CBA Quality Assurance & Compliance 5

Question 1

The Improper Payments Information Act (IPIA) and its amendments require agencies to do which of the following?

Accepted Answer

Identify risk-susceptible programs, estimate improper payment rates, and report remediation plans

Answer

IPIA and subsequent amendments (IPERA, IPERIA) require agencies to identify programs susceptible to significant improper payments, estimate error rates, report amounts, and develop corrective action plans.

Question 2

Which of the following best describes the role of the GAO in federal budget quality assurance?

Accepted Answer

GAO audits agency financial statements and investigates allegations of fraud and misuse

Answer

The GAO serves as the legislative branch's watchdog, conducting audits, investigations, and evaluations of federal programs to assess efficiency, effectiveness, and compliance.

Question 3

What is the primary purpose of an agency's 'funds control' system in budget execution?

Accepted Answer

To prevent obligations from exceeding available budgetary resources at each level of control

Answer

A funds control system creates a hierarchy of controls that prevents commitments, obligations, and expenditures from exceeding available budget authority at each organizational level.

Question 4

A federal agency's purchase card program must include which compliance safeguard to prevent misuse?

Accepted Answer

Implementing transaction limits, mandatory approvals, and periodic management reviews

Answer

Effective purchase card controls include setting per-transaction and monthly limits, requiring supervisor approval for purchases, and conducting periodic audits and reviews of card activity.

Question 5

Under federal accounting standards (SFFAS), what is the recognized definition of a 'contingent liability'?

Accepted Answer

A possible future obligation depending on the outcome of a past event, where payment is probable and estimable

Answer

SFFAS No. 5 defines contingent liabilities as possible future outflows or other sacrifices of resources stemming from existing conditions involving uncertainty about whether a loss has occurred.

(CBA) Certified Budget Analyst Practice Test

(CBA) Certified Budget Analyst Practice Test

CBA Quality Assurance & Compliance 5