The flashcards below were created by user malon25 on FreezingBlue Flashcards.

  1. What is an income and expense budget
    A formal financial plan which reflects monthly and quarterly projected I&Es for a fiscal year
  2. Who prepares an income and expense budget for their activity?
    Activity manager
  3. What must be taken into account before preparation of the income and expense budget?
    • 1) Develop financial objectives and goals with their flight chief and RMFC based on requirements of the Services commander or director or higher headquarters
    • 2) Prepare realistic budgets for cost centers under their management.
    • 3) Justify their budget by explaining major changes in income or expense categories over the prior FY, seasonal variances, payroll computations, and departures from established standards or goals.
  4. What statement must APF support be added to?
    Quarterly consolidated statement
  5. What are accounts payable?
    Any account that needs to be paid
  6. When does the NAF AO post accounts payable transactions?
    When an activity has received goods or services on credit
  7. Who makes payment to the vendor to clear the accounts payable?
    NAF AO
  8. What does the NAF AO usually require to substantiate payment to a vendor?
    Contract, a receiving report, and a vendor invoice
  9. What act requires federal agencies to pay their bills on time, to take discounts when payments are made by the discount date and to pay interest penalties when payments are late?
    Prompt Payment Act (Public Law 97-177)
  10. What is the building rate plans option used for?
    This option is used to create and maintain codes that define all of the available rate schedules
  11. What are the variables that affect rate plans?
    Rate type codes and rate group codes that are maintained within the building rate plans
  12. How do you add a rate plan?
    • Remember that we recomment that you create and save one rate plan at a time since creating rate plans can be complicated and require mulitple tasks.
    • 1) Access the Configuration module
    • 2) Display the Rates menu and select the Build Rate Plans option. The Rate Plan Codes window displays
    • 3) Click Add. The Edit Rates screen displays
    • 4) Complete the fields in top pane of the screen
    • 5) Create season codes using the Seasons button
    • 6) Highlight the season in which the rate plan applies in the Seasons pane
    • 7) Highlight the rate group to which the rate plan belons in the Rate Group pane
    • 8) Highlight the rate type for the rate plan in the Rate Type pane
    • 9) Complete the fields in the Rate Matrix.
    • 10) Click OK to return to the Rate Plans Codes window.
    • 11) Click OK to save the rate plan and exit from the Rate Plan Codes window or click Cancel to abandon changes
  13. How do you delete a rate plan?
    • 1) Access the Configuration module
    • 2) Display the Rates menu and select the Building Rate Plans option. The Rate Plans Codes window displays
    • 3) Select the row you want to delete
    • 4) Click Delete. The system displays a confirmation dialog box
    • 5) Click OK to confirm deletion of the rate plan code or click Cancel to abandon changes
    • 6) Repeats steps 3 through 5 to delete additional rate plan codes
    • 7) Click OK to delete the rate plan code permanently and exit from the Rate Plan Codes window or click cancel to abandon changes.
Card Set:
2012-03-02 09:24:24
TSgt study

Lodging Financial Management
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