CDFM All Modules FISCAL LAW EXAM QUESTIONS WITH CORRECT ANSWERS

T/F? A working capital (Revolving) fund or part of that fund cannot violate the Anti Deficiency Act? - ANSWER FALSE Agencies are responsible for maintaining a system of accounting and internal controls to avoid violations of the? - ANSWER 31 USC 1341, 1342, and 1517 ADA The 2 provisions of the US Constitution that provide the underpinning for the budget process are? - ANSWER Article 1 Section 8 clause 1, Article 1 Section 9 clause 7 T/F? Article 2 section 8 empowers Congress to collect taxes and Section 9 requires appropriations in law before money can be spent from the Treasury? - ANSWER FALSE The penalty for willfully and knowingly violating the Anti Deficiency Act is? - ANSWER Up to 2 years and a $5,000 fine or both Over obligation of an appropriation or funds and obligations or contracts in advance of an appropriation is a violation of? - ANSWER 31 USC 1341a ________ appropriations is (are) no longer available for adjustments or payments any adjustments will be charged to current same appropriation (1% max)? - ANSWER Cancelled Over-obligations of apportionments, allotments or other subdivision of funds are a violation of? - ANSWER 31 USC 1517 T/F? Not knowingly or willfully committing a violation of the Anti-Deficiency Act does not, by itself, justify a decision to not impose disciplinary action against the individual? - ANSWER TRUE It is the responsibility of the _____ to review and approve the agency systems of administrative control of funds to prevent violations of the Anti-Deficiency Act? - ANSWER OMB Acceptance of voluntary service is a violation of? - ANSWER 31 USC 1342