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 2023-2024
CDFM MODULE 3.1
"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
delineates how bill will pass from the Congress to the President for signature or
veto. - ANSWER- Raising revenue
Article 1, Section 8, empower Congress to _________ - ANSWER- collect taxes
Article 1, Section 9, requires appropriations by law before money can be spent
from the _______. - ANSWER- treasury
The most authoritative source of information on the proper use of appropriated
funds is a multi-volume treatise published by the GAO, called _____. It is
available of the GAO website www.gao.gov in 3 volumes. - ANSWER- The Red
Book
This law governs the congressional budget process
Defines some key budget terms, such as budget authority and Establishes the
House and Senate Budget committees and the Congressional Budget Office -
ANSWER- Congressional Budget Act of 1974
,This law prescribes rules and procedures including sequestration designed to
constrain spending and receipts legislation. Commonly known as, GrammRudman-
Hollings Act. - ANSWER- Congressional Balanced Budget and Emergency Deficit
Control Act of 1985
Prescribe rules and procedures for budget execution. The overarching statutory
requirement for use, control and accountability of funds are found here. OMB
Circular A-11 "Instructions on Budget Execution" and GAO Federal
Appropriations Law summarize and restate the requirements of this law. -
ANSWER- 31 USC 13 and 15
Contains the same act as the Congressional Budget Act, this law prescribes rules
and procedures under which the President may withhold appropriated amounts
from obligation. - ANSWER- Budget Impoundment Control Act of 1974
This circular provides instructions on preparation, submission, and execution of the
budget; contains a crosswalk for the provisions of the Antideficiency Act and
instructions on monitoring Federal outlays, obtaining GAO exemptions, reporting
requirements for unvouchered expenditures, and monitoring Federal employment. -
ANSWER- OMB Circular A-11
Sources of Authority on the use of public funds that provide the basis for Federal
Appropriations Law - ANSWER- US Constitution Congress Authorization and
Appropriation Acts
General and Specific statutes
Court Decisions and decisions from Comptroller General
conveys a confidence and trust; required to care for the funds of the people, and
have the responsibility to hold public funds in trust and confidence assuring funds
are only used for the purpose for which Congress intended. - ANSWER- Fiduciary
Responsibility
When a Funds certifying official certifies the public funds for which he has been
intrusted, he/she is certifying that : - ANSWER- the funds are legal for use under
Purpose, Time, and Amount restrictions placed on the use of the funds by
Congress.
, An erroneous, willful, or knowing violation of fiduciary responsibility may lead to
an ______. - ANSWER- Antideficiency Act Violation
True or False: Relief may be granted from an ADA Violation? - ANSWER-
FALSE
______ responsibility conveys the responsibility of physical control of the monies
entrusted to the care of the accountable official. - ANSWER- Pecuniary
held personally liable for any erroneous payments, resulting from their
miscertification, from the second the payment is made. - ANSWER- Certifying
Officers
Responsible for the accuracy of the disbursement of funds. Responsible for the
repayment of any disbursement made not in accordance with proper Purpose,
Time, or Amount. - ANSWER- Pecuniary Certifier
Examples of positions that carry a Pecuniary Responsibility. - ANSWER-
Disbursing officers, cashiers, and collecting officers
Can relief be given for those with Pecuniary Responsibility? - ANSWER- Relief
can be granted for loss of cash or mis-certification when certain conditions are met;
presumed negligent unless innocence is proven.
___ will be held personally liable for any erroneous payments resulting from their
miscertification, from the second the erroneous payment was made. - ANSWER-
Certifying Officers
Budget and Accounting Act of 1921 - ANSWER- 1. Required the President to
submit an annual budget to Congress for all three branches of the Federal
Government. 2. Created a budget office for the President (OMB) 3. Established the
GAO
True or False: For a Disbursing officer, relief can not be given for loss of cash or
miscertification under any conditions. " - ANSWER- False: Relief can be given if
certain conditions are met.
