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215 Cards in this Set
- Front
- Back
AS USED IN GOVERNMENT, THE NEED FOR PUBLIC OFFICIALS TO BE ACCOUNTABLE FOR THEIR ACTIONS & TO JUSTIFY THEIR DECISIONS RELATING TO THE RAISING OF PUBLIC RESOURCES & HOW THOSE RESOURCES ARE USED. IS BASED ON THE BELIEF THAT THE PUBLIC HAS A 'RIGHT TO KNOW.'
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ACCOUNTABILITY
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ACCRUAL BASIS OF ACCOUNTINTHE METHOD OF ACCOUNTING THAT RECOGNIZES THE FINANCIAL CONSEQUENCES OF EVENTS INCLUDING TRANSACTIONS, WHEN THE CONSEQUENCES OCCUR, REGARDLESS OF THE TIMING OF THE CASH FLOWS. REVENUES ARE RECOGNIZED WHEN THEY ARE EARNED OR DUE TO THE GOVERNMENT. EXPENSES ARE RECOGNIZED WHEN THEY ARE INCURRED.G
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ACCRUAL BASIS OF ACCOUNTING
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ISSUING NEW DEBT TO GAIN THE BENEFITS OF RETIRING OLD DEBT THAT HAS A HIGHER INTEREST RATE, BUT W/O ACTUALLY RETIRING DEBT. THE PROCEEDS OF THE NEW DEBT ARE INVESTED AND THE EARNINGS, PLUS THE INVESTMENTS, ARE USED TO PAY THE INTEREST OF THE OLD DEBT, AS WELL AS THE PRINCIPAL OF THE OLD DEBT AS IT MATURES, OR AS OF THE CALL DATE
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ADVANCE REFUNDING
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ONE OF THE FIDUCIARY FUND TYPES. THE PROCEEDS ARE HELD BY THE GOVERNMENT AS A CUSTODIAN FOR OTHER INDIVIDUALS, ORGS OR GOVERNMENTS. HAVE NO RESIDUAL BALANCES. THE ASSETS ARE EQUAL TO THE LIABILITIES
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AGENCY FUNDS
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AS USED IN STATE & LOCAL ACCOUNTING, DIVIDING AN APPROP BY SMALLER INCREMENTS, USUALLY BY TIME SUCH AS A QUARTER, FOR THE PURPOSE OF CONTROL.
AS USED IN FEDERAL ACCOUNTING, A FORMAL DELEGATION OF AUTHORITY BY THE HEAD OF A FEDERAL ENTITY TO OTHER ENTITY EMPLOYEES, SUCH AS THE HEAD OF AN OPERATING UNIT TO INCUR OBLIGATIONS. |
ALLOTMENT
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AS USED BY THE FED GOVT, IT IS A PLAN PROVIDING AN AGENCY WITH THE EXECUTIVE BRANCH'S AUTHORITY TO OBLIGATE AND/OR EXPEND AN APPROP IN A MANNER CONSISTENT WITH THE PLAN. IT TYPICALLY DIVIDES THE APPROP INTO SMALLER INCREMENTS BASED ON TIME OR OTHER FACTORS. THE PROCESS IS OVERSEEN BY OMB
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APPORTIONMENT/ APPORTION
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THE LEGAL AUTHORITY GRANTED BY THE LEGISLATIVE BODY TO SPEND MONEY FOR THE PURPOSE INDICATED. THE AMOUNT SETS THE LIMIT ON WHAT CAN BE SPENT.
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APPROPRIATION
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ASSIGNED FUND BALANCAMOUNTS CONSTRAINED BY THE GOVERNMENT'S INTENT TO BE USED FOR SPECIFIC PURPOSES, BUT ARE NEITHER RESTRICTED NOR COMMITTED, AS EXPRESSED BY (A) THE GOVERNING BODY ITSELF OR (B) A BODY OR OFFICIAL TO WHICH THE GOVERNING BODY HAS DELEGATED THE AUTHORITY TO ASSIGN AMOUNTS TO BE USED FOR SPECIFIC PURPOSES SUCH AS A BUDGET OR FINANCE COMMITTEEE
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ASSIGNED FUND BALANCE
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AUDITING STANDARDS BOARD (ASB)A BOARD ESTABLISHED BY THE AICIPA TO PROMULGATE GAAS. IT FOLLOWS A DUE PROCESS PROCEDURE AND ISSUES STATEMENTS ON AUDITING STANDARDS (SAS). THE ROLE OF IT WAS CHANGED AS A RESULT OF THE SARBANES-OXLEY ACT & THE RESULTING PCAOB
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AUDITING STANDARDS BOARD (ASB)
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THE AUDIT AND ACCOUNTING GUIDE THAT PERTAINS TO SATE AND LOCAL GOVERNMENTS, PUBLISHED BY THE AICPA. THE GUIDE IS UPDATED PERIODICALLY
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AUDITS OF STATE & LOCAL GOVERNMENTS (ASLG)
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AS USED IN THE FEDERAL BUDGETING PROCESS, AN AUTHORIZATION IS ONE OF THE TWO STEPS REQUIRED IN ORDER FOR A PROGRAM TO OPERATE (THE OTHER IS THE APPROPRIATIONS, WHICH PROVIDES FUNDING FOR THE PROGRAM) IT IS PERFORMED BY CONGRESSIONAL COMMITTEES IN THE HOUSE & SENATE
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AUTHORIZATION
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A METHOD OF VALUING INVENTORY WHEREBY EACH ITEM IN INVENTORY IS GIVEN A VALUE BASED ON THE # AND PRICE OF ALL ITEMS IN THE INVENTORY. THIS METHOD IS USED PRIMARILY FOR FUNGIBLE GOODS, SUCH AS GASOLINE, OIL, AND COAL
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AVERAGE COST
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IN THE STATE AND LOCAL GOVERNMENT FINANCIAL STMTS, IT IS A BASIC FINANCIAL STMT THAT LISTS THE ASSETS, DEFERRED OUTFLOW OF RESOURCES, LIAB, DEFERRED INFLOW OF RESOURCES, AND FUND BALANCES OR NET POSITION OF A REPORTING ENTITY AS OF A PARTICULAR POINT IN TIME.
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BALANCE SHEET
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THE MINIMUM REQUIRED STATEMENTS AND NOTE DISCLOSURES THAT ARE REQUIRED TO BE PREPARED BY A REPORTING ENTITY. AT THE SATE AND LOCAL GOVT LEVEL THEY INCLUDE GOVT WIDE STATEMENTS, FUND-LEVEL STMTS, AND NOTES TO FINANCIAL STMTS. AT THE FEDERAL LEVEL THEY INDLUDE THE B/S, STMT OF NET COST, STMT OF CHANGES IN NET POSITION, STMT OF BUDGETARY RESOURCES; AND FOR SOME AGENCIES, A STMT OF CUSTODIAL ACTIVITY, STMT OF SOCIAL INSURANCE, AND STMT OF CHANGES IN SOCIAL INSURANCE
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BASIC FINANCIAL STATEMENTS
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THE TIMING OF THE RECOGNITION OF TRANSACTIONS; THAT IS, WHEN SHOULD THE TRANSACTION BE REPORTED. (USED IN GOVT ARE: ACCURAL, MODIFIED ACCURAL, AND CASH)
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BASIS OF ACCOUNTING
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ONE OF THE METHODS OF REPORTING COMPONENT UNITS IN THE FINANCIAL STMTS. THEY HAVE A STRONG ASSOCIATION WITH THE PRIMARY GOVT. AS SUCH, THE ACTIVITY IS PRESENTED IN THE SAME MANNER AS ACTIVITIES OF THE PRIMARY GOVERNMENT
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BLENDING
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A METHOD OF AWARDING GRANTS TO RECIPIENTS. IT COMBINES SEVERAL INDIVIDUAL PROGRAMS INTO A SINGLE GRANT AWARD
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BLOCK GRANT
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A SHORT-TERM FINANCING MECHANISM USED TO PROVIDE FINANCIAL RESOURCES TO UNDERTAKE A CAPITAL PROJECT PRIOR TO THE ISSUANCE OF LONG-TERM BONDS. THE PROCEEDS OF THE BONDS ARE USED TO RETIRE THE NOTE
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BOND ANTICIPATION NOTE (BAN)
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THE DIFFERENCE BETWEEN THE AMOUNT OR PROCEEDS RECEIVED AND THE FACE VALUE OF A BOND THAT IS SOLD FOR LESS THAN THE FACE VALUE OF THE ISSUE. AS A RESULT OF RECEIVING THE LOWER AMOUNT, THE BOND HAS A HIGHER EFFECTIVE INTEREST RATE THAN THE STATED RATE
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BOND DISCOUNT
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SPECIFIC LEGAL REQUIREMENTS SET FORTH IN THE BOND ISSUE PERTAINING TO ACTIONS TO BE TAKEN BY THE ISSUER TO PROTECT THE BOND HOLDERS
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BOND INDENTURE
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THE DIFFERENCE BETWEEN THE AMOUNT OF PROCEEDS RECEIVED AND THE FACE VALUE OF A BOND THAT IS SOLD FOR AN AMOUNT GREATER THAN THE FACE VALUE OF THE ISSUE. THUS, THE BOND HAS A LOWER EFFECTIVE INTEREST RATE.
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BOND PREMIUM
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THE NET AMOUNT AT WHICH AN ASSET IS CARRIED ON THE BOOKS OF AN ACCOUNT. IT EQUALS THE GROSS OR NOMINAL AMOUNT OF AN ASSET, LESS ANY ALLOWANCE OR VALUATION.
