Budgetary

Question 1

Charging available

Answer 1

• If recovered funds have not been apportioned: 4450, if apportioned: 4310

Question 2

• Total obligations (paid and unpaid)

Answer 2

• Obligations (undelivered orders -4800 series- )

* Expenditures (delivered orders -4900 series- )

Question 3

• Paid obligation activity (4802, 4832, 4872, 4882) equals

Answer 3

• Advances (1410)

* Prepayments (1450)

Question 4

• Expenditure Activity (budgetary to prop) includes

Answer 4

• Includes
 Funded expenses
• Total expenses includes an unfunded portion that has not budgetary equivalent
 Asset purchases

Question 5

• Expenditure Activity (budgetary)for appropriated fund should equal which proprietary account

Answer 5

• For appropriated fund, expenditure activity should equal 5700 Expended Appropriations

Question 6

• Capital (310x series that close to 3100) =

Answer 6

= all unexpended budget authority (available, unavailable, and obligated)

Question 7

Contra resources

Answer 7

Rescissions- 4392

Auth unavailable pursuant to law 4395

Question 8

Unapportioned activity

Answer 8

Unapport auth pending rescission. 4420

Unapport auth OMB def 4430

Unapport auth -avail 4450

Question 9

Key journal entries

Answer 9

1 anticipations, realized auth - establish as unapp or as otherwise unavailable

2. Change in status

3 closing

Question 10

First record anticipation

Answer 10

As unapport

Then to realize: move from antic to approp.

Can be realized without anticipation

Question 11

Record unav of resource due to enacted leg before apport

Answer 11

4460. Dr

4395 auth unavail pursuant to public law

Question 12

4201

Answer 12

Closing into 4201 assumes authority is unavailable

Question 13

What is cancelled authority?

Answer 13

4350

Question 14

• Expended funding posts to

Answer 14

3107 which changes the level of appropriated capital

Question 15

• 5700 and expense accounts close into

Answer 15

3310 for a net zero effect

Question 16

• Unfunded expense posts but not

Answer 16

5700- so no impact to 3310

 Offset to unfunded expense is an unfunded liability or unfunded receivables or allowance for doubtful
•

Question 17

3100 is

Answer 17

Appropriated capital

Question 18

3310 is

Answer 18

Cumulative results of operatations

Question 19

Available -

Answer 19

(4510-4620, 4700)

Question 20

Unavailable-

Answer 20

(4450, 4630, 4650)

Question 21

Post-close 1010 =

Answer 21

budgetary resources + paid undelivered orders

Question 22

• Only funded receivables are federal reimbursements (4251) + fund transfers =

Answer 22

misc federal receivables (428x)

Question 23

• Unfunded receivables - mainly are vendor refunds

* Offset to

Answer 23

6790 for expenses or to asset account for assets

Question 24

• Fund with reimbursement activity without capital purchase

* 1310 net of 6790 should =

Answer 24

4251

Question 25

• Equity accounts are only affected when

Answer 25

an expenditure occurs

Question 26

• As postings to 49xx series occur, 31xx series is moved to

Answer 26

5700

Question 27

5700 closes to

Answer 27

3310

Question 28

• Post close, 3100 should equal combined balances of

Answer 28

4450 - 4882

Question 29

Unexpended appropriations

Answer 29

Unobligated

Obligated

Question 30

• Unobligated Funds Available accounts

Answer 30

(accounts 4510-4610,4620, and 4700)

Question 31

• Unobligated Funds Not Available accounts

Answer 31

(accounts 4450,4630, and 4650)

Question 32

• Obligated Funds (accounts

Answer 32

4801-4882)

Question 33

Budget/Accounting Act 1921

Answer 33

• Treasury used to put into book: Book of Estimates
• Created OMB: front end to formulate
• GAO to audit vouchers
• To organize the budget process
• President must submit annual budget (1st Monday in February)

Question 34

Congressional budget and Impoundment Act 1974

Answer 34

• Shifted some power back to Congress by placing legislative oversight on impoundments
• Created CBO as counterweight to OMB—essentially congress’s advisor on the budget and process
o Two committees: one in house and senate
• Legislative oversight on impoundments: stop money from being spent (by not apportioning)

Question 35

ADA 1884, 1950, 1982

Answer 35

• Can’t obligate before an appropriation passed
• Requires a funds control system
• Prohibits obligation or expenditure in excel of amounts appropriated/apportioned

Question 36

Supplemental appropriations Act

Answer 36

Established the criteria where we can incur obligations: 8 criteria
o Binding, written agreement: within the law, amount and time
o Loan agreement
o Order to be placed with gov agency
o Order issued pursuant to law for purchases necessitated by public exigency: public emergency
o Grant or subsidy in accordance with law: form of contract authorized by law
o Liability from pending litigation: court actions gov is involved
o Employment or services of persons or travel:
o Any other legal liability: catch all

Question 37

OMB A-11

Answer 37

Provides guidance for budget formulation and instructions for budget execution

Question 38

OMB A-11

Answer 38

o Has 7 parts
▪ Part 4 details budget execution
▪ Revised annually
• Asks what works what doesn’t

Question 39

Budget process

Answer 39

• Begins with agencies, formulate what they need, then forwards to OMB for review
• OMB interacts with agencies and comes up what the President wants to do and places in Pres Budget and compiles/forwards to congress for enactment on first Monday in February, and then enactment process begins, works through different committees, and then issues appropriations, Presidents agrees or vetos

Question 40

4 Collection Accounts

Answer 40

4972. Obl
4973. Obl
      4221 unearned
4974. Adv
4975. Earned. (Ar)
      4252