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18 Cards in this Set
- Front
- Back
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Accrual Basis
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An accounting system that matches revenues and related expenses in the same fiscal year by recording revenues in the year in which they become earned (whether received or not) and the expenses related to generating those revenues in the same year.
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Allocation
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Subdivision of an appropriation into more detailed categories, such as responsibility centers or programs or objects of expenditure. Sometimes, spending is further broken down into allotments.
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Accrual Basis
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An accounting system that matches revenues and related expenses in the same fiscal year by recording revenues in the year in which they become earned (whether received or not) and the expenses related to generating those revenues in the same year.
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Allotments
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A system that allocates budget resources to specific time periods or for use only after certain event occurs.
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Allocation
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Subdivision of an appropriation into more detailed categories, such as responsibility centers or programs or objects of expenditure. Sometimes, spending is further broken down into allotments.
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Appropriation
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Approval by the legislative body--be it a senate or an assembly, a town committee or a council--of spending for a specific line-item. Appropriations create the authorization for spending the amount in the budget.
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Bad Debts
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The amount of money that is owed to an organization for goods or services provided, but which the organization is never able to collect. (uncollectible)
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Allotments
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A system that allocates budget resources to specific time periods or for use only after certain event occurs.
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Appropriation
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Approval by the legislative body--be it a senate or an assembly, a town committee or a council--of spending for a specific line-item. Appropriations create the authorization for spending the amount in the budget.
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Bad Debts
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The amount of money that is owed to an organization for goods or services provided, but which the organization is never able to collect. (uncollectible)
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Budget guidance Memorandum
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Document that provides policies, goals, and performance expectations
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Capital Assets
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Resources that will have lifetimes that extend beyond the year in which they are acquired
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Capital Budget
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Plan for the acquisition of buildings and equipment that will be used by the organization in one or more years beyond the year of acquisition.
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Cash Basis
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Accounting system under which revenues are recorded when cash is received and expenses are recorded when cash is paid
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Cash Budget
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Plan for the cash receipts
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Depreciation Expense
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Amount of the original cost of a capital asset allocated as an expense each year.
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Encumbrance
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Identification of a portion of the budget for a specific line-item that has already been "spoken for" by purchase commitments
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financial budget
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the cash budget and the capital budget together
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