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BOOK VALUE
(ALSO REFERRED TO AS CARRYING AN AMOUNT OR CARRYING VALUE) |
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AS USED IN FEDERAL ACCOUNTING, THE AUTHORITY GIVEN IN LAW THAT PERMITS AN AGENCY TO BORROW FUNDS IN ORDER TO INCUR OBLIGATIONS
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BORROWING AUTHORITY
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AS USED IN FEDERAL ACCOUNTING, THE AUTHORITY PROVIDED IN LAW TO ENTER INTO LEGAL OBLIGATIONS. IT INCLUDES APPROPRIATIONS, BORROWING AUTHORITY, CONTRACT AUTHORITY, AND SPENDING AUTHORITY FROM OFFSETTING COLLECTIONS
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BUDGET AUTHORITY
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THE BASIS OF ACCOUNTING USED BY A GOVERNMENT FOR BUDGETARY PURPOSES. THE BASIS DETERMINES WHEN REVENUES AND EXPENDITURES ARE TO BE RECOGNIZED
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BUDGET BASIS OF ACCOUNTING
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AS USED IN THE FEDERAL BUDGETING PROCESS, THE LIMITS ESTABLISHED BY CONGRESS FOR RECEIPTS AND SPENDING, AND THE SIZE OF THE DEFICIT OR SURPLUS
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BUDGET RESOLUTION
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THE METHOD USED BY GOVERNMENTS TO ACCOUNT FOR REVENUES AND EXPENDITURES ASSOCIATED WITH THE BUDGET. ITS ACCOUNTS ARE INTEGRATED WITH THE FINANCIAL ACCOUNTS FOR THE PURPOSE OF PREPARING FINANCIAL REPORTS
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BUDGETARY ACCOUNTING SYSTEM
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A REQUIRED SUPPLEMENTAL PRESENTATION FOR STATE AND LOCAL GOVTS. IT IS REQUIRED FOR THE GENERAL FUND AND EACH MAJOR SPECIAL REVENUE FUND THAT HAS LEGALLY ADOPTED ANNUAL BUDGET. IT INCLUDES THE ORIGINAL BUDGET, FINAL BUDGET, AND ACTUAL FOR REVENUES AND EXPENDITURES. A GOVT HAS THE OPTION TO PRESENT IT WITH THE OTHER BASIC FINANCIAL STMTS
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BUDGETARY COMPARISON SCHEDULE
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THE TOTAL AMOUNT AVAILABLE TO INCUR OBLIGATIONS IN A GIVEN YEAR. IT COMPRISES NEW BUDGET AUTHORITY AND OBLIGATED BALANCES OF BUDGET AUTHORITY PROVIDED IN PREVIOUS YEARS.
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BUDGETARY RESOURCES
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ACTIVITIES PROVIDED BY GOVERNMENTS FOR WHICH A FEE OR USER CHARGE IS REQUIRED. IT IS SIMILAR TO A PRIVATE BUSINESS AND THE ACCOUNTING USED IS ESSENTIALLY THE SAME. THIS IS ONE OF THE TWO CATEGORIES OF REPORTING AT THE GOVERNMENT-WIDE LEVEL BY SATE AND LOCAL GOVERNMENTS
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BUSINESS-TYPE ACTIVITIES
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LAND, LAND IMPROVEMENTS, EASEMENTS, BLDGS, BLDG IMPROVEMENTS, EQUIPMENT, VEHICLES, INFRASTRUCTURE, AND OTHER TANGIBLE ASSETS USED IN OPERATIONS
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CAPITAL ASSETS
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THE BUDGET PREPARED BY GOVERNMENTS THAT SETS FORTH THE SPENDING FOR PROJECTS THAT ARE TO BE USED FOR CAPITAL PURPOSES AND HOW THEY ARE TO BE FINANCED
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CAPITAL BUDGET
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CAPITAL ASSETS PROVIDED BY GOVT ACTIVITIES TO BUSINESS-TYPE ACTIVITIES, PROPRIETARY FUNDS, OR FIDUCIARY FUNDS IN THE SATE AND LOCAL GOVT MODEL. THE VALUE OF THE CAPITAL ASSETS IS REPORTED AS REVENUE IN THE YEAR THE CONTRIBUTION IS MADE. THEY ALSO INCLUDE CAPITAL ASSETS PROVIDED Y ONE GOVT TO ANOTHER GOVT, SUCH AS SURPLUS, POLICE CARS GIVEN BY STATE TO LOCAL, AND CAPITAL ASSETS DONATED BY DEVELOPERS TO THE GOVERNMENT
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CAPITAL CONTRIBUTIONS
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A LEASE THAT TRANSFERS, SUBSTANTIALLY, ALL OF THE BENEFITS AND RISKS OF OWNERSHIP FROM THE LESSOR TO THE LESSEE. THERE ARE CRITERIA A GOVT USES TO DETERMINE IF A LEASE SHOULD BE ACCOUNTING FOR AS A CAPITAL OR OPERATING LEASE.
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CAPITAL LEASE
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ONE OF THE FIVE GOVERNMENTAL FUND TYPES USED BY STATE AND LOCAL GOVERNMENTS IT IS USED TO ACCOUNT FOR AND REPORT FINANCIAL RESOURCES THAT ARE RESTRICTED, COMMITTED, OR ASSIGNED TO EXPENDITURE FOR CAPITAL OUTLAYS, INCLUDING ACQUISITION OR CONSTRUCTION OF CAPITAL FACILITIES AND OTHER CAPITAL ASSETS ASSOCIATED WITH GOVERNMENTAL ACTIVITIES
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CAPITAL PROJECT FUNDS
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THE POLICY ESTABLISHED BY A GOVT TO DEFINE THE ASSETS THAT WILL CONSIDERED CAPITAL ASSETS. CAPITAL ASSETS ARE RECORDED AS AN ASSET RATHER THAN AS AN EXPENSE OR EXPENDITURE. GENERALLY, IT ESTABLISHES A DOLLAR AMOUNT- A CAPITALIZATION THRESHOLD- BELOW WHICH ANY ASSETS ACQUIRED WILL BE RECORDED AS AN EXPENSE OR EXPENDITURE RATHER THAN AS AN ASSET
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CAPITALIZATION POLICY
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A GRANT FOR A SPECIFIC PROGRAM
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CATEGORICAL GRANT
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THE METHOD OF ACCOUNTING THAT RECOGNIZES TRANSACTIONS WHEN CASH IS RECEIVED FOR DISBURSED
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CASH BASIS OF ACCOUNTING
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A LONG-TERM FINANCING MECHANISM INVOLVING AN AGREEMENT BETWEEN A GOVERNMENT ENTITY AND SEVERAL PRIVATE PARTIES SUCH AS BANKS OR LENDING INSTITUTIONS
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CERTIFICATE OF PARTICIPATION
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A TOOL USED BY A GOVERNMENT TO RESERVE BUDGET AUTHORITY FOR PLANNED SPENDING BASED ON ESTIMATES. IT DOES NOT LEGALLY OBLIGATE OR ENCUMBER AN ALLOTMENT OR AN APPROPRIATION
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COMMITMENT
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AMOUNTS USED ONLY FOR SPECIFIC PURPOSES, PURSUANT TO CONSTRAINTS IMPOSED BY FORMAL ACTION OF THE GOVERNMENT'S HIGHEST LEVEL OF DECISION MAKING AUTHORITY I.E. HAVING THE CONSENT OF BOTH THE LEGISLATIVE AND EXECUTIVE BRANCHES OF THE GOVT, IF APPLICABLE
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COMMITTED FUND BALANCE
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A LEGALLY SEPARATE ORGANIZATION THAT A PRIMARY GOVT MUST INCLUDE AS PART OF ITS FINANCIAL REPORTING ENTITY FOR FAIR PRESENTATION IN ACCORDANCE WITH GAAP
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COMPONENT UNIT
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A FINANCIAL REPORT THAT INCLUDES AN MD&A, BASIC FINANCIAL STATEMENTS, FOOTNOTES, AND OTHER REQUIRED SUPPLEMENTARY INFO; AS WELL AS AN INTRODUCTORY SECTION, ADDITIONAL FINANCIAL INFO (I.E. COMBINING AND INDIVIDUAL FUND SCHEDULES, IF APPLICABLE) AND A STATISTICAL SECTION
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COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR)
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STATEMENTS ISSUED BY ACCOUNTING STANDARD-SETTING BODIES THAT SET FORTH THE CONCEPTUAL FRAMEWORK UPON WHICH ACCOUNTING STANDARDS ARE BASED
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CONCEPTS STATEMENTS
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DEBT INSTRUMENTS ISSUED BY A STATE OR LOCAL GOVT THAT ARE USED TO PROVIDE CAPITAL FINANCING FOR A 3RD PARTY THAT IS NOT A PART OF THE ISSUER'S REPORTING ENTITY. THE ISSUER HAS NO OBLIGATION FOR THE DEBT BEYOND THE RESOURCES PROVIDED BY THE LEASE OR LOAN ARRANGEMENT WITH THE 3RD PARTY
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CONDUIT DEBT
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AN INVENTORY ACCOUNTING METHOD IN WHICH ITEMS PURCHASED ARE RECORDED AS INVENTORY ASSETS AND NOT REPORTED AS AN EXPENSE UNTIL THEY ARE TAKEN FROM INVENTORY AND USED UP (CONSUMED)
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CONSUMPTION METHOD
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AN ACTION BY THE LEGISLATIVE BODY TO ESTABLISH INTERIM APPROPRIATIONS B/C OF THE INABILITY TO PASS FINAL APPROPRIATIONS. ALLOW GOVT AGENCIES TO CONTINUE OPERATIONS WHILE THE LEGISLATIVE BODY DELIBERATES
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CONTINUING RESOLUTION
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AUTHORITY GIVEN TO A FEDERAL AGENCY THAT ALLOWS THE AGENCY TO ENTER INTO A CONTACT TO INCUR OBLIGATIONS IN ADVANCE OF RECEIVING AN APPROPRIATION
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CONTRACT AUTHORITY
