An agency has single-year, multi-year and no-year appropriations. On October 15, 2014, the agency tried to create several transactions. Is the agency authorized (allowed legally) for the following? Why or why not? Please list YES or NO for each of the following item, and then list your reasons. (e.g., YES, this is allowable because XYZ…)
1) For a single year appropriation from 2014 (Beginning Budget Fiscal Year 2014), could the agency enter into a new obligation starting on October 20, 2014? The appropriation has sufficient funding to pay for the obligation, and the expense is for a category listed in the appropriation.
2) For a multi-year appropriation, 2014 – 2015 (Beginning Budget Fiscal Year 2014, Ending Budget Fiscal Year 2015), could the agency start a new obligation starting on October 20, 2014? The obligation would be for goods/services that would cost more than the amount remaining in the appropriation.
3) For a no-year appropriation, could the agency start a new obligation starting on October 24, 2014? The obligation would be for goods/services that would be a use listed in the appropriation, and would not be above the amount remaining on the appropriation.
4) For a single-year appropriation, could the agency pay for an invoice dated October 5, 2014, for an obligation that had been signed on September 20, 2014? The obligation would be for goods/services that would be a use listed in the appropriation, and would not be above the amount remaining on the appropriation.
5) For a no-year appropriation, could the agency start a new obligation starting on October 24, 2014? The obligation would be for goods/services that would not be for an item listed in the appropriation (e.g., the appropriation is for new technology services, and the expenses is for new vehicles that will not help the technology services), and would not be above the amount remaining on the appropriation.
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Question 2 (9 points)
The government has many sources of regulations for operation (e.g., creating financial statements). List three general categories of regulations and specific examples for each category. (9)
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Question 3 (9 points)
What is the CFO Act? When did the CFO Act take place? What are some major parts of the CFO Act? (9 points)
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Question 4 (23 points)
Are rules by FASAB considered GAAP at this point? If so, are FASAB rules considered GAAP for state & local governments, federal or non-profit/for-profit entities? If FASAB does not create state/local and for-profit entity rules, which group(s) creates the rules for state/local and for-profit/non-profit entities (list the rules maker for 1) for-profit/not-for-profit, 2) state/local government and 3) federal, and 4) intenational?
Has FASAB always been a source of GAAP (if FASAB is a source of GAAP), or was there a date at which point FASAB become a source of GAAP? What was the date? Where were rules by FASAB considered before the rules were considered GAAP (if applicable)?
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Question 5 (25 points)
A) Since 2005, have the statements been the same, or have statements been added (or deleted)? If so, which statement was added/deleted?
B) Which of the statements is similar to the private sector (e.g., a publicly traded company, such as Facebook or IBM). List the statements that are similar to the private sector.
C) Which statements are unique for government? List the specific statement similar/different (if applicable) from for-profit entities.
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Question 6 (9 points)
What are the three branches of the US federal government? List some relationships between the branches. Also, list one example of an agency of each branch.