NAVEDTRA 15004B, Logistic Specialist Training Manual, Chapter 8 Financial Management Flashcards Preview

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Flashcards in NAVEDTRA 15004B, Logistic Specialist Training Manual, Chapter 8 Financial Management Deck (54)
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1

Which type of accounting is an account of how much money has been spent, how much is obligated and how much is available under each appropriation or subdivision?

Appropriation

2

What type of accounting is an account through which the Navy can accumulate all costs according to activity or unit, purpose and type of expenditure?

Cost

3

What type of accounting is an account used to maintain records of material and supplies on hand?

Inventory

4

What type of accounting is an account used to maintain records of all Navy-owned or Navy-controlled real property and equipment of a capital nature ashore?

Plant Property

5

The Navy expends money from which two major classifications?

Appropriation and Funds

6

What is an authorization by an Act of Congress to incur obligation for a specified time and purpose and to make payments out of the Treasury?

Appropriation

7

What is the accounting period of the Navy?

Fiscal Year

8

How many types of appropriations may be used in the Navy, depending upon the purpose for which they are issued?

3

9

What occurs when an order is placed by an afloat unit or material is issued to an ashore activity, or similar transactions during a given period that requires future payments?

Obligation

10

After the end of the fiscal year, the Navy must return any unobligated balance to the Treasury. Obligated funds remain available for how many additional years?

2

11

What is an appropriation without a freed period?

Continuing Appropriation

12

What appropriations are generally made for purposed that require long-lead time of planning and execution such as procurement of Aircraft and Missiles, Navy and Shipbuilding and Conversion Navy?

Multiple-year

13

At the end of the 2 years following the expiration of obligation availability, the balance remaining in the account, representing un-liquidated obligations less reimbursements to be collected, is transferred to the successor of what account?

"M'

14

What is an appropriation that is available for incurring obligations during the current fiscal year?

Current

15

What is an appropriation that is no longer available for incurring obligations?

Expired

16

What is the undisbursed balance of an appropriation?

Lapsed

17

The appropriation symbol consists of how many digits of number identifying the government agency responsible for administering the appropriation, the fiscal year and the specific appropriation?

7

18

All appropriations assigned to the Navy are identified by what number, which is shown as the first two digits of the appropriation symbol?

"17"

19

What codes are three characters long and are used only in OPTAR transactions that affects the international balance of payments?

Object Class

20

Who has fiscal responsibility for the appropriation 1751804 for operation and maintenance of Navy forces?

CNO

21

What is the Unit Identification Code (UIC) of the activity that performs the accounting for an operating budget/fund?

AAA

(Authorization Accounting Activity)

22

All UICs currently assigned are listed in what manual?

NAVCOMPT Manual, Volume 2, Chapter 5

23

The cost code consists of how many characters and may be alphabetic, numeric, or both?

12

24

What is the most common code structure used by afloat units in requisitions for material and services?

Cost Code

25

Funds fill a very important need in financing the day-to-day operations of the Navy. What are the two types of funds that are used extensively?

Revolving and Trust

26

What is a fund established to finance a cycle of operations?

Revolving

27

What provides the necessary capital to finance the purchase and maintenance of stocks for common supply items required by the Navy?

NWCF

28

Basic capital for the NWCF is made available from?

Congress

29

The NWCF is reimbursed for supplies when they are issued or sold. While these supplies are waiting to be sold, they are in?

NSA

Navy Stock Account

30

What serves as the "holding account" for NWCF procured supplies before their sale?

NSA

Navy Stock Account