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44 Cards in this Set
- Front
- Back
________ is available for payments and obligation adjustments from yeary 2–6; FY remains and appropriation integrity required.
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Expired
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A form of budget authority provided by law that permits Federal agencies to incur obligations and make payments out of the Treasury for specified purposes is __________.
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Budget Authority
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The Basic substantive legislation enacted by Congress that sets up or continues the legal operation of a Federal program or agency either indefinitely or for a specific time frame or sanctions a particular type of obligation or expenditure within a program is called_____.
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Authorization
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The 2 provisions of the US constitution that provides the foundation for the budget process are______.
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Article 1 Section 8 clause 1, Article 1 Section 9 Clause 7
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The most authoritative source of information on the proper use of appropriated funds is a volume published by the GAO, Office of the General Councel, titled Principles of Federal Appropriation Law, Better known as ____________
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The Red Book
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The appropriation time for Military Personnel is ____ years.
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1
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Appropriation Act
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Any law with a direction to pay and source of funds.
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What is the difference between Proprietary and Budgetary Accounting?
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Proprietary or Financial – Attemps to show actual financial position, assets, liabilities, expenses, etc.
Budgetary Accounting that mesures and controls the use of resources according to purpose. |
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What is continuing resolution authority?
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Legislation enacted by congress to provide budget authority (funding) for specific activities when fiscal year appropriation bill has not been enacted. Defines maximum amount that can be obligated. Most of the time it is limited to prior year's spend rate, but could be President's Budget, or appropriation bill passed by either or both Houses of Congress.
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Obligation authority set aside in a transfer appropriation to carry out the purpose of the parent appropriation is________.
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Allocation
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Budget Authority provided by law that permits federal agencies to incur obligations and make payments is ___________.
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Appropriation
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Authorization (authorizing legislation) is enacted by Congress for what purpose?
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Sets up or continues the legal operation of a Federal Program or agency for specific period of time or for specific purpose.
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GAO Principles of Federal Appropriation Law (Redbook)
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Published by the Office of the General Counsel. Most authoritative source on the proper use of appropriated funds.
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From a legislation point of view what's the difference between authorization and appropriation?
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Authorization tells us what we can do and appropriation provides the funding to do it.
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Comptroller General
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Renders decisions. Will only say "no objections" or "object". Agency ultimately makes decision.
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Budget and Accounting Act of 1921
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Requires President to submit an annual budget to Congress.
Created a budget office for the President. Established GAO. |
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Expended Appropriation
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The dollar amount of appropriations used to fund goods and services received or benefits or grants provided.
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Budget authority (2USC 622(2) is provided by federal law to incur financial obligations that will result in immediate or future outlays. There are several ways budget authority can be classified. What are they?
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By period avaialbe (single year, multi–year, no year); by the manner used to determine amount available (definite or indefinite) or gross and net (collection account)
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The forms of authority given to incur obligations is ________.
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Budgetary Resources. Budgetary resources includes new authorization, unobligated balances, direct cite and offsetting collections.
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If/Then Plan for possible gain or loss when future is uncertain?
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Contingency
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Contract authority allow you to do what?
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Obligate funds in advance of appropriation.
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What is an example of law that gives you contract authority?
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Food and Forage Act 41 USC 11
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Fund established to finance through amounts received is _________.
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Revolving Fund
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Reduction or cancellation of a new budget authority, unobligated balances, or limitations on obligations is
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Sequestration
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The dollar amount of the appropration used to fund goods and services received or benefits or grants is.......
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Expended Appropriations
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Transfer or promise to transfer something of value?
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Transaction
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What's a treasury warrant?
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Official document from Treasury Secretary that authorizes monies to be withdrawn from the central account of the Treasury.
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Expenditure
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Issuance of checks, disbursement of cash, or electronic transfer of funds made to liquidate a Federal Obligation. In accrual accounting expenditure is recorded when goods or services are received whether or not they have been paid for.
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Accounts designated by law for receipts earmarked for specific purpose. Social Security is an example of one.
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Trust Fund (The locked box theory... Held in Trust/Lockedup until needed)
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In an accrual accounting system, an expenditure is recorded when ....
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goods or services have been received, whether or not the agency has paid for them.
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Expense
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Outflow or other using up of assets or incurrences of liabilities (or a combination of both)
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Unobligated balances are resources that have not yet been obligated. They expire for annual appropriations at the end of the FY. When do they expire for no year appropriations?
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Rescinded by law, purpose is accomplished or when there have been no disbursements have been made against the appropriation for two full years.
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Expired Appropriations (Accounts)
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Appropriation accounts in which the balances are no longer available for incurring new obligations because the time available for incurring such obligations has expired.
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41 U.S.C. 11 Feed and Forage Act
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Authorizes the DOD to incur obligations in excess of available appropriations in procuring or furnishing clothing, subsistence, forage, fuel, quarters, transportation, or medical and hospital supplies not to exceed the necessities of the current fiscal year.
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Who can authorize the feed and forage act?
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Per DOD policy, only DOD.
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Obligated balances
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The net amount of obligations in a given account for which payment has not been made.
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Obligations
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Amounts of orders placed, contracts awarded, services received, and similar transactions during an accounting period that will require payment during the same or future period.
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Offsetting Collections
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Collections from the public that result from business–type or market–orientated activities and collections from other government accounts.
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Outlay
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The issuance of checks, disbursement of cash or electronic transfer of funds made to liquidate a Federal obligation. The same as an Expenditure.
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Output
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A tabulation, calculation, or recording of activity or effort that can be expressed in a quantitative or qualitative manner.
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Outputs must .................
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1) by systematically or periodically captured through an accounting system 2) have a logical connection between the reported measure's and the program's purpose.
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Basic Axiom of Fiscal Law
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Funds can be expended when authorized by Congress...
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Definition of Fiscal Law
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Body of law which governs the availability and use of public funds.
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Sources of Fiscal Law
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*Constitution *Authorization Acts *Appropriation Acts *General Statutes *CG Decisions & Courts
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