Trivia Flashcards

Which OMB circular governs requirements for grants and federal financial assistance?

Answer: 2 CFR Part 200

2 CFR Part 200 (Uniform Guidance) superseded several OMB circulars and provides uniform administrative requirements, cost principles, and audit requirements for federal awards.

In government budgeting, what is a 'continuing resolution'?

Answer: Temporary legislation funding government operations when a regular appropriation has not been enacted

A continuing resolution is temporary legislation that allows federal agencies to continue operating at prior-year funding levels when Congress has not passed a regular appropriations bill.

What year was the Federal Accounting Standards Advisory Board (FASAB) established?

Answer: 1990

FASAB was established in 1990 by a memorandum of understanding among the Treasury, OMB, and GAO to develop accounting standards for the federal government.

The Single Audit Act requires audits of non-federal entities that expend how much in federal awards annually?

Answer: $750,000 or more

The Single Audit threshold is $750,000 in federal expenditures per year, as updated by 2 CFR Part 200; entities above this threshold must obtain a single or program-specific audit.

What governmental fund type is used to account for general government activities not assigned to another fund?

Answer: General Fund

The General Fund is the primary operating fund of a government, used to account for all financial resources not required to be accounted for in another fund.

Which federal law requires agencies to annually assess and report on the effectiveness of internal controls over financial reporting?

Answer: Federal Managers' Financial Integrity Act (FMFIA)

The FMFIA of 1982 requires agency heads to assess and report annually on the adequacy of their internal accounting and administrative controls.

What is the term for the point in time when a government's obligation to spend funds legally arises, creating a legal liability?

Answer: Obligation

An obligation is a binding agreement that will result in outlays, representing a legal commitment of the government to pay, such as signing a contract or placing an order.