The Office of Management and Budget (OMB) Exercises Legislative Clearance

question 81

Multiple Choice

The Office of Management and Budget (OMB) exercises legislative clearance. Legislative clearance requires

• A) that the OMB examine the budget implications of any proposed legislation.
• B) approval from the OMB before a bill can be sent from Congress to the president.
• C) that the Supreme Court rule on executive orders before they are promulgated.
• D) that the OMB approve nominations to congressional budget committees.
• E) a majority of the president's cabinet approve any legislative funding.

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Definitions:

GAAP

Generally Accepted Accounting Principles, which are a set of rules and standards for financial reporting used in the United States.

Amortized Cost

The progressive reduction of a debt or the cost of an intangible asset over a specified time period.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is used globally to prepare public company financial statements.

Held to Maturity

A designation for financial assets which a company has the intention and ability to hold until a specified maturity date.