Term
| What is the status of limitations? |
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Definition
| Error-3 years; fraud- no time limit; exception-life threating situations |
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Term
| What act covers contractor claims? |
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Definition
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Term
| What is the status of limitations on contractor claims? |
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Definition
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Term
| Who has to file a contractor claim? |
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Definition
| person outside the government |
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Term
| What code covers purpose? |
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Definition
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Term
|
Definition
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Term
|
Definition
| 31 USC 1341, 31 USC 1342; 31 USC 1517 |
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Term
| What does 31 USC 1301 state? |
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Definition
| Appropriation shall be applied only to the objects for which the appropriation were made except as otherwise provided by law |
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Term
| Where do you get specific purpose authorities? |
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Definition
| 1. authorization bill; appropriation bill; comptroller general decisions |
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Term
| What are the purpose test? |
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Definition
| logical relationship, not prohibited by law; not funded else where; also needs to meet the bona fide need rule |
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Term
| What is a fiduciary certifiers responsible for? |
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Definition
| use of appropriate funds as to the proper purpose, time and amount |
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Term
| What is a pecuniary certifier responsible for? |
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Definition
| for accuracy of the disbursement of funds |
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Term
| Is a fiduciary certifier personally liable? |
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Definition
|
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Term
| What is the rule with no year money? |
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Definition
| No year money is to be closed if : agency or president determined that the purpose is complete or no payment is made for 2 consecutive years |
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Term
| what title can you find the no year money rule in? |
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Definition
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Term
| What is the appropriation life cycle? |
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Definition
| obligation- 1 years (current); payment- 5 years (expired); expired - 6 years and beyond (cancelled) |
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Term
| What are the concept of earmarking terms? |
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Definition
| Not to exceed ceiling; not less then floor; exclusively for |
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Term
|
Definition
| portion of a lump sum appropriation designated for a particular purpose |
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Term
| What is augmentation of funds? |
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Definition
| to augment funds is to appropriate from outside sources without some type of statutory authority to do so. |
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Term
| What does the internal audit org ensure against? |
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Definition
| Fraud, waste, abuse & mismanagement |
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Term
| How many hours of CPE credit must an auditor complete every two years? |
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Definition
|
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Term
| What is the minimum # of CPE hours that can be completed in any given year period? |
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Definition
|
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Term
| When it comes to matters relating to the audit work, what should all audit orgs be? |
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Definition
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Term
| Which audit phase involves gathering evidence & deterring material & significance of the findings? |
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Definition
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Term
| During which audit phase would you select the most important areas for audit coverage? |
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Definition
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Term
| What document includes the objectives of the audit, the findings and when appropriate the recommendations? |
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Definition
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Term
| What form do certifying officers sign? |
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Definition
|
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Term
| Who may request an advanced decision? |
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Definition
| the DO or certifying officer |
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Term
| Are entitlements on milpay taxable? |
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Definition
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Term
| In your military career, how many days of leave can you sell back? |
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Definition
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Term
