EXECUTION EXAM: Apportionment, Documentation, and Fiscal Law

EXECUTION EXAM: Apportionment, Documentation, and Fiscal Law 1) Which of the following is true concerning below-threshold reprogrammings in Research, Development, Test & Evaluation (RDT&E) appropriations? (Select one answer) The amount added to an existing Line Item must be less than $2 million The amount added to an existing Budget Activity must be less than $10 million The amount added to an existing Program Element must be less than $10 million 2) A current appropriation may be used to: (select all that apply) (THREE correct answers) Adjust obligations previously made against it Make payments to liquidate obligations made against it Pay bills related to a cancelled appropriation of the same type, up to 2% of the current appropriation amount or the unliquidated balance of the cancelled appropriation, whichever is less Make new obligations 3) Your contractor complains that it has not been paid for an invoice submitted several months ago. Which one of the following is a potential cause of this problem? Procuring Contracting Officer delayed award of the contract due to a protest Items or services cited in the invoice could not be verified by the Administrative Contracting Officer Disbursing Office matches the certified contractor payment request up to one or more existing obligations in the accounting system. DFAS Regional Finance Center failed to submit a voucher summary to the Treasury 4) The last 10 digits of the account symbol represents the ________ and it is made up of the Job Order Number and the ________. Authorized Accounting Activity; Fiscal Station Number (FSN) Cost Code; Expense Element Bureau Control Number (BCN); FASTDATA Object Classification; Agency Program 5) Time now is November 2014 (FY 15). Which of the following appropriations is This study source was downloaded by from CourseH on :19:00 GMT -06:00 FY 2008 RDT&E, Army FY 2008 Military Construction, Defense-Wide FY 2009 Operations & Maintenance, Army 6) Moving funds into or out of a program that has been designated as a "special interest" by one or more of the Congressional committees requires: Internal reprogramming Congressional prior approval reprogramming Below-threshold reprogramming Congressional notification reprogramming 7) Match the appropriation to the type of cost - Expense or Investment or both. a) MILPERS; O&M Expense b) MILCON; Procurement Investment c) RDT&E Expense and Investment 8) True or False. Investigations into fiscal law violations are led by the Government Accountability Office (GAO). True False 9) True or False. During the Triannual Review (TAR), the FM provides the Funds Holder with listing(s) or automated media identifying only the "current" commitments and unliquidated obligations. True This study source was downloaded by from CourseH on :19:00 GMT -06:00 10) Which funding document can be used to extend the expiration date of an appropriation when issued as a "project order?" NAVCOMPT Form 2276 – Request for Contractual Procurement DD Form 448 – Military Interdepartmental Procurement Request (MIPR) Funding Authorization Document (FAD) NAVCOMPT Form 2275 – Order for Work and Services 11) True or False. Because product improvements involve existing systems, versus the development of new systems, only the RDT&E appropriation may be used to finance the development and testing of the product improvement. True False 12) True or False. When faced with uncertainty regarding the appropriation of funds, Financial Managers should first check with higher authority/Comptroller prior to obligating the funds to ensure there is no problem with possible misappropriation of these funds. True False 13) True or False. The FM is responsible for reviewing the DFAS Fiscal Year End Letter of Instruction because it provides guidance and procedures for fiscal year close, to include suspense dates and systems processing. True False 14) Which of the following statements concerning the Contract Funds Status Report (CFSR) is FALSE? Information on the CFSR can be used to determine whether funds can be deobligated from the contract Forecasted billings to the government shown in CFSR block 13 can be used to estimate the amount and This study source was downloaded by from CourseH on :19:00 GMT -06:00 A CFSR may be tailored to delete requirements from its Data Item Description A CFSR is always required for contracts valued at less than $1 million (constant FY 1990 dollars) 15) Which of the following statements is FALSE regarding rescissions? If Congress does nothing, the rescission is in force and the funds are cancelled Congress must pass a rescission bill within 45 days of continuous session after receipt of the rescission request A rescission is a permanent impoundment (i.e., cancellation) of funding If Congress does not pass a rescission bill, the President must release the funds for execution. 