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THE METHOD OF ACCOUNTING THAT FOCUSES ON DETERMINING THE COST OF PROVIDING GOODS AND SERVICES
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COST ACCOUNTING
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PERFORMANCE MEASURES THAT REFLECT THE COST-EFFECTIVENESS OF OPERATIONS. THEY ARE DETERMINED BY DIVIDING THE COST OF THE GOOD OR SERVICE BY OUTCOMES
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COST-OUTCOME MEASURES
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THE RISK THAT A COUNTERPARTY TO AN INVESTMENT TRANSACTION WILL NOT FULFILL ITS OBLIGATIONS. IT IS ASSOCIATED WITH THE ISSUER OF A SECURITY , A FINANCIAL INSTITUTION HOLDING DEPOSITS, OR A PARTY HOLDING SECURITIES OR COLLATERAL
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CREDIT RISK
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THE RISK THAT A GOVERNMENT WILL NOT BE ABLE TO RECOVER INVESTMENTS OR DEPOSITS IN THE EVENT OF A FAILURE OF THE DEPOSITORY INSTITUTION
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CUSTODIAL CREDIT RISK
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THE MEASUREMENT FOCUS THAT REPORTS ON CURRENT INFLOWS, OUTFLOWS, AND BALANCES OF EXPENDABLE RESOURCES, SUCH AS CASH,. INFLOWS INCLUDE PROCEEDS FROM LONG-TERM DEBT AND OUTFLOWS INCLUDE PURCHASES AND CAPITAL FACILITIES. THIS MEASUREMENT FOCUS IS UNIQUE TO STATE AND LOCAL GOVERNMENTS
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CURRENT FINANCIAL RESOURCES MEASUREMENT FOCUS
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BONDS ISSUED FOR THE PURPOSE OF RETIRING EXISTING OUTSTANDING BONDS. THE BONDS ARE RETIRED WITH THE PROCEEDS RECEIVED FROM THE NEW BONDS
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CURRENT REFUNDING
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THE AMOUNT OF MONEY REALIZED BY A GOVERNMENT FROM THE ISSUANCE OF DEBT. THEY ARE DETERMINED BY SUBTRACTING BOND ISSUE COSTS AND DISCOUNTS AND ADDING BOND PREMIUMS TO THE FACE VALUE OF THE ISSUE
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DEBT PROCEEDS
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ONE OF THE FIVE GOVERNMENTAL FUND TYPES USED BY STATE AND LOCAL GOVERNMENTS. IT'S FUNDS ARE USED TO ACCOUNT FOR AND REPORT FINANCIAL RESOURCES THAT ARE RESTRICTED, COMMITTED, OR ASSIGNED TO EXPENDITURE FOR PAYMENT OF PRINCIPAL AND INTEREST (I.E. USED FOR THE PYMT OF LONG-TERM OBLIGATIONS)
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DEBT SERVICE FUND
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ACTION TAKEN BY THE PRESIDENT TO DEFER FUNDS IN ORDER TO PROVIDE FOR CONTINGENCIES; ACHIEVE SAVINGS THRU CHANGES IN REQUIREMENTS; OR BY ACHIEVING GREATER EFFICIENCY IN OPERATIONS; OR AS PROVIDED BY LAW
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DEFERRAL
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CONSUMPTION AND ACQUISITION OF NET ASSETS BY THE GOVERNMENT THAT IS APPLICABLE TO FUTURE REPORTING PERIODS
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DEFERRED INFLOWS/OUTFLOWS OF RESOURCES
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a method of allocating the cost of a capital asset to each of the periods it is used in operations. the amount is theoretical and is used to determine the total cost of providing services.)
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DEPRECIATION
(in government, straight-line method is most common) |
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ASSESSMENTS IMPOSED BY A GOVERMENT ON AN EXCHANGE TRANSACTION, SUCH AS INCOME TAXES, SALES TAXES, AND GASOLINE TAXES
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DERIVED TAX REVENUES
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IN COST ACCOUNTING, THE COSTS THAT CAN BE DIRECTLY ASSOCIATED WITH A SINGLE COST OBJECTIVE. (I.E. SALARIES, EMPLOYEE BENEFITS, AND TRAVEL)
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DIRECT COSTS
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A METHOD OF PRESENTING INFO FOR COMPONENT UNITS, IN WHICH THE FINANCIAL INFO FOR THE STATE OR LOCAL GOVT'S COMPONENT UNITS IS PRESENTED SEPARATELY FROM THE FINANCIAL INFO FOR THE PRIMARY GOVT
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DIRECT METHOD
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A GRANT WITHIN THE DISCRETION OF THE GRANTOR AGENCY USUALLY REQUIRING AN APPLICATION BY THE REQUESTING GOVERNMENT
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DISCRETIONARY GRANTS
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SPENDING RESULTING FROM CONGRESSIONAL APPROPRIATIONS THAT IS NOT OTHERWISE REQUIRED BY LAW
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DISCRETIONARY SPENDING
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A DUE PROCESS DOCUMENT ISSUED BY AN ACCOUNTING STANDARD-SETTING BODY. IT ATTEMPTS TO DESCRIBE THE VARIOUS METHODS OF ACCOUNTING FOR A TRANSACTION AND ASKS RESPONDENTS TO PROVIDE THEIR VIEWS ON THE PREFERRED METHOD
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DISCUSSION MEMORANDUM (DM)
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THE VARIOUS STEPS USED BY ACCOUNTING STANDARD-SETTING BODIES TO SOLICIT VIEWS FROM CONSTITUENTS AS THEY ADDRESS ACCOUNTING AND REPORTING ISSUES
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DUE PROCESS PROCEDURES
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A LEGISLATIVE ACTION ALLOCATING CERTAIN TAXES AND OTHER RECEIPTS FOR SPECIFIC PURPOSES. FOR EXAMPLE, REQUIRING GAS TAXES TO ONLY BE USED FOR HWY RELATED PURPOSES. THIS ACTION IS ALSO USED BY THE LEGISLATURE TO DIRECT A PORTION OF AN APPROP TO A SPECIFIC PURPOSE
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EARMARKING
(FASAB HS RECENTLY ISSUED A STMT OF ACCOUNTING STANDARDS THAT WILL REPLACE THE TERM "EARMARKED FUNDS" WITH "FUNDS FROM DEDICATED COLLECTIONS" |
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THE MEASUREMENT FOCUS THAT RECORDS ALL RESOURCES AND ALL LIAB OF THE ENTITY, REGARDLESS OF WHEN THEY HAVE TO BE OR WILL BE PAID. THIS INCLUDES ALL FINANCIAL RESOURCES, ALL ASSETS OF A FIXED OR PERMANENT NATURE, SUCH AS LAND AND BLDGS, AND OTHER ASSETS, SUCH AS INVENTORIES AND PREPAYMENTS
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ECONOMIC RESOURCES MEASUREMENT FOCUS
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A METHOD OF DETERMINING THE INTEREST RATE ON INVESTMENTS OR DEBT INSTRUMENTS, TAKING INTO ACCOUNT PREMIUMS, DISCOUNTS, AND OTHER FACTORS
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EFFECTIVE INTEREST RATE METHOD
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IN PERFORMANCE REPORTING, MEASURES THAT INDICATE THE COST OF AN ACTIVITY IN RELATION TO ITS OUTPUTS
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EFFICIENCY MEASURES
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A BUDGETARY CONTROL TOOL USED IN STATE AND LOCAL GOVERNMENTS, WHICH SETS ASIDE A PORTION OF THE APPROP OR ALLOTMENT FOR CONTRACTUAL OR OTHER PURPOSES, SUCH AS A PURCHASE OR CONTRACT. THE SAME TOOL USED IN THE FED GOVT IS CALLED AN OBLIGATION
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ENCUMBRANCES
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ONE OF THE TWO PROPRIETARY FUND TYPES USED IN STATE AND LOCAL GOVTS. THE FUND IS USED TO REPORT AN ACTIVITY FOR WHICH A FEE IS CHARGED TO USERS OF GOODS OR SERVICES LOCATED, PRIMARILY, OUTSIDE THE GOVERNMENT
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ENTERPRISE FUNDS
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PROPERTY TURNED OVER TO THE STATE B/C THE OWNERS OR LEGAL HEIRS CANNOT BE LOCATED. IT INCLUDES SECURITY DEPOSITS, INACTIVE BANK ACCOUNTS, AND OTHER ASSETS. THE OWNERS OR HEIRS MAY CLAIM THE PROPERTY AT ANY TIME IF THEY AN PROVE THEY HAVE A RIGHT TO IT
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ESCHEAT PROPERTY
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A RULE ESTABLISHED BY THE AICPA MAKING IT A VIOLATION OF ETHICS FOR A MEMBER OF THE AICPA TO STATE THAT FINANCIAL STMTS ARE "FAIRLY PRESENTED IN ACCORDANCE WITH GAAP." IF THEY HAVE ANY MATERIAL DEPARTURES FROM STANDARDS ISSUED BY DESIGNATED STANDARD=SETTING BODIES. THE RULE APPLIES EQUALLY TO PREPARERS AND AUDITORS WHO ARE MEMBERS OF THE AICPA
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ETHICS RULE 203
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INFLOWS OF RESOURCES THAT ARISE FROM AN EXCHANGE TRANSACTION
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EXCHANGE REVENUE
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A TRANSACTION IN WHICH EACH PARTY GIVES AND RECEIVES SOMETHING OF VALUE
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EXCHANGE TRANSACTION
