FISCAL LAW

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

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

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Fiscal Law Test Questions and Answers 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 agencie...

Fiscal Law Final Exam answered- spring 2022. QUESTION 1 1. It is appropriate for the Army to acquire lawn cutting services through the Project Order Statute. True False QUESTION 2 1. The proper amount of money to obligate at the award of a firm fixed- price contract is: The full amount of the contract. Nothing until the contractor performs the required work. Half of the total liability. A conservative amount based on the government’s estimated future requirements. QUE...

Fiscal Law Q - QUESTION 1 1. Which of the...Fiscal Law Q - QUESTION 1 1. Which of the...Fiscal Law Q - QUESTION 1 1. Which of the...

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