16) What is a negative impact to programs that underexecute their funds by the end of the fiscal year? Underexecution may result in cancellation of the program in the next fiscal year. Underexecution may cause reductions in the level of funding for the following fiscal year. Underexecution may result in removal of program scope in the following fiscal year. 17) True or False. Within each of the three priority groups for UMDs, appropriations or funds with the highest negative balance/amount of UMDs are generally researched ahead of those appropriations or funds with lower balances/amounts. True False 18) This law requires the head of each agency to establish an administrative control system that ensures obligations are kept within appropriated levels. Purpose Statute Bona Fide Needs Rule Antideficiency Act 19) Which one of the following categories of appropriations should be used to fund the purchase of an item to be used in the Developmental Testing of a system? This study source was downloaded by from CourseH on :19:00 GMT -06:00 Research, Development, Test & Evaluation Military Personnel Military Construction 20) Place these events in the correct order as they occur in the funds execution process: Expenditure 3 Outlay 4 Commitment 1 Obligation 2 21) True or False. There are only two hard and fast criteria that the business activity must meet in order to be included in a Working Capital Fund. They are 1) produce identifiable outputs, and 2) these outputs can only serve DoD agency requirements. True False 22) Over the past three years, the POSSUM program has averaged expenditures of 35% of its RDT&E funds by the end of the first year of execution. The POSSUM program may: Be requesting budget authority in advance of its true need Have some or all of its available funds reprogrammed in the year of execution to meet other needs All of these are correct Have its budget requests for future years adjusted by Component or OSD budget analysts during the PPBE process 23) In March 2014, $250,000 of FY 2014 O&M funds were used to finance an equipment maintenance contract running from April 2014 to March 2015. In January 2015, the government and the contractor agreed to an out-of-scope contract modification that increased the contract cost by $80,000. The correct obligation transaction covering this contract modification is: (select one) This study source was downloaded by from CourseH on :19:00 GMT -06:00 $330,000 of FY 2015 O&M funds $80,000 of FY 2014 O&M funds $330,000 of FY 2014 O&M funds 24) A contract for a special piece of research and development equipment costing $200,000 was awarded using funds from an Operations and Maintenance appropriation. This action did not cause any formal subdivision of the Operations and Maintenance appropriation to be exceeded. This action most likely: (select one) Violated the Antideficiency Act Violated the Purpose Statute Violated the Bona Fide Need Rule Did not violate any fiscal laws 25) The distribution of funds by the OSD Comptroller to the Services and Defense Agencies is known as a(n): Sub-allocation Appropriation Allotment Allocation 26) Why do organizations perform a Mid-Year review of their programs' obligations and expenditures? to close-out unliquidated obligations on the program to reconcile program invoices to determine if they are on track to obligate and/or expend funds to reconcile program contract discrepancies 27) True or False. Those who violate fiscal laws may face the following consequences: This study source was downloaded by from CourseH on :19:00 GMT -06:00 pay, fines, and imprisonment. True False 28) An obligation plan: Is prepared for all current and expired funds managed by the Program Office Is required for each item on the Work Breakdown Structure (WBS) Forecasts when the program office will authorize payments to contractors Forecasts when the program office will obligate funds 29) True or False. Unliquidated balances in expired accounts that are not supported by documentary evidence, must be delobligated after (Prior) closure/cancellation. True False 30) Funds in the following types of appropriation accounts are not required to use commitment accounting: (select all that apply)(There are TWO correct answers) RDT&E Operations and Maintenance Military Personnel Procurement 31) True or False. If contract reconciliations are not successfully completed within 90 days, the reconciliation process is marked as unresolved. True False 32) Which funding documents are Direct Cite documents? (Select two) NAVCOPT Form 2275 – Order for Work and Services This study source was downloaded by from CourseH on :19:00 GMT -06:00 Funding Authorization Document (FAD) Request for Contractual Procurement (RCP) 1) Your program's actual obligations are almost exactly at their planned levels, but your program’s actual expenditures appear to be lagging significantly behind plan. Which of the following is NOT a potential cause of this problem? Procuring Contracting Officer is awarding contracts as planned Contractor is submitting invoices several months after performing work Administrative Contracting Officer is not certifying invoices in a timely manner Disbursing office has charged payments to the wrong fund cite 2) Which one of the following is FALSE concerning the Contract Funds Status Report (CFSR)? A CFSR should not be required for contracts less than 6 months in duration Information on the CFSR can be used to determine whether additional funds are needed for the contract A CFSR is always required for contracts exceeding $1 million (constant FY 1990 dollars) in value A CFSR should not be required for a Firm Fixed Price contract that does not require special funding visibility This study source was downloaded by from CourseH on :19:00 GMT -06:00 Powered by TCPDF ()