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23 Cards in this Set
- Front
- Back
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Name the two types of reimbursements?
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Billed and direct.
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What is a refund?
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A reduction of expenses processed against the same appropriation and fiscal year the expense was originally recorded in.
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A collection of an erroneous payment is an example of what?
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A refund.
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What are members and civilians required to do if they fail to successfully complete a course of instruction?
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Refund the amount of the tuition.
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The stages of accounting for receipt accounts occur at what level?
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DSR.
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Where should the customer forward the payment?
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To the DFAS.
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What are the two most common collection documents?
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DD Form 1131 and SF1080.
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What procedures are used with a SF 1080 billing when the disbursement and collection site has the same ADSN?
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The DFAS will post both the disbursement and the collection in BQ.
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When is a debt considered delinquent?
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When the payment is not received 30 days from the date of the original invoice.
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What happens when intragovernmental agencies become delinquent?
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The two agencies will work together to resolve the delinquent account.
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Nongovernmental agencies will resolve disputes in accordance with what?
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The Treasury Manual
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If a debt cannot be collected within 180 days of original invoice, what action does the Debt Management Office take?
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Refers the debt to the US Treasury for collection.
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Who notifies the Debt Management Office that a debt is uncollectable and can be written off?
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US Treasury or the Department of Justice.
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In accounting, who are the interested parties to whom information is reported?
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Business managers, owners, creditors, and the government.
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What is managerial accounting?
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Concerned with providing information for internal management.
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What has the accounting profession adopted to help ensure integrity in the reporting process?
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A code of ethics.
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What does a liability imply?
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That there is an existing obligation to pay for a product or service.
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When is the trial balance produced?
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After the transactions have been posted from the journal to the general ledger.
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What are the three interrelated federal accounting systems?
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Budgetary accounting, financial (or proprietary) accounting, and managerial cost accounting.
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To what do budgetary accounts apply?
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The legal requirement to control and properly manage budget authority provided to entities in appropriations.
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For what is proprietary accounting used?
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To record expenses and revenues.
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What are budgetary accounts primarily concerned with?
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The fund balance in the US Treasury.
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What is the budgetary accounting equation?
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Assets = Liabilities + Net Position.
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