CDFM Module 3 Exam questions and correct answers

CDFM Module 3 Exam questions and correct answers 41 USC 6301 Public Contracts (Contracting Under Feed and Forage Act) We can obligate against contract authority for clothing, fuel and quarters, but not construction. 3.1.3 Basic Axiom of Fiscal Law Expenditure of public funds is proper only when authorized by Congress, not that public funds may be expended unless prohibited by Congress 3.1.7 What gives fiscal authority? Constitution Authorization Acts Appropriation Acts General Statutes (i.e. GAO Red Book) CG Decisions and Courts 3.1.7 Constitutional Authority to Obligate and Expend Funds -Article 1, Section 7, empowers Congress to pass bills for the raising of revenue, and delineates how bills will pass from the Congress to the President for signature or veto. -Article 1, Section 8, empowers Congress to collect taxes -Article 1, Section 9, requires appropriations in law before money may be spent from the Treasury. 3.1.8 The Red Book Published by the GAO, information on proper use of appropriated funds 3.1.8 1921 Budget and Accounting Act -Established GAO 3.1.8 -Requires President to submit annual budget to Congress for all 3 branches of Government -Created a budget office for the President (OMB) 3.1.9 Congressional Budget Act of 1974 Established House and Senate budget committees and the Congressional Budget Office (CBO) 3.1.10 31 USC 13 and 15 Contains requirements for use, control, and accountability of funds 3.1.10 Fiduciary Certifier responsible for using appropriated funds properly 3.1.12 Pecuniary Certifier responsible for accuracy of disbursement of funds 3.1.12 31 USC 1301 Purpose of obligation 3.1.13