Fiscal Law Exam 2024 Questions & Answers 100% Correct!!
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Course
Fiscal Law
Institution
Fiscal Law
U.S. Fiscal Law - ANSWER Body of law which governs the use and availability Federal funds by Executive Agencies
Fiscal Law is derived from... - ANSWER 1. US Constitution (Article I)
2. US Code, Title 31
3. FAR and subsequent regulations
4. GAO and court rulings
Fiscal Year - ANSWER Star...
Fiscal Law Exam 2024 Questions &
Answers 100% Correct!!
U.S. Fiscal Law - ANSWER Body of law which governs the use and availability Federal funds by
Executive Agencies
Fiscal Law is derived from... - ANSWER 1. US Constitution (Article I)
2. US Code, Title 31
3. FAR and subsequent regulations
4. GAO and court rulings
Fiscal Year - ANSWER Starts October 1
End September 30
Government Accountability Office (GAO) - ANSWER An investigative arm of Congress that issues
opinions and reports to federal agencies concerning the obligation and expenditure of public funds
Obligation - ANSWER Any act that legally binds the government to make payment.
Period of Availability - ANSWER The period of time where budget authority is available for original
obligation.
Who appropriates funds? - ANSWER Only Congress has the ability to appropriate funds
No money can be paid out of the treasury unless it has been appropriated by an act of Congress
(Appropriations Clause) (Power of the purse)A statute passed annually by Congress that authorizes
the appropriation of funds for programs and activities
Limitations on Congressional Spending - ANSWER 1. Spending must be in pursuit of the general
welfare
2. Federal funds must be reasonably tied to an articulated goal
3. Imposed conditions must be authoritative and unambiguous
, 4. No actions may be prohibited by the Constitution
Appropriation Act - ANSWER Provides budget authority to incur obligations and make payments out
of the Treasury for specified purposes (provides agency with budget authority).
3 Main Elements of Fiscal Law - ANSWER 1. Purpose (Purpose Statue)
2. Time (Bona Fide Need Rule)
3. Amount (Anti-Deffiiency Act
Purpose Statute - ANSWER Regarding the Purpose Statute, GAO's Necessary Expense Doctrine States
-
1. Logically Related to Appropriation
2. Not Prohibited by Law
3. Not be otherwise provide for
Appropriations Act - ANSWER Funds may only be used for the purpose for the appropriation was
made and the most specific appropriation should always be used.
Bona Fide Need Rule - ANSWER Funds be used only for needs be used in the time of which the
appropriations obligations availability period.
TIME
Anti-Deficiency Act - ANSWER 1. No spending funds IN EXCESS of the amount available in the
appropriation
2. Forbids obligating funds IN ADVANCE of appropriation
3. Requires regulations to ensure obligations are kept within appropriated or sub-divided amounts
and to fix responsibility for violations of the Act
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