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CDFM FISCAL LAW MODULE 3.1 QUESTIONS AND CORRECT ANSWERS

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CDFM FISCAL LAW MODULE 3.1 QUESTIONS AND CORRECT ANSWERS

Institution
CDFM Fiscal Law
Course
CDFM Fiscal Law

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What is this: (____ of _____ ) An agency receives funds from a private party for destruction
of a government property like a guardhouse or vehicle.


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Example of Augmentation




Governs the congressional budget process, defines key budget terms that are used in
the budget process, establishes the House & Senate budget committees & the
Congressional Budget Office.


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Congressional Budget Act of 1974

,Funds minor construction up to 750 thousand or up to 1.5 for health, safety related
requirements with congressional approval. Purchases of items with investment item
unit cost of not more than 250,000.


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Operation & Maintenance (O&M)




Which Law: You can only do what the law authorized you to do.


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Fiscal Law




If a ___ of ____ is used, the Gov. shall NOT accept supplies or services until the
contracting officer has given the contracttpr wrotten notice that funds are available.


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Subject to Availability




Legal reservations for which payments, or expenditures, will be made in the future.


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, Obligations




What type of authority? Agency officals who are NOT designated as accountable
officers are not personally liable for illegal, improper or incorrect payments.


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Absent Statutory Authority




What type of reporting requirmetns are these? Report to agency head within 10 days
of discovery, factors involved. If in fact occurred, report to President through OMB,
the Congress, and the Comptroller General.


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ADA Reporting requirements




Provisions of the U.S Constitution that provide the underpinning for the budget &
funds control process, (which Constitutional Authority)


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Constitutional Authority: Article 1, section 7,8,9

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Institution
CDFM Fiscal Law
Course
CDFM Fiscal Law

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