FISCAL LAW Study guides, Class notes & Summaries

Fiscal Law - Answer Body of law governing use of federal funds Fiscal Year - Answer 1 October ‐ 30 September Period of Availability - Answer Most appropriations available for obligation for limited time period Funds not obligated in timely manner generally expire Obligation - Answer Transaction legally binding the government to make payment E.g., place an order, award a contract, receive services Budget Authority - Answer Federal law provides to incur obligations up t...

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 an...

Affirmative Authority governed by what: - Answer • The U.S. Constitution • Legislative Appropriations and Authorization Acts • Judicial Court Rulings and Comptroller General decisions DoD AA - Answer Depart of Defense Appropriations Act NDAA - Answer National Defense Authorization Act Necessary Expense Defined - Answer • Must be reasonably necessary • Doesn't have to be only or best way • Determinations are fact, agency, and purpose specific; AFI65-601. Purpo...

What is the bona fide needs rule - Answer supplies or services must be intended for a genuine, "bona fide" need in the FY of appropriations being used current year money for a current year need What are the exceptions to the Bona-Fide Needs Rule - Answer Exceptions: Supply production/delivery lead time - agencies may consider a normal production/delivery lead time to determine bona fide need. Normally NTE 30 days. Agencies cannot use this exception when items are immediately avail...

purpose of financial management - Answer properly execute the legal and administrative responsibilities of funds Defense Finance and Accounting Service (DFAS) - Answer official accounting firm of the DOD two things needed IOT have any of the fiscal roles/responsibilities - Answer 1. appointment letter signed by CO 2. DD577 (also note that NAVMC 11869 DOA is part of the financial process) Comptroller - Answer special staff officer to MSC CG provides guidance and direction conc...

________________ funds are available for new obligations for a period of 5 years. - Answer Anti deficiency Act Principles state that you can receive services without paying for them as benefit to the government. - Answer False ________________ has the ability to appropriate funds to be spent by the federal government. - Answer Congress Under the "Separation of Powers" doctrine established by the Constitution, the _____________ carries out the laws with the money Congress provid...

The established rule is that the expenditure of public funds is proper only when ________ by Congress, not that public funds may be expended unless prohibited by Congress. - Answer authorized In fiscal law, you can do only what the law authorized you to do. ______ of a law prohibiting you from doing something with your funding doesn't give you the authority to do it; it must be authorized by law in order for you to obligate funds - Answer Absence Are congressional committee reports (l...

Fiscal Law Final Exam NEWEST ACTUAL TEST 100 QUESTIONS AND CORRECT DETAILED ANSWERS

Fiscal Law Final Exam Questions and Answers 2024

Fiscal Law Final Exam Questions and Answers 2024