CDFM - MODULE 3 EXAM (4 DIFFERENT SUB MODULE 3.1 - 3.4) QUESTIONS AND CORRECT ANSWERS EACH SUB MODULE CONTAINS 100 QUESTIONS AND ANSWERS LATEST 2023-2024

CDFM - MODULE 3 EXAM (4 DIFFERENT
SUB MODULE 3.1 - 3.4) QUESTIONS AND
CORRECT ANSWERS EACH SUB MODULE
CONTAINS 100 QUESTIONS AND ANSWERS
LATEST 2023-2024
CDFM MODULE 3.1
What is the basic axiom of Fiscal Law? - ANSWER- The established rule is that
the expenditure of public funds is proper only when authorized by Congress, not
that public funds may be expended unless prohibited by Congress. U.S. vs
McCollum (1976)
"Where can the most authoritative source of information on the proper use of
appropriated funds be found? Who is it published by?" - ANSWER- Principles of
Federal Appropriations better known as the Red Book-- published by the GAO.
What act created the General Accounting Office, GAO? - ANSWER- Budget and
Accounting Act 1921
authorized the Comptroller General to audit the financial transactions of most 29
executive, legislative, and judicial agencies; and to prescribe, in consultation with
the President and the Secretary of the Treasury, accounting principles, standards,
and requirements for the executive agencies suitable to their needs. - ANSWERAccounting and Auditing Act of 1950
In cases where violations of fiscal law statutes occur, agencies must do what? -
ANSWER- "* Prepare reports to the President and Congress and
* Make necessary improvements in accounting and administrative control systems
to prevent future violations. "
What term applies broadly to any law that permits a Government employee to
spend money, not just to the regular appropriation bills. - ANSWERAppropriation
What are the Sources of Fiscal Law? - ANSWER- The Constitution, Authorization
Acts, Appropriations Acts, General Statues, CG Decisions & Courts
Fiscal Law is based on what premise? - ANSWER- that appropriations are only
available for obligation and expenditure when specifically approved by Congress,
not that appropriations may be used unless specifically prohibited by Congress.
In _____ law, as long as there is no law that says you can't do something, you may
legally do it. However, in _____ law, you can do only what the law authorizes you
to do. - ANSWER- Common; Fiscal
Laws and Regulations in Federal Financial Management - ANSWER- Budget and
Accounting Act of 1921 Budget and Impoundment Control Act of 1974
Balanced Budget and Emergency Deficit Control Act of 1985
31 USC Sections 13 and 15
OMB Circular A-11
Article 1, Section 7, empower Congress to pass bills for ______________ and
delineates how bill will pass from the Congress to the President for signature or
veto. - ANSWER- Raising revenue
Article 1, Section 8, empower Congress to _________ - ANSWER- collect taxes
Article 1, Section 9, requires appropriations by law before money can be spent
from the _______. - ANSWER- treasury
The most authoritative source of information on the proper use of appropriated
funds is a multi-volume treatise published by the GAO, called _____. It is
available of the GAO website www.gao.gov in 3 volumes. - ANSWER- The Red
Book
This law governs the congressional budget process
Defines some key budget terms, such as budget authority and Establishes the
House and Senate Budget committees and the Congressional Budget Office -
ANSWER- Congressional Budget Act of 1974
This law prescribes rules and procedures including sequestration designed to
constrain spending and receipts legislation. Commonly known as, GrammRudmanHollings Act. - ANSWER- Congressional Balanced Budget and Emergency Deficit
Control Act of 1985
Prescribe rules and procedures for budget execution. The overarching statutory
requirement for use, control and accountability of funds are found here. OMB
Circular A-11