| How many days are dependents allowed to stay in base housing ( or get BH) if AD member dies? |
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Definition
|
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Term
| Are officers paid clothing allowance every year? |
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Definition
| no -only receive initial of $400 |
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Term
| How many discretionary allotments can an active duty member have? |
|
Definition
|
|
Term
| Are non-discretionary allotments limited? |
|
Definition
|
|
Term
| What kind of allotments are non-discretionary? |
|
Definition
| savings, bonds, charitable, and child and spousal support |
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Term
| What is premium pay for civilians? |
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Definition
| overtime, night, and holiday |
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Term
| What kind of leave hours re there for civ pay? |
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Definition
| family friendly leave act, federal employee leave sharing, excused absence, bone marrow or organ donor leave, LWOP, and family & medical leave |
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Term
| How do contractors get advanced payment? |
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Definition
| has to be written in contract, contractor gives adequate security, in the public interest or facilitates national defense, or can't pay more than contract is worth |
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Term
| What is in payment package? |
|
Definition
| copy of contract, proper invoice, receiving report that includes receipt and acceptance |
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Term
| What 10 items need to be included on the invoice for it to be proper? |
|
Definition
| name and address of the contractor, invoice date, contract number, vender invoice number, description, qty, unit of measure, unit price & extended price of supplies delivered or service performed, shipping & payment terms, taxpayer id number, banking info, contact name, title and phone number, and other documents required by contract |
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Term
| Debt collections include collection of debts from what three groups? |
|
Definition
| current employees, former employees and vendors |
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Term
| What is a preferred collection method for debts owed by active military members & civilian employees who are still in services? |
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Definition
| due process then pay deduction |
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Term
| How many letters do you need to send to venders for debt collection? |
|
Definition
|
|
Term
| After you send letters to a vendor for debt collection what is the next step? |
|
Definition
| transfer to the DFAS Columbus center for action |
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Term
| When collection debt owed by venders that have failed to properly respond to the demand letters, what is the step DFAS Columbus takes? |
|
Definition
| list contractor on hold up list |
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Term
| When a debt is from erroneous or duplicate payment who is responsible to make collection? |
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Definition
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Term
| How often must the DO make a security inspection of the disbursing office? |
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Definition
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|
Term
| When in doubt about the proper use of an appropriation, the DO may request this from the OSD General Council on the propriety of the perspective payment |
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Definition
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|
Term
| To what along with accountability, does certification equate? |
|
Definition
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|
Term
| Who, besides the DO is always accountable for any wrong payment on over obligation? |
|
Definition
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|
Term
| If a civilian employee receives less then 90% of his or her normal bi weekly pay what may they request? |
|
Definition
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|
Term
| When a civilian employee moves from a job overseas to a job in the states, which org pay for the PCS? |
|
Definition
|
|
Term
| What are the irregularities that a DO might find? |
|
Definition
| out of balance, check issue overdraft, and check under draft |
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Term
|
Definition
| a check that is uncostable |
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Term
| Which individuals hold personal & pecuniary liability for their actions in financial transactions? |
|
Definition
| CO, DO & accountable official |
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Term
| What are the four major functions in DOD finance? |
|
Definition
| entitlement, payments, collections and control of funds |
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|
Term
| What is the primary org in DOD with the responsibility for finance requirements? |
|
Definition
|
|
Term
| What is the acronym for disbursing officer identification #'s? |
|
Definition
|
|
Term
| What is your statement of Net cost formula? |
|
Definition
| net cost of operations=expense-exchange revenue |
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Term
| The budget accounting act of 1921 established the GAO to audit financial statements of which branch of government? |
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Definition
|
|
Term
| The GPRA requires agencies to define goals, set performance targets and report what? |
|
Definition
| actual performance & results |
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Term
| The FASB was set up by what 3 orgs? |
|
Definition
| OMB, GAO an Treasury Dept |
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Term
