CGFM Exam 2, Section 3 - Chapter 2: Federal Budgetary Accounting 2023/2024
Exec Branch central financial management agencies - ANSWER-(1) OMB and (2) the Dept of Treasury
OMB - ANSWER-OMB's predominant mission is to assist the president in overseeing the preparation of the federal budget an...
Exec Branch central financial management agencies - ANSWER-(1) OMB and (2) the Dept of Treasury
OMB - ANSWER-OMB's predominant mission is to assist the president in overseeing the preparation of
the federal budget and to supervise its administration by the executive branch agencies.
OMB provides guidance in what forms? - ANSWER-Mainly with Circulars and Bulletins, but also with
Memorandums
OMB circulars - ANSWER-OMB uses the circular series when the nature of the subject matter is of
continuing effect. When an instruction needs to be revised, the pertinent circular will be re-issued with
the same number and a new date.
OMB Bulletins - ANSWER-OMB uses the bulletin series when the subject matter requires single or one-
time actions by the depts. Bulletins are issued in an annual series, numbered in chronological order. The
last 2 numerals of the fiscal year of issuance are used to indicate the annual series; for example, Bulletin
No. 15-03 was the third bulletin issued in fiscal year 2015.
OMB Circular A-11, Preparation, Submission and Execution of the Budget - ANSWER-- The principal
guidance on budget matters
- Updated annually (usually in July)
- Included in Circular A-11 is guidance on preparing Standard Form 133, Report on Budget Execution and
Budgetary Resources.
OMB Circular A-136, Financial Reporting Requirements. - ANSWER-The principal circular regarding
financial reporting. This circular addresses the form and content of financial statements, required note
disclosures and supplemental information. It is also updated annually.
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