Business Law / Army Fiscal Law Part 4

Army Fiscal Law Part 4

Business Law36 CardsCreated 9 months ago

It explains legislative processes like the NDAA and Appropriations Act, and clarifies key distinctions between expenses and investments. Perfect for Soldiers studying for legal, financial, or leadership boards.

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**Who is responsible for reviewing the actions of COs and DAOs under their control to ensure adherence to establish policy, procedures, and internal controls?

Supervisors

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Key Terms

Term

Definition

**Who is responsible for reviewing the actions of COs and DAOs under their control to ensure adherence to establish policy, procedures, and internal controls?

Supervisors

**When you approve funds in CEFMS, you are doing which of the following?

Accepting responsibility and accountability for this action.

Certifying that the applic...

**Funds management stakeholders may include which of the following?

Contracting

Resource Management

Office of Counsel

**What are some of the key questions that should be asked by the Project Manager before approving the funds?

What does the customer want?

What type of contract action is contemplated?

**The P2 System can be sued for which of the following activities?

Resourcing

Budgeting

Scheduling

**How many officials (besides the originator) should approve a contract PR&C?

2--An Approving Official and a Certifying Official

**Which of the following are true statements about preparing a PR&C using multiple funds?

Obligations should reflect proper distribution of line items and instruct the contractor how to invoice correctly.

**When issuing a Project Order, which of the following criteria must be met?

It must be DoD reimbursable.

It must utilize military customers.

**Which of the following projects would require S&A costs to be factored in to the cost necessary to complete the work when the reimbursable order is received?

Facilities, maintenance and repair

Minor construction

...

Accountable officials can be...

liable formistakes

punished administratively, financially, or both

Accountable officials include:

Certifying Official (CO)

Dispersing Official (DO)

Depa...

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Army Fiscal Law Part 4

Term	Definition
**Who is responsible for reviewing the actions of COs and DAOs under their control to ensure adherence to establish policy, procedures, and internal controls?	Supervisors
**When you approve funds in CEFMS, you are doing which of the following?	Accepting responsibility and accountability for this action. Certifying that the application of the funds meets the fiscal requirements for the Purpose, Time, and Amount Statutes.
**Funds management stakeholders may include which of the following?	Contracting Resource Management Office of Counsel
**What are some of the key questions that should be asked by the Project Manager before approving the funds?	What does the customer want? What type of contract action is contemplated? When does the action need to be done? What kind of money do I need?
**The P2 System can be sued for which of the following activities?	Resourcing Budgeting Scheduling Reporting
**How many officials (besides the originator) should approve a contract PR&C?	2--An Approving Official and a Certifying Official
**What should do if you're not certain about the proper response to an item in a PR&C?	Check with financial or budget POCs.
**While working with an important government client's contract you notice funds have been used inappropriately. The customer asks you not to mention it or he'll take his business elsewhere. What is the best course of action?	Take the necessary steps to fix the problem--even if it means losing a customer.
**Which of the following are true statements about preparing a PR&C using multiple funds?	Obligations should reflect proper distribution of line items and instruct the contractor how to invoice correctly. Expenditures must be properly allocated to each funding source.
**Operations and Maintenance (O&M) Army construction projects are subject to which of the following spending limitations?	Minor construction less than $750K
**What is the name of the law enacted in 1932 that allows federal agencies to order goods and services form other federal agencies?	Economy Act
**When issuing a Project Order, which of the following criteria must be met?	It must be DoD reimbursable. It must utilize military customers. It must meet a legitimate need of the current year and must be certified to that effect by the ordering command. It must have definite time for completion, a definitive scope of work (i.e. deliverable), and funds must cover the entire project.
**Which of the following projects would require S&A costs to be factored in to the cost necessary to complete the work when the reimbursable order is received?	Facilities, maintenance and repair Minor construction Design projects
Appropriated USACE funds may not be obligated until...	they have been received and entered into CEFMS.
USACE policy targets 100% obligation of...	Civil Works (CW) General Expenses appropriation within one year (even though CW appropriations are no-year appropriations).
Other Civil Works (CW) appropriations are directed by HQUSACE to...	be 95-100% obligated and expended within one year.
An example of a severable service contract (can be separted into components) would be...	janitorial services
A non-severable service is essentially...	a single undertaking that cannot feasibly be subdivided, produces a single unified outcome, product or report that cannot be subdivided for separate performance in different fiscal years.
An example of a non-severable service might be...	an IT project or development of a computer based training (CBT).
For non-severable service contracts, the entire effort must be...	funded with money available for obligation at the time the contract was awarded.
Supervision & Administration (S&A) expeneses are generally considered...	non-severable, because they are not contracted.
Contract work should not begin until...	funds are obligated in CEFMS.
Augmentation occurs when...	appropriated funds are supplimented by other sources (violation without specific statutory authority to do so).
An accountable official is responsible...	for the custody of government funds.
Accountable officials can be...	liable formistakes punished administratively, financially, or both for approving improper purchases
Accountable officials include:	Certifying Official (CO) Dispersing Official (DO) Departmental Accountable Official (DAO) Some supervisors
For USACE, the disbursing function (DO) is...	maintained at the USACE Finance Center, Millington, TN
Some DAO responsibilities include:	Approve/certify purchase requests Approve/accept customer orders Approve/certify travel orders Obligate funds Obligate supervision & administration (S&A) Approve cost transfer transactions
Pecuniary liability:	the legal obligation to compensate for loss or improper application of funds resulting from failure to properly perform assigned responsibilities.
PR&C:	Purchase Request & Commitment - a request for goods or services
PR&Cs administratively...	reserve (commit) funds in anticipation of an obligation.
A PR&C Certifying Official should be different...	from the Approving Official and orginator.
For each separate source of funds...	a different line item is required.

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Army Fiscal Law Part 4

**Who is responsible for reviewing the actions of COs and DAOs under their control to ensure adherence to establish policy, procedures, and internal controls?

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