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THERE IS AN IDENTIFIABLE EXCHANGE BETWEEN THE REPORTING GOVT AND ANOTHER PARTY, BUT THE VALUES EXCHANGED MAY NOT BE QUITE EQUAL OR THE DIRECT BENEFITS OF THE EXCHANGE MAY NOT BE EXCLUSIVELY FOR THE PARTIES TO THE EXCHANGE. (I.E. CERTAIN FEEDS FOR REGULATORY OR PROFESSIONAL LICENSES AND PERMITS, PASSENGER FACILITY CHARGES, CERTAIN TAP FEES, CERTAIN DEVELOPER CONTRIBUTIONS, CERTAIN GRANTS & DONATIONS, AND OTHER TRANSACTIONS THAT REGARDLESS OF THE LABEL APPLIED TO THEM, ARE BASED ON AN EXCHANGE OF SIMILAR, BUT NOT EQUAL, VALUES)
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EXCHANGE-LIKE TRANSACTION
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A DECREASE IN CURRENT FINANCIAL RESOURCES OTHER THAN AN OTHER FINANCING USE
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EXPENDITURE
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A GRANT THAT REQUIRES THE GRANTEE TO INCUR AUTHORIZED EXPENDITURES AS A CONDITION OF RECEIVING PAYMENT
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EXPENDITURE-DRIVEN GRANT
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A DUE PROCESS DOC ISSUED BY AN ACCOUNTING STANDARDS SETTING BODY. IT IS THE LAST STEP IN DUE PROCESS WHEREBY THE STANDARD SETTING BODY EXPOSES FOR COMMENT WHAT THE PROPOSED STANDARD WILL BE
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EXPOSURE DRAFT (ED)
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A SIGNIFICANT TRANSACTION, BOTH UNUSUAL IN NATURE AND INFREQUENT IN OCCURRENCE, REPORTED SEPARATELY FROM OTHER OPERATING TRANSACTIONS IN THE STATE AND LOCAL GOVT FINANCIAL STMTS. FEDERAL REPORTING ENTITIES ARE PERMITTED, BUT NOT REQUIRED TO SEPARATELY REPORT IT
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EXTRAORDINARY ITEM
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THE AMOUNT OF A BOND ISSUE THAT THE ISSUER PROMISES TO PAY UPON MATURITY, THE ISSUER MAY RECEIVE MORE OR LESS THAN IT
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FACE VALUE
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IS THE AMOUNT AT WHICH AN ASSET OR LIAB COULD BE EXCHANGED IN A CURRENT TRANSACTION BETWEEN WILLING PARTIES, OTHER THAN IN A FORCED, OR LIQUIDATION SALE
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FAIR VALUE
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THE BODY THAT SETS ACCOUNTING AND FINANCIAL REPORTING STANDARDS FOR THE FEDERAL GOVERNMENT
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FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD (FASAB)
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ONE OF THE THREE FUND CLASSIFICATIONS USED BY STATE AND LOCAL GOVERNMENTS. THEY ARE USED TO REPORT ASSETS HELD BY THE GOVERNMENT IN A TRUSTEE OR AGENCY CAPACITY FOR OTHERS. THE ASSETS CANNOT BE USED TO SUPPORT THE PROGRAMS OF THE GOVT. THERE ARE FOUR TYPES
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FIDUCIARY FUNDS
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A TERM USED BY THE SATE AND LOCAL GOVT TO IDENTIFY COMPONENT UNITS, IN WHICH A PRIMARY GOVT APPOINTS A VOTING MAJORITY OF ANOTHER ENTITY AND CAN IMPOSE ITS WILL ON THAT ENTITY; OR, THAT ENTITY CAN BE A FINANCIAL BENEFIT OR BURDEN TO THE PRIMARY GOVERNMENT
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FINANCIAL ACCOUNTABILITY
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THE ORGANIZATION THAT OVERSEES GASB AND FASB AND APPOINTS THEIR BOARD MEMBERS
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FINANCIAL ACCOUNTING FOUNDATION (FAF)
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THE ACCOUNTING STANDARDS SETTING BODY FOR COMMERCIAL ENTERPRISES AND NOT-FOR-PROFIT ORGANIZATIONS
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FINANCIAL ACCOUNTING STANDARDS BOARD (FASB)
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THE SYSTEMS THAT ARE DESIGNED TO PROCESS ACCOUNTING TRANSACTIONS AND PRODUCE REPORTS
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FINANCIAL ACCOUNTING SYSTEMS
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WHERE A GOVERNMENT STANDS AT A POINT IN TIME WHEN ITS LIAB (INCLUDING DEFERRED INFLOWS OF RESOURCES, IN THE CASE OF STATE AND LOCAL GOVTS) ARE SUBTRACTED FROM ITS ASSETS (INCLUDING DEFERRED OUTFLOWS OF RESOURCES, INT EH CASE OF STATE AND LOCAL GOVTS)
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FINANCIAL POSITION
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WHAT ARE THE REPORTS THAT PROVIDE INFORMATION ON FINANCIAL POSITION?
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BALANCE SHEET AND STATEMENT OF NET ASSETS
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A METHOD TO VALUE INVENTORY. THE OLDEST ITEMS IN THE INVENTORY ARE THE 1ST TO BE USED. THE INVENTORY IS THEN VALUED BASED ON THE MOST RECENT PURCHASES, THIS APPROXIMATES MARKET VALUE
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FIFO
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THE NEED FOR PUBLIC OFFICIALS TO BE ACCOUNTABLE FOR RAISING RESOURCES IN ORDER TO FUND THE CURRENT OPERATIONS OF THE GOVERNMENT
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FISCAL ACCOUNTABILITY
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THE OPERATING PERIOD OF A GOVERNMENT. GOVERNMENTS PREPARE OPERATING STMTS COVERING THIS PERIOD
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FISCAL PERIOD/ FISCAL YEAR
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THE POLICIES ADOPTED BY PUBLIC OFFICIALS REGARDING MONETARY ISSUED. THE BUDGET IS GENERALLY AN EXPRESSION OF THIS SINCE IT SETS FORTH THE RESOURCES THAT ARE TO BE USED TO FUND OPERATIONS
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FISCAL POLICY
|
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A GRANT WHOSE ALLOCATION TO GRANTEES IS BASED ON A FORMULA, SUCH AS NUMBER OF PERSONS BELOW THE POVERTY LEVEL, OR THE AVG DAILY ATTENDANCE
|
FORMULA-DRIVEN GRANT
|
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AS USED IN THE FEDERAL BUDGET PROCESS, A GROUP OF RELATED ACTIVITIES FOR WHICH TOTALS ARE ESTABLISHED IN THE BUDGET RESOLUTION
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FUNCTIONAL CATEGORY
|
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A FISCAL AND ACCOUNTING ENTITY WITH A SELF-BALANCING GROUP OF ACCOUNTS USED TO RECORD CASH, AND OTHER FINANCIAL RESOURCES, ALONG WITH RELATED LIAB, REVENUES, EXPENSES/EXPENDITURES, AND BALANCES THAT ARE SEGREGATED FOR THE PURPOSE OF CARRYING ON SPECIFIC ACTIVITIES OR ATTAINING CERTAIN OBJECTIVES IN ACCORDANCE WITH LAWS, RULES, AND REGULATIONS
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FUND
|
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THE DIFFERENCE BETWEEN THE ASSETS AND LIAB OF A GOVERNMENTAL FUND. STATEMENTS REPORTING THIS USE THE FORMULA: ASSETS + DEFERRED OUTFLOWS OF RESOURCES = LIAB + DEFERRED INFLOWS OF RESOURCES + FUND BALANCE.
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FUND BALANCE
|
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THE AUDIT, EVALUATION, AND INVESTIGATIVE ARM OF CONGRESS. AMONG ITS RESPONSIBILITIES IS THE ESTABLISHMENT OF GENERALLY ACCEPTED GOVERNMENT AUDITING STANDARDS, WHICH MUST BE FOLLOWED FOR THE AUDITS OF GOVERNMENTAL FUNDS AT THE FEDERAL, STATE, AND LOCAL GOVT LEVELS
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GOVERNMENT ACCOUNTABILITY OFFICE (GAO)
|
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THE MAJOR FUND OF A GOVERNMENT AND, IN STATE AND LOCAL GOVERNMENTS, ONE OF THE GOVERNMENTAL FUND TYPES. IT ACCOUNTS FOR ALL RESOURCES THAT ARE NOT SPECIFICALLY ACCOUNTED FOR IN OTHER FUNDS
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GENERAL FUND
|
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BOND ISSUES OF A SATE OR LOCAL GOVT BACKED BY THE FULL FAITH AND CREDIT OF THE GOVERNMENT. THEY ARE TYPICALLY VOTED ON BY THE GENERAL PUBLIC AND MAY BE FUNDED THRU PROPERTY TAXES
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GENERAL OBLIGATION BONDS (GO)
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REPORTS ARE PREPARED BY GOVERNMENTS FOR USERS OUTSIDE THE GOVERNMENT. THE REPORTS ARE GENERALLY AUDITED BY INDEPENDENT PUBLIC ACCOUNTANTS
|
GENERAL PURPOSE EXTERNAL FINANCIAL REPORTS
|
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THE STANDARDS AND RULES USED FOR THE FAIR PRESENTATION OF FINANCIAL STMTS.
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GENERALLY ACCEPTED ACCOUNTING PRINCIPALS (GAAP)
|
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PASSED BY CONGRESS IN 1993, THE THE GPRA REQUIRES FEDERAL AGENCIES TO ESTABLISH STRATEGIC GOALS IN A FIVE-YEAR STRATEGIC PLAN, WHICH IS UPDATED AT LEAST EVERY THREE YEARS, AND PERFORMANCE GOALS IN AN ANNUAL PERFORMANCE PLAN. THE ACT ALSO REQUIRES AGENCIES TO ANNUAL REPORT PERFORMANCE AGAINST PLAN.
