CDFM Module 2 flashcards
CDFM Module 2 · Build recall with a focused review session.
32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Apportionment
- An OMB distribution of appropriated funds by time period or activity, issued on SF 132, that limits the amount an agency may obligate during the fiscal year.
- Allotment
- An agency's internal subdivision of an apportionment to an operating unit or program, binding on the receiving official and used as a management control.
- Anti-Deficiency Act
- Federal law at 31 U.S.C. 1341 that prohibits obligating or expending funds in advance of or in excess of an appropriation, and requires reporting violations.
- Purpose, time, amount
- The three tests every obligation must satisfy: authorized purpose, within the period of availability, and within the amount appropriated.
- Bona fide needs rule
- The rule that an obligation must meet a legitimate need arising during the period of fund availability, not a future-period need.
- Necessary Expense Doctrine
- A GAO doctrine allowing costs that are logically related to the appropriation's purpose, not prohibited by law, and not otherwise funded.
- Augmentation
- Adding outside receipts to an appropriation to increase spending without statutory authority, which is generally prohibited under fiscal law.
- Miscellaneous Receipts Act
- 31 U.S.C. 3302, requiring agencies to deposit public money into the Treasury unless a statute authorizes otherwise.
- USSGL
- The U.S. Standard General Ledger, a uniform chart of accounts and transactions used by all federal agencies for budgetary and proprietary accounting.
- Proprietary accounts
- Federal accounting accounts that record assets, liabilities, net position, revenues, and expenses on an accrual basis.
- Budgetary accounts
- Federal accounting accounts that track apportionments, allotments, obligations, and expenditures to support budget execution and reporting.
- Obligation
- A binding agreement, such as a contract or order, that legally commits funds and is recorded when the agreement is made.
- Outlay
- The actual disbursement of cash from the Treasury to liquidate an obligation, distinct from the earlier recording of the obligation.
- Revolving fund
- A fund that finances a continuing cycle of operations through receipts, such as working capital funds, without annual appropriation for each transaction.
- Trust fund
- A fund holding receipts earmarked by law for specific purposes, such as Social Security, accounted for separately from general funds.
- Budget resolution
- A concurrent congressional resolution setting overall spending and revenue levels and 302(a) allocations, but not signed by the President.
- 302(b) suballocation
- A committee's division of its 302(a) allocation among appropriations subcommittees, setting spending ceilings for each bill.
- Reconciliation
- A budget process tool allowing committees to change mandatory spending or revenue under expedited Senate procedures per instructions in the budget resolution.
- Continuing resolution
- Legislation funding agencies at specified or prior-year rates for a set period when regular appropriations are not enacted by October 1.
- OMB Circular A-11
- The OMB guidance governing federal budget formulation, justification, and submission, including formats and timelines for the President's budget.
- Budget and Accounting Act 1921
- The law creating the Bureau of the Budget (now OMB) and the GAO, and requiring the President's annual budget submission to Congress.
- Congressional Budget Act 1974
- The law creating the House and Senate Budget Committees, the CBO, and the concurrent budget resolution process.
- CFO Act of 1990
- The Chief Financial Officers Act, which established agency CFO positions and required audited financial statements across executive agencies.
- DATA Act
- The 2014 Digital Accountability and Transparency Act, requiring standardized federal spending data reported to USAspending.gov.
- FFMIA
- The Federal Financial Management Improvement Act, requiring agency systems to comply with USSGL, federal accounting standards, and system requirements.
- Treasury Account Symbol
- A code identifying each federal appropriation and fund account, used to track receipts, obligations, and outlays across the government.
- OMB Circular A-136
- OMB guidance prescribing the form and content of federal financial statements and annual financial reports.
- Green Book
- GAO Standards for Internal Control in the Federal Government, setting five components of internal control for federal agencies.
- Material weakness
- An internal control deficiency, or combination of deficiencies, creating a reasonable possibility that a material misstatement will not be prevented or detected.
- Significant deficiency
- An internal control deficiency less severe than a material weakness but important enough to merit attention by those charged with governance.
- FMFIA
- The Federal Managers' Financial Integrity Act, requiring agencies to annually evaluate and report on internal control and issue assurance statements.
- Yellow Book
- GAO Government Auditing Standards, setting requirements for federal audits including independence, competence, and continuing professional education.