CSS Budget & Financial Management Flashcards
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Read the first 6 CSS Budget & Financial Management flashcards as text
Which organization is primarily responsible for auditing the financial statements of federal agencies?
Answer: The Government Accountability Office (GAO)
The Government Accountability Office (GAO) is the primary organization responsible for auditing federal agencies' financial statements and reporting findings to Congress.
What is a 'budget apportionment' issued by OMB?
Answer: A schedule dividing an agency's appropriated funds into available amounts by time period
A budget apportionment is an OMB-approved schedule that divides an agency's appropriated funds into amounts available for spending by time period (typically quarterly) to prevent premature exhaustion of funds.
What type of appropriation provides funding that remains available for obligation for more than one fiscal year?
Answer: Multi-year appropriation
A multi-year appropriation provides budget authority that remains available for obligation for a specified period covering two or more fiscal years.
What financial document provides a comprehensive picture of a federal agency's financial position at the end of a fiscal year?
Answer: The Agency Financial Report (AFR)
The Agency Financial Report (AFR) provides a comprehensive picture of a federal agency's financial position, performance, and accountability at the end of each fiscal year.
Under federal travel regulations, which document authorizes a civil servant to travel on official government business?
Answer: An approved travel authorization
An approved travel authorization is the official document required before a civil servant can travel on government business, establishing pre-approval of the trip and estimated costs.
What is the purpose of an 'impoundment' in federal budget law?
Answer: For the President to withhold funds appropriated by Congress
An impoundment is a Presidential action to withhold or delay the spending of funds that Congress has already appropriated, which is regulated by the Congressional Budget and Impoundment Control Act of 1974.