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GOVERNMENT PERFORMANCE AND RESULTS ACT (GPRA)
THE ACT WAS UPDATED IN 2010 BY THE GOVERNMENT PERFORMANCE AND RESULTS ACT MODERNIZATION ACT |
|
PUBLISHED BY THE GFOA, THIS IS THE MAJOR REFERENCE PERTAINING TO GOVERNMENTAL ACCOUNTING FOR STATE AND LOCAL GOVERNMENTS. THE DETAILED REQUIREMENTS FOR PREPARING THE COMPREHENSIVE ANNUAL FINANCIAL REPORT ARE ALSO DESCRIBED
|
GOVERNMENTAL ACCOUNTING, AUDITING, AND FINANCIAL REPORTING (GAAFR)
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THE ACCOUNTING STANDARDS-SETTING BODY FOR STATE AND LOCAL GOVERNMENTS, AND THIS THE ULTIMATE AUTHORITATIVE BODY WITH RESPECT TO GAAP FOR STATE AND LOCAL GOVERNMENTS
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GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB)
|
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ACTIVITIES OF A GOVERNMENT THAT ARE GENERALLY FINANCED THRU TAXES AND NON-EXCHANGE REVENUES. THIS IS ONE OF THE TWO REPORTING CATEGORIES AT THE GOVERNMENT-WIDE LEVEL FOR STATE AND LOCAL GOVERNMENTS
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GOVERNMENTAL ACTIVITIES
|
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ONE OF THE THREE CLASSIFICATIONS OF FUNDS USED BY STATE AND LOCAL GOVERNMENTS. THEY ARE GENERALLY SUPPORTED FROM TAXES AND OTHER NON-EXCHANGE REVENUES
|
GOVERNMENTAL FUNDS
|
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TRANSACTIONS THAT OCCUR WHEN A GOVERNMENT, AT ONE LEVEL, PROVIDES RESOURCES TO A GOVERNMENT AT ANOTHER LEVEL. THIS TYPE OF TRANSACTION REQUIRES THE RECEIVING GOVERNMENT TO USE THE RESOURCES FOR A SPECIFIC PURPOSE ESTABLISHED IN THE PROVIDER'S ENABLING LEGISLATION
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GOVERNMENT-MANDATED NON-EXCHANGE REVENUES
|
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ASSESSMENTS BY GOVERNMENTS, OTHER THAN ASSESSMENTS ON EXCHANGE TRANSACTIONS, E.G. PROPERTY TAXES, TRAFFIC FINES.
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IMPOSED NON-EXCHANGE REVENUES
|
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CLAIMS FOR EVENTS THAT HAVE OCCURRED WITHIN THE FISCAL PERIOD, BUT HAVE NOT YET BEEN REPORTED BY THE GOVERNMENT
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INCURRED BUT NOT REPORTED (IBNR) CLAIMES
|
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A PROCESS REQUIRED FOR GOVERNMENT-WIDE REPORTING. THE PROCESS INVOLVES ELIMINATING ITNERFUND ACTIVITY AMONG GOVERNMENTAL ACTIVITIES OR AMOUNT BUSINESS-TYPE ACTIVITIES FOR REPORTING PURPOSES
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INTERFUND ELIMINATIONS
|
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TRANSACTIONS BETWEEN, AND AMONG, THE VARIOUS FUNDS OF A GOVERNMENT
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INTERFUND TRANSACTIONS
|
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COSTS OF RESOURCES THAT ARE JOINTLY OR COMMONLY USED TO PRODUCE TWO OR MORE TYPES OF OUTPUTS, BUT ARE NOT SPECIFICALLY IDENTIFIABLE WITH ANY OF THE OUTPUTS. TYPICAL EXAMPLES INCLUDE: COSTS OF GENERAL ADMIN SVCS, GENERAL RESEARCH & TECH SUPPORT, SECURITY, RENT, EMPLOYEE HEALTH & RECREATION FACILITIES, AND OPERATING AND MAINTENANCE COSTS FOR BLDGS, EQUIP, AND UTILITIES. THEY ARE ALLOCATED TO ACTIVITIES BASED ON SOME RATIONAL DISTRIBUTION METHOD
|
INDIRECT COSTS
|
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MEASURES OF EFFORT
|
INPUTS
|
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ONE OF THE MAJOR REVENUE SOURCES FOR GOVERNMENTS. THEY INCLUDE GRANTS AND REVENUES THAT ARE SHARED BETWEEN, AND AMONG, GOVERNMENTS
|
INTERGOVERNMENTAL REVENUES
|
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ONE OF THE PROPRIETARY FUND TYPES USED BY STATE AND LOCAL GOVERNMENTS. THESE FUNDS ARE USED TO REPORT ANY ACTIVITY THAT PROVIDES GOODS OR SERVICES TO OTHER FUNDS AND DEPARTMENTS OF A GOVERNMENT FOR A FEE
|
INTERNAL SERVICE FUNDS
|
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A CONCEPT THAT IS BASED ON THE NOTION THAT GOODS AND SERVICES RECEIVED BY CURRENT-YR TAXPAYERS SHOULD NOT BE A BURDEN ON TAXPAYERS IN FUTURE YEARS. THE GASB BELIEVES THAT A MAJOR REASON FOR FINANCIAL REPORTING BY STATE AND LOCAL GOVERNMENTS IS TO ENABLE USERS TO ASSESS WHETHER FUTURE YEAR TAXPAYERS WILL BE REQUIRED TO PAY FOR SERVICES RECEIVED BY CURRENT YEAR TAXPAYERS
|
INTERPERIOD EQUITY
|
|
AN AUTHORITATIVE PUBLICATION ISSUED BY AN ACCOUNTING STANDARDS-SETTING BODY THAT PROVIDES ADDITIONAL INFO REGARDING HOW AND ACCOUNTING STANDARD SHOULD BE INTERPRETED
|
INTERPRETATIONS
|
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A FUND TYPE USED BY THE FEDERAL GOVT THAT IS SIMILAR TO AN INTERNAL SERVICE FUND. IT IS USED BY A FEDERAL AGENCY THAT PROVIDES GOODS AND SERVICES TO OTHER FEDERAL AGENCIES FOR A FEE
|
INTRAGOVERNMENTAL REVOLVING FUNDS
|
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THE POOLING OF CASH FOR INVESTMENT PURPOSES. IT MAY BE INTERNAL OR EXTERNAL. INTENAL- COMBINES THE CASH BALANCES OF THE FUNDS OF AN ENTITY FOR INVESTMENT PURPOSES. EXTERNAL- INVOLVES PARTICIPATION OF GOVERNMENTS OUTSIDE THE ENTITY.
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INVESTMENT POOL
|
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ONE OF THE FIDUCIARY FUND TYPES USED BY STATE AND LOCAL GOVERNMENTS. IT IS USED TO REPORT THE ACTIVITIES OF AN EXTERNAL INVESTMENT POOL
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INVESTMENT TRUST FUND
|
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A DUE PROCESS DOCUMENT ISSUED BY AN ACCOUNTING STANDARDS-SETTING BODY. IT FOCUSES ON THE CRITICAL ELEMENTS OF AN ISSUE AND ASKS READERS TO PROVIDE COMMENTS REGARDING THEIR PREFERRED APPROACH.
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INVITATION TO COMMENT (ITC)
|
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A METHOD OF VALUING INVENTORY WHEREBY THE LAST ITEMS PURCHASED FOR INVENTORY ARE THE FIRST TO BE CONSUMED. THE INVENTORY IS VALUED BASED ON THE OLDEST ITEMS PURCHASED
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LIFO
|
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THE ACCOUNTABILITY OF PUBLIC OFFICIALS TO ENSURE THEIR ACTIONS ARE WITHIN THE APPLICABLE LAWS, RULES, AND REGULATIONS
|
LEGAL ACCOUNTABILITY
|
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A REQUIREMENT FOR THE INTRODUCTORY SECTION OF THE CAFR. IT IS THE FORMAL SUBMISSION OF THE CAFR TO THE LEGISLATIVE BODY, CHIEF EXEC, AND/OR CITIZENS OF THE GOVT
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LETTER OF TRANSMITTAL
|
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THE REPAYMENT OF PRINCIPAL AND INTEREST ON A LONG-TERM OBLIGATION THAT REQUIRES APPROX THE SAME TOTAL PAYMENT EACH YEAR. IT IS SIMILAR TO A MORTGAGE PAYMENT SCHEDULE USED BY A HOMEOWNER
|
LEVEL DEBT SERVICE
|
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LIABILITIES THAT REQUIRE REPAYMENT OVER A NUMBER OF YEARS
|
LONG-TERM DEBT
|
|
A RECEIVABLE FOR WHICH PAYMENT IS NOT EXPECTED TO BE RECEIVED WITHIN A REASONABLE PERIOD AFTER THE END OF THE FISCAL YEAR
|
LONG-TERM RECEIVABLE
|
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REQUIRED SUPPLEMENTARY INFO USED TO INTRODUCE THE BASIC FINANCIAL STMTS. IT PROVIDES A NARRATIVE OVERVIEW OF THE FINANCIAL ACTIVITIES OF STATE OR LOCAL GOVT. IN THE FEDERAL GOVT, IT ALSO PROVIDES INFO ABOUT THE ENTITY'S MISSION, PROGRAM PERFORMANCE, SYSTEMS AND CONTROLS, AND CHALLENGES
|
MGMT'S DISCUSSION & ANALYSIS (MD&A)
|
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AS USED IN FEDERAL BUDGETING, THE CATEGORY OF SPENDING FOR PROGRAMS THAT ARE PERMANENTLY AUTHORIZED AND MUST BE FUNDED. EXAMPLES INCLUDE INTEREST ON DEBT, SOC SEC, AND MEDICARE
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MANDATORY SPENDING
|
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THE RISK THAT THE VALUE OF AN INVESTMENT WILL DECLINE DUE TO CHANGES IN THE MARKET
|
MARKET RISK
|
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THE TERM USED FOR THE CONCEPT OF WHAT IS BEING MEASURED IN ORDER TO PREPARE FINANCIAL STMTS ON FINANCIAL POSITION AND RESULTS OF OPERATIONS. THE ONES USED BY GOVERNMENTS ARE CURRENT FINANCIAL RESOURCES AND ECONOMIC RESOURCES
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MEASUREMENT FOCUS
|
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PERFORMANCE MEASURES THAT REPORT WHAT WAS PROVIDED OR ACHIEVED WITH THE RESOURCES USED. THE TWO TYPES OF MEASURES ARE OUTPUTS AND OUTCOMES
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MEASURES OF ACCOMPLISHMENT
|
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FINANCIAL AND NON-FINANCIAL RESOURCES USED TO PRODUCE A SERVICE OR OUTPUT. NONFINANCIAL MEASURES INCLUDE PEOPLE (FULL-TIME EQUIVALENTS), MACHINERY, EQUIPMENT, OR OTHER TYPES OF INPUTS OTHER THAN MONEY.
