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60 Cards in this Set
- Front
- Back
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The Federal accounting framework includess which three accounting systems?
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budgetary, financial (proprietary), and managerial
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What two sets of users must Federal Accounting satisfy?
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external (citzens and Congress) and internal (agency heads and managment)
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Federal accounting tracks what type of expenditure?
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government, and assests and liabilities (proprietary accounting)
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Article 1 section 9 states:
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a regular statement and account of receipts and expenditures of all public money shall be published from time to time
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The CFO Acts requires?
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audited financial statments for the business activities of the 24 designated CFO agencies
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What reform act requires the 24 CFO agencies to submit an audited fiancial statement and also an audited Consolidated Financial Statment for the U.S G
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The Government Reform Act
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What financial statement show a snap shot in time, an accumulation of every thing that happened that year and the difference between assests and liabilities?
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balance sheet
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Statement of net cost is referred to
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accumulation of every thing that happened that year
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Statement of Change in Net Position
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difference between assests and liabilities
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What Act established GAO to audit the executive Branch?
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1921 Budget and Accounting Act
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What Act established GSA
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1949 Federal Property and Admistrative Services
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What Act required agencies to pay their bill on time
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1982 Prompt Payment Act
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What Act strengthened ability to collect receivables, amended in 1996 by the Debt Collection Improvement Act?
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1982 Debt Collection Act
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What Act required appointment of CFO in 24 major Federal agencies and required financial reports for business operations
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1990 CFO Act
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What Act requires agencies to
Define long tem goals Set performance targets Report actual performance |
1993 GPRA
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The 1994 Government Management Reform ACT (GRMA) requires?
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1)direct deposits of Federal Wages
2)Amended the CFO act to require a consolidated financial statement for the entire executive branch (prepared by treasury) 3. reuired 24 CFO agencies to submit audited financial statements |
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Who falls under the Federal Financial Manangement
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OMB- President
GAO- Congress Department of Treasury- DFAS Federal Accounting Standards Advisory Board (FASAB) - federal accounting |
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Who has oversigt over conducting continuous program for improving accouting and financial reporting in the Federal Government?
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OMB
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Who audits the financial performance of the executive branch?
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GAO ( watchdog of Congress)
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Who is responsible for codifying the General Accepted Accounting Principles (GAAP) for the federal government
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Federal Accounting Standards Advisory Board (FASAB). Established by Comptroller General, Secretary of Treasurey, and director of OMB
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After FASAB is adopted, it established what
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Staetment of Federal Financial Accounting Concept (SFFAC)
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What is the concept of the Generally Accepted Accounting Principles (GAAP)?
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to encompass the conventions, rules, and procedures necessary to define an accpeted accounting practice at a particular time, and accting systmes must comply with GAAP
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Financial Accounting Standards Board (FASB) issues what?
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GAAP for non governmental, not for profit entities
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Gov't Acct'ing Standards Boards (GSAB) issues?
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GAAP for state and local gov't, not for profit entities
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Oct 1999 the American Institute of Certified Public Accounting (AICPA) recognized FASAB as the body the establish ?
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GAAP for the federal Gov't
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The three agencies that implements the Federal Acct'ing standards are?
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OMB- publishes the standard and updates OMB A 136
- GAO- formulates the General Accepted Gov't Auditing Standard (GAGAS) that are to be used by gov't auditors - Treasury- publishes and updates the U.S standard General Ledger. They develope the concepts and standard |
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Statements of Federal Financial Accounting Concepts & Standards(SFFAC) recognizes what?
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recognize that financial reporting is not the only source of information that supports decision-making and accountability, and that financial reporting cannot ensure that the government operates as it should.
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SFFAC No. 2 discusses what?
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accounting and reporting entities, whether administrative, fiduciary, or another organizational structure. . It specifically deals with how reporting can and should help meet the objectives defined in SFFAC No. 1.
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SFFAC No. 3 discusses what?
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describes the concepts recommended for Management's Discussion and Analysis reports. . Under the concept that Federal financial reports should include a section devoted to management's discussion and analysis, it is addressed by FASAB
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Statements of Federal Financial Accounting Concepts & Standards (SFFAC) discusses
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identifies the intended audience for the Consolidated Financial Report (CFR) of the U.S. Government. The FASAB identified five audiences for the CFR: Citizens, Citizen Intermediaries, Congress, Federal Executives, and Program Mangers
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Who is the principal advisor to the Secretary and Deputy Secretary of Defense for budgetary and fiscal matters.
