Trivia Flashcards

What does 'GPRA' stand for, and what did it require of federal agencies?

Answer: Government Performance and Results Act — strategic plans and performance reports

GPRA (Government Performance and Results Act of 1993) required federal agencies to develop strategic plans, set performance goals, and report annually on results achieved.

What is the primary purpose of an 'apportionment' in the federal budget process?

Answer: To distribute appropriated funds to agencies over time, preventing premature spending

An apportionment is OMB's distribution of appropriated funds to agencies, typically by quarter, ensuring funds are not obligated or spent faster than intended by Congress.

The concept of 'interperiod equity' in governmental accounting refers to what?

Answer: Whether current-year revenues are sufficient to pay for current-year services

Interperiod equity is a key objective in governmental accounting, assessing whether current-year citizens are paying for current-year services or shifting the burden to future taxpayers.

Which type of government fund accounts for resources legally restricted to expenditure for specific purposes like road maintenance or grants?

Answer: Special Revenue Fund

Special Revenue Funds account for proceeds from specific revenue sources that are restricted or committed to expenditure for specified purposes other than debt service or capital projects.

What is the role of the Inspectors General (IG) in the federal government?

Answer: Conducting audits and investigations to detect fraud, waste, and abuse within agencies

Inspectors General are independent officials within agencies who conduct audits, investigations, and inspections to promote economy and efficiency and prevent fraud, waste, and abuse.

What does the term 'unobligated balance' mean in federal appropriations?

Answer: The portion of an appropriation that has not yet been committed through obligations

An unobligated balance is the portion of a budget authority that has not yet been obligated and remains available for future obligations within the period of availability.

Which GASB statement established the framework for fund accounting and the major fund reporting requirement for state and local governments?

Answer: GASB Statement No. 34

GASB Statement No. 34 (1999) revolutionized state and local government financial reporting by introducing government-wide statements, major fund reporting, and the management's discussion and analysis (MD&A).