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MEASURES OF EFFORT (ALSO CALLED INPUTS)
|
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THE BASIS OF ACCOUNTING THAT RECOGNIZED REVENUES IN THE ACCOUNTING PERIOD WHEN THEY ARE MEASURABLE AND AVAILABLE. EXPENDITURES ARE RECOGNIZED IN THE PERIOD WHEN THE FUND LIAB IS INCURRED IF IT IS MEASUREABLE
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MODIFIED ACCRUAL BASIS OF ACCOUNTING
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AN ALTERNATIVE APPROACH FOR STATE AND LOCAL GOVT NOT WISHING TO RECORD DEPRECIATION OF INFRASTRUCTURE ASSETS. TO USE THIS APPROACH, A GOVERNMENT MUST HAS AN ASSET MANAGEMENT SYSTEM THAT MEETS CERTAIN REQUIREMENTS AND MUST DOCUMENT THAT INFRASTRUCTURE ASSETS ARE BEING PRESERVED AT A CONDITION LEVEL ESTABLISHED BY GOVERNMENT
|
MODIFIED APPROACH TO INFRASTRUCTURE
|
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A BODY THAT CONSISTED OF REPRESENTATIVES FROM A NUMBER OF GOVERNMENT PUBLIC INTEREST GROUPS, INCLUDING THE GFOA, THAT ESTABLISHED ACCOUNTING AND FINANCIAL REPORTING STANDARDS. IT WAS THE IMMEDIATE PREDECESSOR TO THE GASB.
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NATIONAL COUNCIL ON GOVERNMENTAL ACCOUNTING (NCGA)
|
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THE FORMAT USED TO PREPARE THE GOVERNMENT-WIDE STATEMENT OF ACTIVITIES.
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NET COST FORMAT
|
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REPRESENTS THE DIFFERENCE BETWEEN PROGRAM EXPENSES AND PROGRAM REVENUES
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NET COSTS
|
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IT IS THE DIFFERENCE BETWEEN ASSETS AND LIABILITIES
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NET POSITION
(FORMALLY CALLED "NET ASSETS" IN STATE AND LOCAL GOVERNMENT ACCOUNTING MODEL) |
|
STATEMENTS THAT REPORT NET POSITION FOR STATE AND LOCAL GOVERNMENTS USE THE FORMULA:
|
ASSETS + DEFERRED OUTFLOWS OF RESOURCES - LIAB - DEFERRED INFLOWS OF RESOURCES = NET POSITION
|
|
INFLOWS OF RESOURCES THAT A GOVERNMENT DEMANDS OR THAT IT RECEIVES BY DONATION OR GRANT. IT DEMANDS INCLUDE TAXES, DUTIES, FINES, AND PENALITES
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NONEXCHANGE REVENUE
|
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TRANSACTIONS IN WHICH THERE IS NO EXCHANGE INVOLVED. A GOVERNMENT GIVES (OR RECEIVES) SOMETHING OF VALUE WITH NO EXPECTATION OF RECEIVING (OR GIVING) SOMETHING OF EQUAL VALUE
|
NONEXCHANGE TRANSACTIONS
|
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AN ACTIVITY BETWEEN THE FUNDS OF A STATE OR LOCAL GOVERNMENT NO INVOLVING AN EXCHANGE TRANSACTION
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NONRECIPROCAL INTERFUND ACTIVITY
|
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THE PORTION OF NET POSITION FOR A STATE OR LOCAL GOVT ENTITY THAT REPRESENTS AMOUNTS THAT CANNOT BE SPENT B/C THEY ARE EITHER (A) NOT IN A SPENDABLE FORM OR (B) LEGALLY OR CONTRACTUALLY REQUIRED TO BE MAINTAINED INTACT. CRITERIA INCLUDES ITEMS THAT ARE NOT EXPECTED TO BE CONVERTED TO CASH, SUCH AS INVENTORY AND PREPAID AMOUNTS. IT ALSO INCLUDES THE LONG-TERM AMOUNT OF LOANS AND NOTES RECEIVABLE, AS WELL AS PROPERTY ACQUIRED FOR RESALE
|
NONSPENDABLE FUND BALANCE
|
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AS USED IN FEDERAL ACCOUNTING, A BINDING AGREEMENT CHARGED AGAINST AN APPROP THAT REFLECTS AMOUNTS OF ORDERS PLACED, CONTRACTS AWARDED, SERVICES RECEIVED, OR SIMILAR TRANSACTIONS THAT WILL REQUIRE PAYMENTS DURING THE SAME OR FUTURE PERIODS
|
OBLIGATION
(SIMILAR TO AN ENCUMBRANCE IN STATE AND LOCAL GOVERNMENT ACCOUNTING) |
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AN OFFICIAL DOC PREPARED BY A GOVT THAT PROVIDES THE DETAILS REGARDING A PROSPECTIVE ISSUE OF BONDS OR NOTES. IT DESCRIBES THE DETAILS OF THE ISSUE AS TO HOW THE PROCEEDS ARE TO BE USED. IT INCLUDES THE REPAYMENT SCHEDULE, AS WELL AS INFO ABOUT THE GOVT, AND CONDENSED FINANCIAL INFO
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OFFERING STATEMENT
|
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A LEASE ARRANGEMENT BETWEEN THE GOVT AND ANOTHER PARTY THAT DOES NOT RESULT IN THE TRANSFER OF BENEFITS TO THE LESSEE
|
OPERATING LEASE
|
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REVENUES OF PROPRIETARY FUNDS THAT RESULT FORM OPERATIONS CARRIED OUT BY THE FUND
|
OPERATING REVENUE
|
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A BASIC FINANCIAL STMT ISSUED BY A GOVERNMENT THAT PROVIDES INFO ABOUT THE RESULTS OF OPERATIONS. THE MOST POPULAR TYPE INCLUDES REVENUES RECEIVED DURING THE FISCAL PERIOD, EXPENDITURES/EXPENSES INCURRED, AND THE CHANGE IN THE FUND BALANCE OR NET POSITION
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OPERATING STATEMENT
|
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THE NEED FOR PUBLIC OFFICIALS TO BE ACCOUNTABLE FOR MEETING OBJECTIVES EFFICIENTLY AND EFFECTIVELY USING THE RESOURCES THEY HAVE AVAILABLE
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OPERATIONAL ACCOUNTABILITY
|
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A MEASURE OF ACCOMPLISHMENT THAT INDICATES THE RESULTS OF A PROGRAM B/C OF THE SERVICES THAT WERE PROVIDED. FOR EXAMPLE, THE NUMBER OF STUDENTS GRADUATING FROM HIGH SCHOOL AND GOING ON TO HIGHER EDU OR ENTERING EMPLOYMENT; OR THE PERCENTAGE OF ROADS THAT MEET A CERTAIN CRITERIA STANDARD
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OUTCOMES
|
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AS USED IN FEDERAL ACCOUNTING, THE ACTUAL AMOUNT OF MONEY DISBURSED FOR GOODS, SERVICES, GRANTS, TRANSFER PAYMENTS, OR INTEREST
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OUTLAYS
|
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A MEASURE OF ACCOMPLISHMENT THAT INDICATES THE PHYSICAL QUANTITY OF A GOOD OR SERVICE PROVIDED. FOR EXAMPLE, THE NUMBER OF EMERGENCY RUNS DURING A MONTH OR THE NUMBER OF DOCS PROCESSED.