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The Under Secretary of Defense (Comptroller) USD(C)
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Who Formulates DoD-wide financial management
policies , Directs the Defense Finance and Accounting Service (DFAS), Is the accounting entity for DoD; Maintains a central general ledger |
Under Secretary of Defense (Comptroller)
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Who is the accounting entity for DoD and maintains a central general ledger to:
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(DFAS)
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Of the many regulations and policy that guide the decisions of DoD financial managers, DoD financial managers should, in particular, be familiar with:
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DoD 7000.14R-Financial Management Regulation (DoDFMR). provides DoD components with the policy and procedures within the responsibility of the Under Secretary of Defense (Comptroller
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are the greater part of the budget and record receipts not earmarked by law for a
specific purpose, such as almost all income-tax receipts |
• General funds
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consist of receipt accounts for Federal fund receipts that laws have earmarked for
specific purposes and associated appropriation accounts for the expenditure of the earmarked receipts. |
• Special funds
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are revolving funds used for programs authorized by law to conduct a
cycle of business-type operations, primarily with the public, in which outlays generate collections |
•Public enterprise funds
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are revolving funds that conduct business-type operations primarily
within and between government agencies. The budget records the collections and the outlays of revolving funds in the same account. |
•Intra-governmental funds
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. These funds are provided by Congress to fund an agency's budget
request. These funds have a limited life for obligations and expenditures |
•Appropriated funds
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Customers provide these funds - it is funding in addition to those
appropriated by Congress, typically for work performed in addition to normal mission work. In order to accept reimbursable work, an organization must have included the reimbursable work in its budget request - that is, included, it must be in the annual plan |
• Reimbursable funds
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These funds work like a for-profit business and sell products and services to customers at a price that covers the costs incurred. While revolving funds are initially established with funds appropriated by Congress, they normally receive no additional funding from Congress
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Revolving funds
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are funds held in trust for use in carrying out specific purposes and programs in
accordance with a trust agreement or statute. Some examples are the Military Retirement Trust Fund and Foreign Military Sales. |
• Trust funds
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Bona Fide Need applies to all funds but
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no year funds
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When is Military and civilian pay are recorded as obligation
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in the month earned
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A MIPR may be issued as
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Project Orders. Project Orders can cross fiscal years
Economy Act Orders. These orders are used for routine work or services of a recurring nature usually within one fiscal year |
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• Refunds
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refunds may only be treated as a reduction of the payment when the refund is collected
in the same fiscal year that the original obligation was made For example, refunds to closed accounts are required to be deposited in miscellaneous receipts in the Treasury, while refunds to a no-year account (such as Working Capital Funds), which never expire, are credited back to the appropriation and are available for obligation |
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Outlays
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include the issuance of checks, disbursement of cash, or electronic transfer of funds made to liquidate a Federal obligation
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Budgetary Acc't cpmes into play with
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recording, appropriations, apportionments
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Proprietary acct'g
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come into play with issue warrants
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1000 Assets debit
2000 Liabilities credit 3000 Net Position credit 4000 budgetary both 8000 Memorandum n/a |
4119 debit
4450 credit |
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proprietary acct'g
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assets= liabilities + net position
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is the aggregate amount of funds an entity has at the Treasury to make expenditures and to pay liabilities or to purchase assets, goods, and services. It is similar to your bank balance.
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Fund Balance with Treasury 1010
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are Federal government funds that have been paid, but for whatever reason, have not yet been identified to a specific organization; therefore, they are placed in a suspense account.
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Undistributed disbursements
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a petty cash fund in the form of currency or coin for specifically authorized cash payments. This fund may be a revolving type or a stationary fund, such as a change-making fund
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Imprest Fund
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Three categories of Property, Plant, and Equipment (PP&E)
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General PP&E, Heritage Assets, and Stewardship Land
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differ from General PP&E in that their values may be indeterminable or may have little financial meaning (e.g., museum collections, monuments, assets acquired in the formation of the nation), or that allocating the cost of such assets (e.g., military weapons systems)
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Heritage Assets
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A tangible asset
An estimated useful life of 2 or more years. Not intended for sale in the ordinary course of business. Intended to be used or available for use by the entity. $100K Criteria (Real Property 20K as of 3/08) |
General Plant, Property and Equipment (PP&E)
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The Statement of Federal Financial Accounting Standards 29 (SFFAS 29)
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reclassifies the reporting of all Heritage Assets and Stewardship Land from Required Supplemental Stewardship Information (RSSI) to basic information in the financial statements.
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Current ratio= measure of the enitiy to meet its current obligation
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cash+acct rec+inventory/current liabilities
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quick ratio= acid test ratio
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cash+acct rec(on inventory) /current liabilities
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