CDFM All Modules FISCAL LAW Exam Questions and 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 curren