SUB MODULE 3.1 - 3.4) QUESTIONS AND
CORRECT ANSWERS EACH SUB MODULE
CONTAINS 100 QUESTIONS AND
ANSWERS
LATEST 2023-2024
CDFM MODULE 3.1
"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
delineates how bill will pass from the Congress to the President for signature or
veto. - ANSWER- Raising revenue
Article 1, Section 8, empower Congress to _________ - ANSWER- collect taxes
Article 1, Section 9, requires appropriations by law before money can be spent
from the _______. - ANSWER- treasury
The most authoritative source of information on the proper use of appropriated
funds is a multi-volume treatise published by the GAO, called _____. It is
available of the GAO website www.gao.gov in 3 volumes. - ANSWER- The Red
Book
This law governs the congressional budget process
Defines some key budget terms, such as budget authority and Establishes the
House and Senate Budget committees and the Congressional Budget Office -
ANSWER- Congressional Budget Act of 1974
,This law prescribes rules and procedures including sequestration designed to
constrain spending and receipts legislation. Commonly known as, GrammRudman-
Hollings Act. - ANSWER- Congressional Balanced Budget and Emergency Deficit
Control Act of 1985
Prescribe rules and procedures for budget execution. The overarching statutory
requirement for use, control and accountability of funds are found here. OMB
Circular A-11 "Instructions on Budget Execution" and GAO Federal
Appropriations Law summarize and restate the requirements of this law. -
ANSWER- 31 USC 13 and 15
Contains the same act as the Congressional Budget Act, this law prescribes rules
and procedures under which the President may withhold appropriated amounts
from obligation. - ANSWER- Budget Impoundment Control Act of 1974
This circular provides instructions on preparation, submission, and execution of the
budget; contains a crosswalk for the provisions of the Antideficiency Act and
instructions on monitoring Federal outlays, obtaining GAO exemptions, reporting
requirements for unvouchered expenditures, and monitoring Federal employment. -
ANSWER- OMB Circular A-11
Sources of Authority on the use of public funds that provide the basis for Federal
Appropriations Law - ANSWER- US Constitution Congress Authorization and
Appropriation Acts
General and Specific statutes
Court Decisions and decisions from Comptroller General
conveys a confidence and trust; required to care for the funds of the people, and
have the responsibility to hold public funds in trust and confidence assuring funds
are only used for the purpose for which Congress intended. - ANSWER- Fiduciary
Responsibility
When a Funds certifying official certifies the public funds for which he has been
intrusted, he/she is certifying that : - ANSWER- the funds are legal for use under
Purpose, Time, and Amount restrictions placed on the use of the funds by
Congress.
, An erroneous, willful, or knowing violation of fiduciary responsibility may lead to
an ______. - ANSWER- Antideficiency Act Violation
True or False: Relief may be granted from an ADA Violation? - ANSWER-
FALSE
______ responsibility conveys the responsibility of physical control of the monies
entrusted to the care of the accountable official. - ANSWER- Pecuniary
held personally liable for any erroneous payments, resulting from their
miscertification, from the second the payment is made. - ANSWER- Certifying
Officers
Responsible for the accuracy of the disbursement of funds. Responsible for the
repayment of any disbursement made not in accordance with proper Purpose,
Time, or Amount. - ANSWER- Pecuniary Certifier
Examples of positions that carry a Pecuniary Responsibility. - ANSWER-
Disbursing officers, cashiers, and collecting officers
Can relief be given for those with Pecuniary Responsibility? - ANSWER- Relief
can be granted for loss of cash or mis-certification when certain conditions are met;
presumed negligent unless innocence is proven.
___ will be held personally liable for any erroneous payments resulting from their
miscertification, from the second the erroneous payment was made. - ANSWER-
Certifying Officers
Budget and Accounting Act of 1921 - ANSWER- 1. Required the President to
submit an annual budget to Congress for all three branches of the Federal
Government. 2. Created a budget office for the President (OMB) 3. Established the
GAO
True or False: For a Disbursing officer, relief can not be given for loss of cash or
miscertification under any conditions. " - ANSWER- False: Relief can be given if
certain conditions are met.
