Fiscal law Study guides, Class notes & Summaries
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Test Bank For Accounting for Governmental & Nonprofit Entities Jacqueline Reck 18th Ed
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Accounting for Governmental and Nonprofit Entities, 18e (Reck) 
Chapter 3 Governmental Operating Statement Accounts; Budgetary Accounting 
1) The government-wide statement of net position displays the net expense or revenue for each function or program of the government. 
Answer: FALSE 
Difficulty: 1 Easy 
Topic: Reporting of expenses and revenues at the government-wide level 
Learning Objective: 03-01 Describe how operating revenues and expenses related to governmental activities are reported i...
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CLG 001_ Fiscal Law Exam version 2/ with 100% 2024 verified answers
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QUESTION 1 
 
1. Which of the following is a correct statement of Fiscal Law Philosophy: 
 
If the law is silent as to whether a purchase can be made, it is probably safe to spend appropriated funds. 
authorized by Congress. 
If the commander says buy it, don’t worry about Fiscal Law Regulations. 
Absent a specific prohibition, expending appropriated funds is permitted. 
20 points 
QUESTION 2 
 
1. It is July 2010. The contracting officer at Fort Mason is about to award a contract for a comput...
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Fiscal Law Final Exam QUESTIONS AND ANSWERS RATED A+ 2023|2024 UPDATE
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Fiscal Law Final Exam QUESTIONS AND ANSWERS RATED 
A+ 2023|2024 UPDATE 
QUESTION 1 
1. It is appropriate for the Army to acquire lawn cutting services through 
the Project Order Statute. 
True 
False 
QUESTION 2 
1. The proper amount of money to obligate at the award of a firm fixed- 
price contract is: 
The full amount of the contract. 
Nothing until the contractor performs the required work. 
Half of the total liability. ...
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Fiscal Law Test Questions with Correct Answers
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Fiscal Law Test Questions 
with Correct Answers 
 
Fiscal Law - ANSWER Body of law governing use of federal funds 
Fiscal Year - ANSWER 1 October ‐ 30 September 
Period of Availability - ANSWER Most appropriations available for obligation for 
limited time period 
Funds not obligated in timely manner generally expire 
Obligation - ANSWER Transaction legally binding the government to make 
payment 
E.g., place an order, award a contract, receive services 
Budget Authority - ANSWER Federal law p...
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Fiscal Law Exam CLG 001 _ Questions And Answers 2023
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Fiscal Law Exam CLG 001 _ Questions And Answers 2023 
 
 
QUESTION 1 
 
1. Which of the following is a correct statement of Fiscal Law Philosophy: 
 
 If the law is silent as to whether a purchase can be made, it is probably safe to spend appropriated funds. 
 Expenditure of appropriated funds is proper only when authorized by Congress. 
 If the commander says buy it, don’t worry about Fiscal Law Regulations. 
 Absent a specific prohibition, expending appropriated funds is ...
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FISCAL LAW FINAL EXAM QUESTIONS AND ANSWERS
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QUE ST ION 1 
1. It is appropriate for the Army to acquire lawn cutting services through 
the Project Order Statute. 
True 
False 
4 points 
QUE ST ION 2 
1. The proper amount of money to obligate at the award of a firm fixedprice contract is: 
The full amount of the contract. 
Nothing until the contractor performs the required work. 
Half of the total liability. 
A conservative amount based on the government’s estimated 
future requirements. 
4 points 
QUE ST ION 3 
1. How long does the Depar...
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NEW - 2021 Comptrollers Accreditation and Fiscal Law Course Class 001 (Army Fiscal Law)
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NEW - 2021 Comptrollers Accreditation and Fiscal Law Course Class 001 (Army Fiscal Law)
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VALUE PACK:: FISCAL LAW EXAMS QUESTIONS AND ANSWERS 2023
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VALUE PACK:: FISCAL LAW EXAMS QUESTIONS AND ANSWERS 2023
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Fiscal Law Final Exam answered- spring 2022.
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Fiscal Law Final Exam 
QUESTION 1 
1. It is appropriate for the Army to acquire lawn cutting services through 
the Project Order Statute. 
True 
False 
QUESTION 2 
1. The proper amount of money to obligate at the award of a firm fixedprice contract is: 
The full amount of the contract. 
Nothing until the contractor performs the required work. 
Half of the total liability. 
A conservative amount based on the government’s estimated 
future requirements. 
QUESTION 3 
1. How long does the Departme...
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CDFM EXAM (4 DIFFERENT SUB MODULE 3.1 - 3.4) QUESTIONS AND CORRECT ANSWERS EACH SUB MODULE CONTAINS 100 QUESTIONS AND ANSWERS LATEST 2023-2024
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CDFM EXAM (4 DIFFERENT SUB MODULE 3.1 - 3.4) QUESTIONS AND CORRECT ANSWERS EACH SUB MODULE CONTAINS 100 QUESTIONS AND ANSWERS LATEST 2023-2024 
 
 
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...
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Fiscal Law- Exam Questions and Answers
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Fiscal Law - ANSWER Body of law governing use of federal funds 
 
Fiscal Year - ANSWER 1 October ‐ 30 September 
 
Period of Availability - ANSWER Most appropriations available for obligation for limited time period 
 Funds not obligated in timely manner generally expire 
 
Obligation - ANSWER Transaction legally binding the government to make payment 
 E.g., place an order, award a contract, receive services 
 
Budget Authority - ANSWER Federal law provides to incur obligations up to specifie...
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