Volume 4 Unit 2 Part 1
40 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is an operating budget authority document?

  • Official funding document issued to or by operating agencies. It reflects the OBA for actual expenses and reimbursements. (correct)
  • A general term used specifically to identify the types of funds made available to the Air Force by Congress.
  • The amount of O&M dollars which a command/base can reasonably expect to receive and carry out its mission for the forthcoming year
  • Instructions issued to prepare and submit a budget estimate or estimated fund requirements for the budget year

    • What is the definition of accrued expenditures paid?

  • The amount of O&M dollars which a command/base can reasonably expect to receive and carry out its mission for the forthcoming year
  • A code that is authorized and assigned by the Director of Budget, HQ USAF and generally equates to a MAJCOM
  • Portion of your obligations that have been paid (correct)
  • Instructions issued to prepare and submit a budget estimate or estimated fund requirements for the budget year

    • What is the definition of Operating budget account number?

  • Portion of your obligations that have been paid
  • Instructions issued to prepare and submit a budget estimate or estimated fund requirements for the budget year.
  • An amount of funds you must reserve to cover a specific requirement. It represents an intent or plan to buy an item or service that will eventually become a legal obligation paid.
  • Four-position alphanumeric control code identifying fund accounts to which operation and maintenance and military funds are authorized. (correct)

    • Define Operating budget code.

    <p>A code that is authorized and assigned by the Director of Budget, HQ USAF and generally equates to a MAJCOM</p> Signup and view all the answers

    What is a general term used specifically to identify the types of funds made available to the Air Force by Congress?

    <p>Appropriation</p> Signup and view all the answers

    Define obligation authority.

    <p>Fund authorization provided by one AFO to another AFO or base activity for a specific purpose, for stated amount and purpose and to be used within a specified time.</p> Signup and view all the answers

    Define bogey.

    <p>The amount of O&amp;M dollars which a command/base can reasonably expect to receive and carry out its mission for the forthcoming year.</p> Signup and view all the answers

    What is the definition of call for estimates?

    <p>Instructions issued to prepare and submit a budget estimate or estimated fund requirements for the budget year.</p> Signup and view all the answers

    What is a commitment?

    <p>An amount of funds you must reserve to cover a specific requirement. It represents an intent or plan to buy an item or service that will eventually become a legal obligation paid.</p> Signup and view all the answers

    What does the DHP appropriation provide?

    <p>It provides for worldwide medical and dental services to active forces and other eligible beneficiaries, veterinary services, medical command headquarters, specialized services for the training of medical personnel, and occupational and industrial health care</p> Signup and view all the answers

    BAGs are divided into how many areas?

    <p>7</p> Signup and view all the answers

    What is the accounting classification structure of which financial managers should have a solid understanding?

    <p>The fund citation or fund cite</p> Signup and view all the answers

    What are five-digit-number identifiers depicting the specific program in which moneys are expended?

    <p>PEC</p> Signup and view all the answers

    What three- to five-digit number indicates the type of cost incurred within a work center?

    <p>EEIC code</p> Signup and view all the answers

    What office is headed by an officer or supervisor who is responsible for the management of resources in the unit and who, in most instances, can significantly influence the expenses incurred by the unit?

    <p>Responsibility center</p> Signup and view all the answers

    For what purpose is an RC/CC code used?

    <p>It’s used by the accounting system to monitor and report purchases by a work center</p> Signup and view all the answers

    Who is the MDG/CC’s “right hand” for most financial matters?

    <p>Resource advisor</p> Signup and view all the answers

    In what four areas should the RA assist the MDG/CC?

    <p>(1) In establishing spending priorities, (2) choosing policies that will achieve desired results at an acceptable cost, (3) obtaining required resources (fiscal and logistical), and (4) preparing financial plans.</p> Signup and view all the answers

    What is cost containment?

    <p>The catch phrase that applies to CCMs ensuring all of our scarce resources are spent wisely and effectively</p> Signup and view all the answers

    Who is in the best position to see how funds are expended in their responsibility center?

    <p>CCM</p> Signup and view all the answers

    Who is responsible for training the CCMs?

    <p>RA</p> Signup and view all the answers

    ______________________ personnel is the OPR for the cost center lists and backorder lists

    Signup and view all the answers

    What should be kept in the CCM guide?

    <p>CCM primary/alternate appointment letter, Quick reference phone number (RA, supply, MERC, etc.), Agenda &amp; meeting minutes, Supply Handbook, MEPRS Handbook, Financial Handbook, Financial plan for your cost center, and Target/budget information.</p> Signup and view all the answers

    The ______________ appoints the CCM in writing

    Signup and view all the answers

    What is the basic information CCMs need for their initial training?

    <p>Supply orientation, equipment management, MEPRS training, financial training, and manpower management</p> Signup and view all the answers

    The _______________________ system is the brain that updates and maintains accounting records for accounts receivable and payable.

    Signup and view all the answers

    What financial form is used to request the purchase of goods or services through channels other than supply?

    <p>AF Form 9, Request for Purchase</p> Signup and view all the answers

    Who must sign the MORD stating funds are available?

    <p>The individual preparing it and the certifying officer</p> Signup and view all the answers

    What is completed when requesting services from another DOD agency?

    <p>The DD Form 448, Military Interdepartmental Purchase Request or MIPR</p> Signup and view all the answers

    What document provides open accounts payable and accounts receivable, purchase request, and contract status information?

    <p>ODL</p> Signup and view all the answers

    A financial control document, issued pursuant to law (usually appropriation acts) by the Treasury Department, that establishes the amount of monies authorized to be withdrawn (disbursed) from the central accounts that are maintained by the Treasury Department is an ________________________.

    Signup and view all the answers

    What are the two stages of accountability CCMs need to understand when performing analysis of expenses?

    <p>Commitments and obligations</p> Signup and view all the answers

    Which stage of accountability includes undelivered orders outstanding, accrued expenditures unpaid, and accrued expenditures paid?

    <p>Obligations stage</p> Signup and view all the answers

    What is an accrued expenditures unpaid?

    <p>When an item has been received by the customer, but the invoice from the vendor (i.e., the bill for your purchase) has not been received.</p> Signup and view all the answers

    What should a CCM never do?

    <p>Over obligate the government</p> Signup and view all the answers

    What does the executive and legislative branches of the government work on during the first quarter?

    <p>Authorization and appropriations bill</p> Signup and view all the answers

    What time frame constitutes the first quarter of the fiscal year?

    <p>1 Oct through 31 Dec</p> Signup and view all the answers

    What begins the execution stage of the financial process?

    <p>The initial distribution</p> Signup and view all the answers

    ____________ is an agency that distributes funds to the individual MTFs

    Signup and view all the answers

    What does the FAD identify?

    <p>A specific amount of funds authorized for day-to-day operating costs.</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser