Government Financial Management and Cash Management Flashcards

What is the purpose of a 'Treasury Information Executive Repository (TIER)' or similar government financial data systems?

Answer: To provide centralized financial data for reporting, analysis, and government-wide financial statement preparation

Treasury's data systems aggregate financial information from federal agencies to support government-wide financial reporting, analysis, and the preparation of the Financial Report of the U.S. Government.

What is 'strategic financial management' in government?

Answer: Aligning financial resources, controls, and systems with the organization's strategic goals and mission

Strategic financial management links financial planning and execution to the organization's mission and strategic goals, ensuring resources support programmatic objectives.

Under the Federal Financial Management Improvement Act (FFMIA) of 1996, what are agencies required to implement?

Answer: Financial management systems that comply with federal financial management system requirements, GAAP, and the U.S. Standard General Ledger

FFMIA requires agencies to implement financial management systems that comply with federal system requirements, federal accounting standards, and the U.S. Standard General Ledger (USSGL).

What is the U.S. Standard General Ledger (USSGL) used for in federal financial management?

Answer: Providing a uniform chart of accounts and accounting standards for federal entities' financial systems

The USSGL provides a uniform chart of accounts and technical guidance for standardizing federal agency accounting, enabling consistent government-wide financial reporting.

What is 'cost accounting' and why is it important in government financial management?

Answer: Tracking and analyzing the full costs of government programs and activities to support decision-making and performance measurement

Cost accounting identifies, measures, and reports the full costs (direct and indirect) of government programs to support informed management decisions and accountability.

What is a 'performance budget' in governmental financial management?

Answer: A budget that links resource requests to expected results and performance measures

A performance budget ties spending requests to measurable outcomes and performance goals, allowing legislators and managers to evaluate whether programs are worth their cost.