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50 Cards in this Set
- Front
- Back
The rule that states a fiscal year appropriation may be only obligated to meet a legitimate need arising in the fiscal(s) for which the appropriation was made is called the ________________.
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Bona Fide Need
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The _______audits the performance of the executive branch.
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General Accounting Office
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The accounting entity for DoD that maintains a central general ledger to account for DoD resources, determines cost operations, is _______
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Defense Finance Accounting Services
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The regulation that is composed of 15 volumes and provides DoD components with the policy and procedures within the responsibility of the Under Secretary of Defense (Comptroller) is the__________
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The DoD 7000.14R, Financial Management Regulation (FMR)
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The FMR 7000.14 volume that covers the form and content of DoD Audited Financial Statement is ___
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Volume 6b
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_______are revolving funds used for programs authorized by law to conduct a cycle of business–type operations in which outlays generate collections.
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Public Enterprise Funds
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__________are part of the budget and record receipts not earmarked by law for a specific purpose, such as almost all income tax receipts.
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General Funds
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The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for Memorandum is _____________.
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8000
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__________account for the receipt and expenditure of monies by the government for carrying out specific purposes and programs in accordance with the terms of a statute that designates the fund as a trust fund.
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Trust Funds
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The Federal accounting framework includes three accounting systems ________, ________, &_______.
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Budgetary accounting, financial accounting, & managerial cost accounting
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A MIPIR maybe used as a __________ or__________ and __________cross fiscal years.
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Project Orders, Economy Act Orders: may
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The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for assets is _____________.
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1000
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The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for Net Position (Capital) is _____________.
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3000
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The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for Liabilities is _____________.
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2000
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The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for Revenues and Financing Sources is _____________.
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5000
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__________consist of receipts for Federal fund receipts that laws have earmarked for specific purposes and associated appropriation accounts for the expenditure of the earmarked receipts.
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Special Funds
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True or False? The Foreign Currency Fluctuation reports are the DD–Comp (1751) Foreign Currency Fluctuations, Construction Defense and DD–COMP (1506) Foreign Currency Fluctuations, Defense.
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TRUE
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The ___________ assists the President in preparation (A11) and execution (A34) of the budget.
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Office of Management & Budget
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The _________ is the federal government banker. They manage the balances and flow of funds required to support the government.
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Department of the Treasury
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The Budgetary accounting equation is ________________.
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Resources = Status of Resources
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The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for Gains and losses is _____________.
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7000
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The Proprietary Accounting equation is___________.
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Assets=Liabilities + Net Position
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Items intended to be used by entity, tangible assets and not intended for sale are considered_______.
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Plant, Property & Equipment
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The process of accumulating, measuring, analyzing, interpreting and reporting cost is called_________.
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Managerial Cost Accounting
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The measurement of an entity's ability to meet its current obligations is called________. It is a measure of liquidity.
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Current Ratio
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The test of an entity's immediate solvency is made by comparing the sum of cash and accts receivable commonly known as the quick assets to current liabilities is known as ______________. It is also known as the acid–test.
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Quick Ratio
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The quotient of two numbers which allows the manager to assess the behavior over a period of time is called__________.
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Ratio analysis
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The ____________issues standards for state and local governmental, not for profit entities.
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Government Accounting Standards Board
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The _________ is calculated by taking sales and subtracting the cost of goods sold.
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Gross Margin
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The _________is calculated by taking sales and subtracting the cost of goods sold and dividing that amount by sales.
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Gross Margin Profit Ratio
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The ____________ is calculated by taking net profit divided by sales.
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Net Profit Margin Ratio
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T or F: When adaquate written criteria is not available for the conduct of an audit it is not appropriate to develop criteria for the audit.
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FALSE
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The ______ is the investigative arm of Congress.
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General Accounting Office
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The _______ exists to support the Congress in meeting its Constitutional responsibilities and to help improve the performance and accountability of the federal government for the American people. They examine the use of public funds, evaluates federal programs and activities, and provides analyses, options, recommendations, and other assistance to help the Congress make effective oversight, policly, and funding decisions.
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General Accounting Office
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The American Institute of Certified Public Accountants governing Council voted to recognize the ___________ as the standards–setting body for federal government entities.
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Federal Accounting Standards Advisory Board (FASAB)
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________ are the recovery of excess payments and are credited to _________.
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Refunds; the appropriation that made the payment
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_______are amounts earned and collected from the selling of goods and services and must be approved by ____________.
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Reimbursements; Under Secretary of Defense (Comptroller)
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The military pay is always calculated on a _______month.
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30
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All of the following are examples of military allowance EXCEPT.
A. Bonus Payments B. Subsistence C. Housing D. Clothing |
Bonus Payments
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The ___________ activities are designed to ensure the executive branch's accountability to the Congress under the Constitution and the government's accountability to the American people.
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General Accounting Office
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If a payable, under $100.00, owed by the government and not billed within ________ or if the amount is over $100.00 and documentation exists that at least ___ written attempts have been sent, the item is written off and deobligated.
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90 days; 2 written attempts
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The _________ or Balance Sheet presents assets, liabilities, and equity of the DoD component as of the end of the Fiscal year.
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Statement of Financial Position
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The ________ or revenue and expense statement, presents the financial results of activities of the reporting entity for the fiscal year including revenues and other financial sources such as appropriations, and operating expenses.
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Statement of Operations and Changes in Net Position
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The authority to review and approve financial reports and statements prepared by DoD components for transmittal to the Secretary of Defense, the OMB, the President, the Congress or external groups is that of the______.
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Chief Financial Officer, DoD
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An ________represents the amount of disbursements as reported by the finance networks which have not been accepted by the operating level accounting entity.
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Un Distributed Disbursements
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The ______account represents the net funds available to DoD that are not yet deposited in the US Treasury or are not considered an asset of DoD Component.
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Cash
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The ________ account represents the amounts received for which a deposit has not been issued by the US Treasury.
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UnDeposited Collections
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The __________includes items that are related to the cost of producing or purchasing the goods that were sold in that accounting period.
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Cost of Goods Sold
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True or False? Plant, Property and equipment for DoD represents items such as buildings, land, ships and planes which are capitilized and depreciated over at least a 10 year period.
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FALSE
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Under federal statues, DoD employees are not allowed to work longer than 8 hour work days even if the combined total of the two week period is only 40 hours.
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FALSE
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