PLEASE USE THE RESOURCES THAT ARE LISTED BELOW
Answer the questions; to get full credit, MUST include the question and answer on a Word file.
First, familiarize yourself with the basic understanding of the three branches of Government and how they operate.
You will need a functional understanding of the Branches, their roles and how they operate.
Next, by briefly browsing the web site presenting the Red Book for Principles of Federal Appropriations Law, observed by Federal Agencies, accessible at
Notice the references Generally Accepted Government Auditing Standards (GAGAS). For all Federal Agencies, the guide for audits and reporting on internal control is in the Yellow Book http://gao.gov/products/GAO-12-331G accessible as a pdf file at http://gao.gov/products/GAO-12-331G an electronic html version is available. Access the pod cast overview of the Yellow Book at http://www.gao.gov/multimedia/podcasts/656740 (transcript provided).
The Federal Government also presents Standard for Internal Control as the Green Book at
Review information about the Revised Federal Financial Management System Requirements for Fiscal Reporting by accessing the web pages at
Review this web site as an overview of Bureau of the Fiscal Service of the U.S. Department of the Treasury, delivering central payment services to Federal Program Agencies, managing federal government’s collections and deposit systems, providing government-wide accounting and reporting services.
Review this web site to learn more about the numerous applications that the Fiscal Service provides. This includes central accounting and financial reporting for government as a whole, debt collection, accounting systems, collections and other systems.
Learn about the Current Statutory Framework for Federal Financial Reporting and Recent Legislation – highlights specific Federal Agency issues and accomplishments related to Federal Financial Management as you access the web site
“The Chief Financial Officers Act of 1990—20 Years Later: Report to the Congress and the Comptroller General” presents 33 pages explaining the CFO Act and Financial Management Systems for the Federal Government
1. An agency has an appropriation for $500,000, and obligates for $550,000 citing the appropriation. Is the spending allowable? Why or why not?
2. An agency has a single year appropriation for Fiscal Year 2016, and obligates on December 29, 2016, citing the appropriation. Is this allowable? Why or why not?
3. Which branch of the government rules on the constitutionality of laws?
4. Is the Statement of Budgetary Resources unique for federal entities?
5. The Prompt Payment Act, which is in the U.S.C, an example of federal financial policy. T/F
6. The Statement of Changes in Net Position is unique for federal entities, and does not have a similar statement in the for-profit realm. T/F
7. Review and Audit is part of the federal budget cycle. T/F
8. Performing mission critical functions is part of the federal budget cycle (performing the work and not paying for the functions). T/F
9. The GAO rules on appropriation law is known as the Yellow Book. T/F
10. OMB allows agencies to Allot funds; an agency must receive approval from OMB to create an allotment. T/F