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OUTPUTS
|
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AS USED IN COST ACCOUNTING, INDIRECT COSTS PROVIDED BY THE SAME OR ANOTHER DEPARTMENT THAT ARE OF AN ADMINISTRATIVE NATURE. FOR EXAMPLE, ACCOUNTING AND PAYROLL SVCS THAT ARE NEEDED TO SUPPORT A FUNCTION OR ACTIVITY
|
OVERHEAD
|
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A GRANT RECEIVED BY A GOVT THAT IS PASSED ON TO ANOTHER PARTY. THE GOVT ACTS MERELY AS A CASH CONDUIT AND HAS NO INVOLVEMENT IN THE ADMINISTRATION OF THE GRANT
|
PASS-THRU GRANT
|
|
A FIDUCIARY FUND TYPE USED IN STATE AND LOCAL GOVT ACCOUNTING TO ACCOUNT FOR PENSIONS AND OTHER BENEFITS PROVIDED BY A GOVT TO EMPLOYEES AND RETIREES . HEALTH CARE IS AN EXAMPLE OF AN EMPLOYEE BENEFIT THAT WOULD BE INCLUDED IN THIS FUND TYPE
|
PENSION (AND OTHER EMPLOYEE BENEFIT) TRUST FUND
|
|
ENSURING THAT A GOVERNMENT ACTS IN AN EFFECTIVE AND EFFICIENT MANNER IN THE PERFORMANCE OF PROVIDING GOODS AND SERVICES
|
PERFORMANCE ACCOUNTABILITY
|
|
A METHOD OF BUDGETING THAT FOCUSES ON OUTPUTS AND OUTCOMES. IT IS DEVELOPED BY ESTIMATING THE RESOURCES NEEDED DURING THE FISCAL PERIOD TO ACHIEVE A DEFINED LEVEL OF OUTPUTS OR OUTCOMES
|
PERFORMANCE BUDGETING
|
|
THE COMMON TERM FOR SERVICE EFFORTS AND ACCOMPLISHMENTS MEASURES
|
PERFORMANCE MEASURES
|
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A GOVERNMENTAL FUND TYPE, USED IN STATE AND LOCAL GOVT ACCOUNTING, WHOSE EARNINGS MAY BE USED TO BENEFIT THE GOVERNMENT'S PROGRAMS, BUT WHOSE PRINCIPAL IS RESTRICTED
|
PERMANENT FUNDS
|
|
FINANCIAL REPORTS THAT PROVIDE INFO COVERING A PERIOD OF TIME, SUCH AS AN OPERATING STATEMENT. THE REPORTS GENERALLY FOCUS ON THE RESULTS OF OPERATIONS
|
FLOW REPORTS
|
|
SUPPLEMENTAL REPORTS THAT ARE DIRECTED TO THE CITIZENS OF THE GOVERNMENT, AND OTHER LAY READERS, THAT PROVIDE CONDENSED SUMMARY INFO. THEY ARE USER-FRIENDLY
|
POPULAR REPORTS
|
|
A DUE PROCESS DOCUMENT ISSUED BY AN ACCOUNTING STANDARDS-SETTING BODY THAT DESCRIBES THE DIRECTION THE BOARD IS TAKING TO ADDRESS AN ACCOUNTING ISSUE. THE DOC MAY CONTAIN BOTH A MAJORITY VIEW AND A MINORITY VIEW
|
PRELIMINARY VIEWS (PV)
|
|
AS USED IN STATE AND LOCAL GOVT ACCOUNTING FOR DETERMINING THE REPORTING ENTITY, IT IS A GENERAL PURPOSE GOVT (STATE, CITY, VILLAGE, TOWN, TOWNSHIP) OR A SPECIAL PURPOSE GOVERNMENT THAT IS LEGALLY SEPARATE, HAS AN ELECTED GOVERNING BODY AND IS FISCALLY INDEPENDENT OF OTHER GENERAL PURPOSE GOVERNMENTS
|
PRIMARY GOVERNMENT
|
|
THE FINANCIAL STATEMENTS REQUIRED TO BE PREPARED BY A FEDERAL REPORTING ENTITY. THEY ARE THE BALANCE SHEET, STMT OF NET COST, STMT OF CHANGES IN NET POSITION, STMT OF BUDGETARY RESOURCES, STMT OF FINANCING, AND STMT OF CUSTODIAL ACTITIVITES
|
PRINCIPAL FINANCIAL STATEMENTS
|
|
OF THE FIDUCIARY FUND TYPES USED IN STATE AND LOCAL GOVT ACCOUNTING. THE PRINCIPAL AND INTEREST OF THE FUND IS RESTRICTED AND CAN BE USED TO BENEFIT ONLY INDIVIDUALS, ORGANIZATIONS, OR GOVERNMENTS OUTSIDE THE REPORTING ENTITY
|
PRIVATE-PURPOSE TRUST FUNDS
|
|
THE ACCOUNTABILITY OF PUBLIC OFFICIALS FOR THE OPERATIONS OF A SPECIFIC PROGRAM
|
PROGRAM ACCOUNTABILITY
|
|
A BUDGETING METHOD THAT ALLOCATES RESOURCES FOR SPECIFIC PROGRAMS
|
PROGRAM BUDGET
|
|
A METHOD OF DETERMINING THE AMOUNT OF INTEREST TO BE AMORTIZED ON AN ANNUAL BASIS
|
PROPORTIONATE-TO-STATED-INTEREST REQUIREMENTS METHOD
|
|
AS USED IN THE FEDERAL GOVT, THE ACCOUNTING SYSTEM THAT IS CONCERNED WITH THE ASSETS, LIAB, AND RESIDUAL EQUITIES OF A FEDERAL ENTITY, AS WELL AS REVENUES, EXPENSES, AND COSTS
|
PROPRIETARY ACCOUNTING SYSTEM
|
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A CONSORTIUM OF GOVERNMENTS THAT JOIN TOGETHER TO INSURE CERTAIN RISKS OF GOVERNMENT, INCLUDING PROPERTY AND LIABILITY LOSSES, WORKERS' COMPENSATION, OR EMPLOYEE HEALTH BENEFITS
|
PUBLIC SECTOR RISK POOL
|
|
A METHOD OF REPORTING INVENTORY, IN WHICH THE INVENTORY IS REPORTED AS AN EXPENDITURE OR EXPENSE WHEN IT IS PURCHASED, RATHER THAN BEING REPORTED AS AN ASSET WHEN IT IS PURCHASED, AND THEN AS AN EXPENDITURE OR EXPENSE WHEN IT IS CONSUMED
|
PURCHASES METHOD
|
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RESTRICTIONS SET FORTH BY THE PROVIDER THAT PERTAIN TO THE USE OF GOVERNMENT MANDATED AND VOLUNTARY NONEXCHANGE TRANSACTIONS
|
PURPOSE RESTRICTIONS
|
|
TRANSACTIONS BETWEEN FUNDS OF STATE OR LOCAL GOVT THAT INVOLVE AND EXCHANGE. THEY INCLUDE INTERFUND LOANS AND SERVICES PROVIDED AND USED
|
RECIPROCAL INTERFUND ACTIVITY
|
|
THE PROCESS OF FORMALLY RECORDING OR INCORPORATING AN ITEM INTO THE FINANCIAL RECORDS OF AN ENTITY AS AN ASSET, LIAB, REV, EXPENSE, OR EXPENDITURE
|
RECOGNITION
|
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A STATE OR LOCAL PRIMARY GOVT AND ITS COMPONENT UNITS THAT ARE REQUIRED TO BE REPORTED IN FINANCIAL STMTS. FOR FEDERAL REPORTING, AN ENTITY THAT MEETS THE CONCLUSIVE CRITERIA OR INDICATIVE CRITERIA ESTABLISHED FOR DETERMINING THE REPORTING ENTITIES
|
REPORTING ENTITY
|
|
A TRANSACTION THAT INVOLVES A GOVT TRANSFERRING CASH TO A BROKER, OR A FINANCIAL INSTITUTION, IN EXCHANGE FOR SECURITIES THAT WILL BE REPURCHASED FOR A SPECIFIED AMOUNT AT A SPECIFIED DATE IN THE FUTURE
|
REPURCHASE AGREEMENT
|
|
INFO REQUIRED BY AN ACCOUNTING STANDARD-SETTING BODY TO ACCOMPANY THE BASIC FINANCIAL STMTS. IT IS GENERALLY PRESENTED AFTER THE NOTES TO THE BASIC FINANCIAL STMTS. IF IT IS NOT PRESENTED OR IS INCOMPLETE, THE AUDITOR MUST MENTION THE DEFICIENCY IN AN EXPLANATORY PARAGRAPH IN THE INDEPENDENT AUDITOR'S OPINION LETTER
|
REQUIRED SUPPLEMENTARY INFO (RSI)
|
|
INFO THAT FASAB BELIEVES IS ESSENTIAL REGARDING A FEDERAL AGENCY'S STEWARDSHIP RESPONSIBILITIES
|
REQUIRED SUPPLEMENTARY STEWARDSHIP INFO (RSSI)
|
|
AS USED IN FEDERAL ACCOUNTING, A LAW PASSED BY CONGRESS THAT PERMANENTLY CANCELS BUDGET AUTHORITY
|
RESCISSION
|
|
THE DIFFERENCE BETWEEN ASSETS AND LIAB
|
RESIDUAL EQUITY
(ALSO CALLED FUND BALANCE OR NET POSITION) |
|
ASSETS THAT HAVE RESTRICTIONS THAT EITHER ARE EXTERNALLY IMPOSED BY CREDITORS, GRANTORS, CONTRIBUTORS, LAWS, OR REGULATIONS OF OTHER GOVERNMENTS, OR IMPOSED BY LAW THRU CONSTITUTIONAL PROVISIONS OR ENABLING LEGISLATION
|
RESTRICTED ASSETS
|
|
FOR STATE AND LOCAL GOVT FINANCIAL STMTS, FUND BALANCE SHOULD BE REPORTED AS RESTRICTED WHEN CONSTRAINTS PLACED ON THE USE OF THE RESOURCES ARE EITHER
A) EXTERNALLY IMPOSED BY CREDITORS, GRANTORS, CONTRIBUTORS, LAWS, OR REGULATIONS, OR OTHER GOVERNMENTS OR B) IMPOSED BY LAW THRU CONSTITUTIONAL PROVISIONS OR ENABLING LEGISLATION ENABLING LEGISLATION SHOULD INCLUDE A LEGALLY ENFORCEABLE REQUIREMENT THAT THOSE RESOURCES CAN BE USED ONLY FOR THE SPECIFIC PURPOSES STIPULATED IN THE LEGISLATION LEGALLY ENFORCEABLE MEANS THAT A GOVERNMENT CAN BE COMPELLED BY AN EXTERNAL PARTY, SUCH AS ITS CITIZENS, PUBLIC INTEREST GROUPS, OR THE JUDICIARY, TO USE RESOURCES ONLY FOR THE PURPOSES SPECIFIED IN THE LEGISLATION |
RESTRICTED FUND BALANCE
|
|
RESTRICTED FUND BALANCE FOR STATE AND LOCAL GOVT FINANCIAL STMTS, FUND BALANCE SHOULD BE REPORTED AS RESTRICTED WHEN CONSTRAINTS PLACED ON THE USE OF THE RESOURCES ARE EITHER:
|
A) EXTERNALLY IMPOSED BY CREDITORS, GRANTORS, CONTRIBUTORS, LAWS, OR REGULATIONS, OR OTHER GOVERNMENTS OR
B) IMPOSED BY LAW THRU CONSTITUTIONAL PROVISIONS OR ENABLING LEGISLATION |
|
SHOULD INCLUDE A LEGALLY ENFORCEABLE REQUIREMENT THAT THOSE RESOURCES CAN BE USED ONLY FOR THE SPECIFIC PURPOSES STIPULATED IN THE LEGISLATION
|
ENABLING LEGISLATION
|
|
