Fiscal Law Module 3 Exam || Complete Questions & Solutions (Graded A+)
Fiscal Law Module 3 Exam || Complete Questions & Solutions (Graded A+)
Fiscal Law - ANSWER - Is the body of law which govern the availability and use of public funds. Same as appropriation law.
Fiduciary Certifier - ANSWE...
, Fiscal Law Module 3 Exam || Complete
Questions & Solutions (Graded A+)
Fiscal Law - ANSWER - Is the body of law which govern the availability and use of
public funds. Same as appropriation law.
Fiduciary Certifier - ANSWER - Responsible for use of appropriated funds as to the
proper Purpose, Time, and Amount, and for those U.S. Codes pertaining thereto.
Fund Certifying official. There is no relief from ADA violation.
Pecuniary Certifier - ANSWER - Responsible for the accuracy of the disbursement of
funds (the payee officer - back end). Responsible for the repayment of any
disbursements made not in accordance with proper PTA requirements. Relief can be
granted when certain conditions are met.
Purpose, Time and Amount (PTA) - ANSWER - Federal appropriations law can be
categorized into which 3 topical areas.
Purpose - 31 USC 1301 - ANSWER - Funds may be obligated and expended only
for the purposes authorized in appropriations acts and other laws.
Time - 31 USC 1502 - ANSWER - The period of time during which budgetary
resources may be used to incur new obligations (ie. order new goods or services) is
different from the period of time during which the budgetary resources may be used
to incur expenditures (ie. pay bills)
Training
Travel
Postage
Books & Periodicals
Miscellaneous items - certain civic, charitable, and community support activities.
Employee time, outplacement support, notary support and others. - ANSWER - The
various purposes for which funds are authorized are found in general and specific
authorization bills passed by the Congress. All agencies received general operating
expenses funds for the day to day operations of their org. General operating
expenses using general appropriations are:
Authorization acts
Appropriation Acts
Comptroller General Decisions - ANSWER - Common sources of purpose
restrictions
Logical Relationship
Not prohibited by law
Not funded for elsewhere - ANSWER - When applying the necessary expense
doctrine, an expenditure can be justified after meeting a three-part test:
, Time - 31 USC 1502 - ANSWER - The balance of fixed term appropriation is
available only for payment of expenses properly incurred during the period of
availability or to complete contracts properly made within that period.
Obligation - ANSWER - Legal reservation for which payments or expenditures, will
be made in the future.
Expenditures - ANSWER - The cash payments made to liquidate an obligation
The constitution
Authorization acts
Appropriation acts
General Statutes
Comptroller General decisions and Courts - ANSWER - Sources of authority on the
use of public funds
Constitutional authority for the obligation and expending of funds esp the PTA of
appropriation
The ADA and its penalties
Use of funds under continuing resolution
Responsibilities of an accountable officer - ANSWER - Fiscal law spans the whole
field of financial mgmt and requires a familiarity with the following areas:
Article 1 Section 7 - ANSWER - empowers the Congress to pass bills for the raising
of revenue, and delineates how bills will pass from the Congress to the President for
signature or veto?
Article 1 Section 8 - ANSWER - Empowers Congress to collect taxes
Article 1 Section 9 - ANSWER - Requires appropriations in law before money may
be spent from the Treasury. The term
Appropriation applies to any law that permits a govt employee to spend money, not
just the regular appropriation bills.
GAO Principles of Federal Appropriation Law (Red Book) - ANSWER - The most
authoritative source of information on the proper use of appropriated funds. Contains
detailed guidance and numerous cases illustrating proper and improper uses of
funds.
Budget and Accounting Act of 1921 - ANSWER - Required the President to submit
an annual budget to Congress for all 3 branches of Fed Govt.; created a budget
office (OMB) for the President; established an oversight org for the Congress (GAO)
Congressional Budget Act of 1974
Congressional Budget and Emergency Deficit Control Act of 1985
31 USC 13 and 15
Impoundment Control Act of 1974
OMB Circular A-11 - ANSWER - Important laws and regulations in federal financial
management
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