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
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. "
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