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CDFM All Modules FISCAL LAW EXAMS/ Questions with Correct Verified Answers/ Graded A+
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CDFM All Modules FISCAL LAW EXAMS/ Questions with Correct Verified Answers/ Graded A+
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CDFM All Modules FISCAL LAW EXAMS/ Questions withCorrect Verified Answers/ Graded A+
______ is the body of law that governs the availability and use of federal funds. - ANSWER - Fiscal Law
T/F? A working capital (Revolving) fund or part of that fund cannot violate the Anti Deficiency Act? -
ANSWER – FALSE
The time frame for investigations of potential violations of the Anti deficiency Act, including submission
of the final report to the Under Secretary of Defense Comptroller is? - ANSWER - 9 months
The formal program management control was established in DoD with the? - ANSWER - Federal
Managers Financial Integrity Act of 1982
T/F? One goal of the Federal Managers Integrity Act is to establish internal controls that make it easier to
determine misuse and waste of agency funds or property and to assure the accountability of assets? -
ANSWER - TRUE
Establishes guidelines for reviewing internal controls? - ANSWER - Director OMB
Evaluates internal controls annually and submits to Congress and the President as a report. The reports
are to be available to the public, excluding classified information? - ANSWER - Head of each Agency
OMB Circular that provides guidance on improving the accountability and effectiveness of Federal
programs and operations by using management controls? - ANSWER - A-123
pg. 1
,Organization, policies, and procedures used to reasonably ensure that certain events take place? -
ANSWER - Management Controls
The ________ environment is the management and employees attempt to establish and maintain an
environment throughout the organization that sets a positive and supportive attitude toward internal
control and conscientious management? - ANSWER - Control
Statement on whether there is reasonable assurance that the agency's control are achieving their
intended objectives? - ANSWER - Statement of Assurance
Prescribes rules and procedures under which the President may withhold appropriated funds from
obligation? - ANSWER - Impoundment Control Act of 1974
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
There are four important exceptions to the general prohibition on obligating funds after the period of
availability: - ANSWER - 1. Contract Modifications;
2. Bid Protests
3. Terminations for Default; and
4. Terminations for Convenience (only in limited circumstances).
pg. 2
, When a contract modification does not represent a new requirement or liability, but instead only
modifies the amount of the government's pre-existing liability, then such a price adjustment is a? -
ANSWER - Bona fide need of the same year in which funds were obligated for the original contract.
In general, increases to the quantity of items to be delivered on a contract are viewed as outside the
scope of most changes clauses. - ANSWER - Thus, a modification to increase quantity will amount to a
new obligation chargeable to funds current at the time the modification is made.
The IRS issued a task order with FY1 funds for a specific amount of computer equipment under an ID/IQ
contract. There was a cost underrun (it cost less money), so the IRS proposed to modify to the task order
in FY2 to use the FY1 money it "saved" to purchase additional computers. - ANSWER - GAO opined that a
modification of a contract to increase the quantity constitutes a new obligation and is chargeable only to
funds current at the time of the modification, even though it was an ID/IQ contract and the IRS argued it
"needed" the computers in FY1 but had limited funds available.
T/F? If the original contract provided for delivery of 50 items and a modification was issued to provide
for the delivery of 70 items, the additional 20 items would represent a change in the scope of the
contract. . . .However, changes in the quantity of subsidiary items under a contract, such as spare parts,
generally are considered to be within the scope of a contract unless they are so significant that they alter
the basic contractual undertaking - ANSWER - TRUE
Funds available for obligation on a contract at the time a protest is filed shall remain available for
obligation for _____ calendar days after the date on which the final ruling is made on the protest. -
ANSWER - 100
The U.S. Mint contracted for an asbestos abatement contract in FY1. Subsequently, a federal district
court ordered the Mint to terminate the award and re-solicit. The Mint T4C'd the contract. If the FY1
funds have expired, may the Mint still obligate those funds on a replacement contract? - ANSWER - Yes,
provided the original award was made in good faith, the Mint has a continuing bona fide need for the
services, the replacement contract is of the same size and scope as the original contract and the
replacement contract was executed without delay.
T/F? The DOD full funding policy is not statutory. Violations of the full funding policy do not necessarily
violate the Anti-Deficiency Act. - ANSWER - TRUE
pg. 3
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