local: C14A,

b. BUPERS: C14B

76
Q

The amount to be paid as reimbursement for loss or damage to personal uniform clothing will be determined by whom?

A

CO

77
Q

The amount certified for payment will be based on what 3 factors?

A

a. Acquisition cost,
b. Length of time the item has been in use,
c. Whether or not the item is repairable, if damaged

78
Q

Reimbursement will be based on a depreciation scale of what percent?

A

a. 30% for the first year

b. 10% for each succeeding year up to 70% max

79
Q

What form is used to pay for laundry claims?

A

SF 1034

80
Q

Once the claim has been paid, a copy of the SF 1034 will be filed where?

A

C13

81
Q

What will be applied against ship’s store profits before any profits are transferred to the MWR Fund?

A

Liabilities assumed (C24A) and Anticipated expenses

82
Q

Materials, services or substantiating documents is known as what report?

A

Abstract Data Report

83
Q

Anticipated expenses include what?

A

Markdowns, surveys, and other operating losses

84
Q

Payments to the MWR fund will be reported on what line of the NAVCOMPT 153?

A

C24B

85
Q

Payment will be disbursed to the MWR fund within how many days following submission of returns?

A

15 days

86
Q

What form is used to transfer ships store profits to the MWR fund?

A

SF 1034

87
Q

When the sales officer is also the disbursing officer, who will prepare and process the SF 1034?

A

Sales officer

88
Q

When the sales officer is NOT also the disbursing officer, who will prepare the SF 1034?

A

Sales officer

89
Q

The SF 1034 will be forwarded to the CO along with a copy of what form?

A

NAVCOMPT 153

90
Q

Who must sign the SF 1034 before it is turned over to the DISBO for payment?

A

CO

91
Q

The SF 1034 will be filed where after payment has been made?

A

C22

92
Q

If it is necessary to transfer ship’s store profits to the MWR fund before the end of the accounting period, the Sales Officer must submit a letter request to whom?

A

NEXCOM with a copy to TYCOM & DFAS

93
Q

What should be contained in the letter?

A

The total monthly collections to date for the retail outlets, drink vending operation and anticipated expenses

Retail Service Specialists NWAE STUDY MATERIAL (21 decks)

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