Cdfm - Module 3 Exam (4 Different Sub Module 3.1 - 3.4)

CDFM - MODULE 3 EXAM (4 DIFFERENT SUB MODULE 3.1 - 3.4) QUESTIONS AND CORRECT ANSWERS EACH SUB MODULE CONTAINS 100 QUESTIONS AND ANSWERS LATEST 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 executive agencies suitable to their needs. - ANSWER- Accounting and Auditing Act of 1950 In cases where violations of fiscal law statutes occur, agencies must do what? - ANSWER- "* Prepare reports to the President and Congress and * Make necessary improvements in accounting and administrative control systems to prevent future violations. " What term applies broadly to any law that permits a Government employee to spend money, not just to the regular appropriation bills. - ANSWER- Appropriation What are the Sources of Fiscal Law? - ANSWER- The Constitution, Authorization Acts, Appropriations Acts, General Statues, CG Decisions & Courts Fiscal Law is based on what premise? - ANSWER- that appropriations are only available for obligation and expenditure when specifically approved by Congress, not that appropriations may be used unless specifically prohibited by Congress. In _____ law, as long as there is no law that says you can't do something, you may legally do it. However, in _____ law, you can do only what the law authorizes you to do. - ANSWER- Common; Fiscal Laws and Regulations in Federal Financial Management - ANSWER- Budget and Accounting Act of 1921 Budget and Impoundment Control Act of 1974 Balanced Budget and Emergency Deficit Control Act of 1985 31 USC Sections 13 and 15 OMB Circular A-11 Article 1, Section 7, empower Congress to pass bills for ______________ and