CDFM EXAM (4 DIFFERENT SUB MODULE 3.1 - 3.4) QUESTIONS AND CORRECT ANSWERS EACH SUB MODULE CONTAINS 100 QUESTIONS AND ANSWERSLATEST

s to the President and Congress and In cases where violations of fiscal law statutes occur, agencies must do what? - CDFM EXAM (4 DIFFERENT SUB MODULE 3.1 - 3.4) QUESTIONS AND CORRECT ANSWERS EACH SUB MODULE CONTAINS 100 QUESTIONS AND ANSWERSLATEST CDFM MODULE 3.1 What is the basic axiom of Fiscal Law? - ANSWER- The established rule is that the expenditure of public funds is proper only when authorized by Congress, not that public funds may be expended unless prohibited by Congress. U.S. vs McCollum (1976) "Where can the most authoritative source of information on the proper use of appropriated funds be found? Who is it published by?" - ANSWER- Principles of Federal Appropriations better known as the Red Book-- published by the GAO. What act created the General Accounting Office, GAO? - ANSWER- Budget and Accounting Act 1921 authorized the Comptroller General to audit the financial transactions of most 29 executive, legislative, and judicial agencies; and to prescribe, in consultation with the President and the Secretary of the Treasury, accounting principles, standards, and requirements for the exe