| Any unforeseeable agreement between an agency and business concern for the acquisition of property of service is called what? |
|
Definition
|
|
Term
| What term is used to describe Federal government bunds that have been paid but have not yet been identified to a specific org? |
|
Definition
| undistributed disbursement |
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Term
| What term is used in SFFAS #4 to describe the process of accumulating, measuring analyzing, interpreting and reporting cost? |
|
Definition
| managerial cost accounting |
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Term
| What are 2 self-balancing accounts in the US government Standard General Ledger? |
|
Definition
| budgetary and proprietary |
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Term
| In proprietary accounting, assets = liabilities and what? |
|
Definition
|
|
Term
| The aggregate amount of an entity's funds in the treasury is in what account? |
|
Definition
| funds balance in treasure |
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Term
| PP&E defines tangible assets with an estimated useful life of more than what # of years |
|
Definition
|
|
Term
| What is the statement of budgetary resources equations? |
|
Definition
| budgetary resource=statement of budgetary resources |
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Term
| Which financial statement shows the components of the net cost of the reporting entity operation for the period? |
|
Definition
|
|
Term
| What DOD accounting entity maintains a central general ledger? |
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| current assets= assets (cash + ar+ inv)/ current liability |
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|
Term
|
Definition
| quick assets= cash +AR / current liability |
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|
Term
| What are auditors quality control & assurance? |
|
Definition
| system of quality control & assurance & external peer reviews every 3 years |
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|
Term
| What are the 3 types of audits? |
|
Definition
| financial, performance and attestation |
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Term
| DOD can contract for non-federal auditors when? |
|
Definition
| expertise is not available within DOD or temporary assistance is required |
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|
Term
| When are attestation engagements used? |
|
Definition
| auditors issued an examination, a review or an agreed upon procedures report on a subject matter or an assertion about a subject matter that is the responsibility of another party |
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|
Term
| How do audit organizations select the areas for audit coverage? |
|
Definition
| regulatory & statutory requirement, specific concerns of management & congress and high risk area |
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|
Term
| What are the three phases of an audit? |
|
Definition
| planning, review and report |
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|
Term
| What is contained in the planning phase? |
|
Definition
| define objectives & scope, design methodology, consider materiality & internal control effectiveness in procedures |
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|
Term
| What is the review phase in an audit? |
|
Definition
| gathering evidence that is sufficient and appropriate |
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|
Term
| What is the report phase in an audit? |
|
Definition
| communicate the results of the audit to management, make info available for timely use by management and comply with standard for from, content and distribution |
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|
Term
| Government audits provide essential elements of public accountability & what? |
|
Definition
|
|
Term
| Which standard generally apply to federal government audits? |
|
Definition
|
|
Term
| Who conducts, supervises, monitors, and initiates audits and investigations relating to DoD programs & operations? |
|
Definition
|
|
Term
| What should be considered when evaluating the effectiveness of DoD audit organizations? |
|
Definition
|
|
Term
| What is the name of the GAO standard that provides reasonable assurance that DOD auditors comply with applicable auditing standards and DOD audit policy |
|
Definition
|
|
Term
| What is disbursing officer for? |
|
Definition
| responsible for disbursing money only as provided by voucher duly certified by authorized certify officers examine vouchers to determine if they are in the proper from, certified and approved by authorized CO |
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|
Term
| 31 USC 3325 requires who? |
|
Definition
|
|
Term
| What four qualification should a certify officer have? |
|
Definition
| knowledge of subject matter, background or experience in preparation of a voucher for payment, knowledge of appropriates, knowledge of payment process |
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Term
| What are the requirements for large disbursements? |
|
Definition
| over 50M 3 days notice is required, over 500M 5 days notice is required |
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|
Term
| What are the disbursing/payment system and which dept. do the belong? |
|
Definition
| standard finance system redesign subsystem ARMY; automated disbursing system NAVY; consolidated disbursing system AF |
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|
Term
| What are the 3 types of collections? |
|
Definition
| receipts, reimbursements, refunds |
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|
Term
| What are the collection systems? |
|
Definition
| gov't on-line accounting link (GOALS); Intergovernmental payment collections (IPAC) |
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|
Term
| According to debt collection improvement Act of 1996 when do you referred debts to the Treasury dept? |
|
Definition
| debt over 180 days & not in litigation |
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|
Term
| Name the key forms that provide accountability and control DO |
|
Definition