MEANS THAT A GOVERNMENT CAN BE COMPELLED BY AN EXTERNAL PARTY, SUCH AS ITS CITIZENS, PUBLIC INTEREST GROUPS, OR THE JUDICIARY, TO USE RESOURCES ONLY FOR THE PURPOSES SPECIFIED IN THE LEGISLATION
|
LEGALLY ENFORCEABLE
|
|
AMOUNTS WITHHELD FROM CONTRACTORS UNTIL COMPLETION AND ACCEPTANCE OF CAPITAL PROJECTS. IT IS A LIAB OF THE GOVT TO THE CONTRACTOR. HOWEVER, IF THE CONTRACTOR FAILS TO MEET CONTRACT REQUIREMENTS, IT CAN BE USED BY THE GOVT TO COMPLETE THE PROJECT
|
RETAINAGE
|
|
A LONG-TERM OBLIGATION, TYPICALLY BACKED AND SERVICED BY THE REVENUE STREAM, RESULTING FROM A FACILITY CONSTRUCTED OR ACQUIRED WITH THE BOND'S PROCEEDS. IT COULD BETHE FEES CHARGED BY THE ENTERPRISE OPERATING THE FACILITY OR IT COULD BE TAXES, OR OTHER REVENUES, THAT ARE RECEIVED B/C OF THE OPERATION OF THE FACILITY
|
REVENUE BOND
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ACTIVITIES TAKEN BY A GOVERNMENT TO FINANCE RISK ASSOCIATED WITH LIABILITY, PROPERTY DAMAGE, OR EMPLOYEE BENEFITS
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RISK-FINANCING ACTIVITY
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TRANSACTIONS WHEREBY A GOVERNMENT TRANSFERS SECURITIES TO OTHERS FOR CASH OR OTHER COLLATERAL, AND AGREES TO RETURN THE CASH OR COLLATERAL IN THE FUTURE
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SECURITIES LENDING TRANACTIONS
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A LONG-TERM OBLIGATION THAT REQUIRES THE PAYMENT OF PRINCIPAL IN INCREMENTS BEFORE THE FINAL MATURITY DATE
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SERIAL BOND
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AS ESTABLISHED BY THE GASB, THE CONCEPT OF USING MEASURES OF PERFORMANCE TO PROVIDE ADDITIONAL UNDERSTANDING OF HOW A GOVERNMENT USES RESOURCES
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SERVICE EFFORTS & ACCOMPLISHMENTS
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FEDERAL LEGISLATION THAT PROVIDES FOR ONE FINANCIAL AUDIT TO EXAMINE ALL FEDERAL AID PROGRAMS GRANTED TO A STATE OR LOCAL GOVT
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SINGLE AUDIT ACT
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FINANCING CAPITAL FACILITIES BY ASSESSING ONLY THOSE WHO BENEFIT FROM THE IMPROVEMENT. THE ASSESSMENT IS AN ADDITIONAL CHARGE TO THE PROPERTY TAX BILL
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SPECIAL ASSESSMENTS
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A SIGNIFICANT TRANSACTION THAT IS EITHER UNUSUAL IN NATURE OR INFREQUENT IN OCCURRENCE, WHICH IS WITHIN THE CONTROL OF MANAGEMENT. IT IS REPORTED SEPARATELY FROM OTHER TRANSACTIONS
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SPECIAL ITEM
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REPORTS THAT FOCUS ON A SPECIFIC PORTION OF THE OPERATIONS OF A GOVERNMENT. THE REPORTS INCLUDE BUDGETARY STATUS REPORTS, PROJECT REPORTS, AND GRANT REPORTS
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SPECIAL PURPOSE FINANCIAL REPORTS
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ONE OF THE GOVERNMENTAL FUND TYPES USED IN STATE AND LOCAL GOVT ACCOUNTING. THE PROCEEDS ARE RESTRICTED AS TO USE AND ARE LEGALLY SEPARATED FROM OTHER RESOURCES
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SPECIAL REVENUE FUNDS
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A GOVERNMENT THAT HAS BEEN CREATED TO PROVIDE ONE, OR A LIMITED NUMBER OF, SERVICES. EXAMPLES ARE SCHOOL DISTRICTS, AMBULANCE DISTRICTS, AND PARK DISTRICTS
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SPECIAL PURPOSE GOVERNMENT
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AUTHORITY PROVIDED IN LAW THAT PERMITS A FEDERAL AGENCY TO CREDIT OFFSETTING COLLECTIONS TO AN EXPENDITURE ACCOUNT, INCUR OBLIGATIONS AND MAKE PAYMENTS USING THE OFFSETTING COLLECTIONS
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SPENDING AUTHORITY FROM OFFSETTING COLLECTIONS
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A GOVERNMENT-WIDE FINANCIAL STMT ISSUED BY STATE AND LOCAL GOVTS. IT PRESENTS THE REVENUES, EXPENSES, AND CHANGES IN NET POSITION FOR GOVERNMENTAL ACTIVITIES, BUSINESS-TYPE ACTIVITIES AND DISCRETELY PRESENTED COMPONENT UNITS
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STATEMENT OF ACTIVITIES
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A BASIC FINANCIAL STMT THAT IS REQUIRED FOR EACH STATE AND LOCAL GOVT PROPRIETARY FUND TYPE
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STATE OF CASH FLOWS
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GOVERNMENT-WIDE FINANCIAL STMT ISSUED BY STATE AND LOCAL GOVT THAT PRESENTS ASSETS, LIAB, AND NET ASSETS FOR GOVERNMENTAL ACTIVITIES, BUSINESS-TYPE ACTIVITIES, AND DISCRETELY PRESENTED COMPONENT UNITS
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STATEMENT OF NET POSITION
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FINANCIAL REPORTS THAT PROVIDE INFO ABOUT THE FINANCIAL POSITION OF A GOVERNMENT AS OF A PARTICULAR DATE, SUCH AS THE BALANCE SHEET
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STOCK REPORTS
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A SHORT-TERM NOTE THAT IS ISSUED BY A STATE OR LOCAL GOVT IN ADVANCE OF TAXES THAT ARE TO BE RECEIVED AT A LATER DATE. THE NOTE, PLUS INTEREST, IS REPAID FROM THE TAXES RECEIVED
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TAX ANTICIPATION NOTE
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AN AUTHORITATIVE DOC ISSUED BY AN ACCOUNTING STANDARDS-SETTING BODY THAT PROVIDES TECH INFO CONCERNING THE APPLICATION AND IMPLEMENTATION OF AN ACCOUNTING STANDARD
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TECHNICAL BULLETIN
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A LONG-TERM OBLIGATION ISSUED BY A GOVT THAT REQUIRES ONLY PAYMENT OF INTEREST DURING THE TERM OF THE BOND. THE PRINCIPAL IS PAID AT THE END OF THE TERM
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TERM BOND
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AN OFFICIAL DOC THAT THE SECRETARY OF THE TREASURY ISSUES, PURSUANT TO LAW, TO A FEDERAL AGENCY THAT ESTABLISHES THE AMOUNT OF MONIES AUTHORIZED TO BE WITHDRAWN FROM THE CENTRAL ACCOUNTS THAT TREASURY MAINTAINS
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TREASURY WARRANT
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THIS IS THE RESIDUAL CLASSIFICATION FOR THE GENERAL FUND AND REPRESENTS THE AMOUNT THAT HAS NOT BEEN ASSIGNED TO OTHER FUNDS AND THAT HAS NOT BEEN RESTRICTED, COMMITTED, OR ASSIGNED TO SPECIFIC PURPOSES WITHIN THE GENERAL FUND
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UNASSIGNED FUND BALANCE
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THE DIFFERENCE BETWEEN THE REVENUE ESTIMATE AND REVENUES RECEIVED TO DATE
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UNREALIZED REVENUE
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FEES CHARGED BY A GOVT TO USERS OF A GOOD OR SERVICE
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USER FEES
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A NEGOTIABLE INSTRUMENT ISSUED BY A STATE OR LOCAL GOVT OR THE FEDERAL GOVT
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WARRANT
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A LONG-TERM OBLIGATION THAT REQUIRES NO PAYMENT OF PRINCIPAL OR INTEREST UNTIL THE TERM EXPIRES. AT THAT TIME, BOTH PRINCIPAL AND INTEREST ARE PAID TO BOND HOLDERS
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ZERO COUPON BONDS
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