CDFM Module 3.1 Questions and Answers Rated A

CDFM Module 3.1 Questions and Answers Rated A Fiscal Law is based on the premise that Appropriations are only available for obligation and expenditure when specifically approved by the Congress, not that we can use appropriations unless specifically prohibited by Congress. GAO Principles of Federal Appropriation Law (The Redbook) The most authoritative source of information on the proper use of appropriated funds. Budget and Accounting Act of 1921 Required the President to submit an annual budget to Congress for all three branches of the Federal Government; Created a budget office for the President (Bureau of the Budget then, changed to OMB in 1970); Established a General Accounting Office (now Government Accountability Office). Congressional Budget Act of 1974 This law: Governs the congressional budget process; Defines some key budget terms, such as budget authority, that are used in all phases of the budget process; Establishes the House and Senate budget committees and the Congressional Budget Office. Balanced Budget and Emergency Deficit Control Act of 1985 This law prescribes rules and procedures (including "sequestration") designed to constrain spending and receipts legislation. When originally enacted, it was commonly known as the Gramm-Rudman-Hollings Act. The Budget Enforcement Act (BEA) significantly amended this act, and many people refer to its requirements as the BEA requirements. Sections 13 and 15, 31 U.S.C. These prescribe rules and procedures for budget execution. Impoundment Control Act of 1974 Contained in the same act as the Congressional Budget Act, this law prescribes rules and procedures under which the President may withhold appropriated amounts from obligation. OMB Circular A-11 This circular provides instructions on budget execution. The U.S. Constitution is the basic authority for The use of