| daily statement of accountability -DD2657, statement of accountability - SF1219; daily agent accountability DD2665; deposit ticket SF215; cashlink 11 |
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|
Term
|
Definition
| 10 people- 1 rep from OMB, GAO, Treasury, budget office and 6 non-government entities |
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|
Term
|
Definition
| OMB, GAO an Treasury Dept |
|
|
Term
| Commitment accounting is required for which funds? |
|
Definition
| RDT&E, Procurement, Shipbuilding, and MILCON (multi & no year appropriations) |
|
|
Term
| What is the balance sheet formula? |
|
Definition
| Assets= liabilites + net position (owners equity) |
|
|
Term
| What are the 4 audit agencies in the Government? |
|
Definition
| Office of Assistant IG for Audting (OFG), The Army Audit Agency, The Naval Audit Agency and the Air Force Audit Agency |
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|
Term
| What do internal audit organizations ensure? |
|
Definition
| Plans are established, written policy and procedures are provided and fraud waster and abuse are advoided. |
|
|
Term
| What are the four major focuses of finance? |
|
Definition
| Entitlements, payments, collections, and control of funds |
|
|
Term
| What DOD FMR's matter most in finance? What do they cover? |
|
Definition
| Vol 1-Systems; Vol 4 Accouting Policy and Procedures; Vol 5 Disbursing; Vol 6A Reporting; Vol 7A Milpay Active Duty and Reserves; Vol 7B Milpay retired; Vol 8 Civpay; Vol 9 Travel; Vol 10 Vendor Pay. |
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|
Term
| What did the paper eliminations Act do? |
|
Definition
| Mandate to increase use of electronic commerce. |
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|
Term
| What are different types of EFT's? |
|
Definition
| Vendor Express, GPC, Plastic card collections, and Lock box collections. |
|
|
Term
|
Definition
| Budgetary Integrity, operating performance, system & control and teh concept of stweadship |
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|
Term
|
Definition
| content and form of entities financial reports |
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|
Term
|
Definition
| managements discussion & analysis report |
|
|
Term
|
Definition
| identified 5 audiences: citizens, citizens intermeidares, congress, federal executives, and program managers. |
|
|
Term
|
Definition
| items must meet the definition of an element and must be measureable. |
|
|
Term
| Who are two major users of Government Financial Statements |
|
Definition
| citizens and congressional oversight |
|
|
Term
| What is the "picking order" for accounting principles for government? |
|
Definition
| 1 FASAB Statements & interpretations, FASAB techincial bullentins; AICPA practice bullentins, Implementation guides published by FASAB and Standards of guides published by other authoratative boards. |
|
|
Term
| Who must follow the GAGAS aka yellowbook |
|
Definition
| everyone---that does government audits |
|
|
Term
| What are the government audit standards? |
|
Definition
| ethics, general standards, field work, reporting and non audit work |
|
|
Term
| What is meant by auditor independence? |
|
Definition
| Be free from personal/external impairments, be organizationally independent and maintain indepedent attitude and appearance. |
|
|
Term
| What is meant by auditor professional jugdement? |
|
Definition
| Auditors should: exercise reasonable care and dilegence, mainstain, highest degree of intgrity, professional judgement in determining the type of assignment. Carefully define the scope of work. |
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|
Term
| What is meant by auditors professional competence? |
|
Definition
| competency for the task required and education to back it up. |
|
|
Term
| The Inspector Genearl Act of 1978 requires what? |
|
Definition
| Federal inspectors to comply with comptroller general's standards for audits. |
|
|
Term
| Does the DoD issue audit guidelines?n If so, what is it? |
|
Definition
| Yes, DoD Internal Audit Manual |
|
|
Term
| What codes regulate augmentation? |
|
Definition
| 31 USC 3302(b)-misc receipts statue, 31 USC 1301(a) purpose statue, 18 USC 209 employee compensation prohibition from outside services |
|
|
Term
|
Definition
| administrative penaly is a slap on the hand up to being fired. criminal pentaly $5000 fine, 2 years in jail or both |
|
|
Term
| How long do you have to report and ADA? |
|
Definition
|
|
Term
| Federal appropriation law can be catogorized into which 3 topical areas? |
|
Definition
| purpose, time and amount. |
|
|
Term
| In DoD, final decisions for fiscal law questions are "officially" rendered by whom? |
|
Definition
| DoD General Counsel, Courts |
|
|
Term
| How many basic types of budget authority are used in the federal government? |
|
Definition
|
|
Term
| Who are determined to be accountable officers in DoD? |
|
Definition
| certifying officers and disbursing officers. |
|
|
Term
| Who grants relief of liability to a certifying officer for erroneous or illeagal payments in DoD? |
|
Definition
| DoD General Counsel, DFAS |
|
|
Term
| What type of congressional resolution can be thought of as a temporary appropration act? |
|
Definition
| CRA-continuing resolutions Act |
|
|
Term
|
Definition
| obligating or expending in advanced or in excess of the appropriaton |
|
|
Term
|
Definition
| accepting voluntary services for the US. ie employee working off the clock |
|
|
Term
|
Definition
| obligating or expending funds in excess of the apportionment or reapportionment (any other funding) |
|
|
Term
| What did the budget and accounting act of 1921 do? |
|
Definition
| required the president to submit an annual budget to congress, created OMB and est. government account office (GAO) |
|
|
Term
| What 31 USC Section 13 & 15 cover? |
|
Definition
|
|
Term
|
Definition
| instructions on budget execution |
|
|
Term
| What are the classic audit findings? |
|
Definition
| condition (is), criteria (should be), effective (so what), cause (why) recommendations should be considered. |
|
|
Term
| What are the benefits of audits? |
|
Definition
| monetary and non monetary |
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