Define Current Year
Current Year (CY): It is a term utilized in budgeting and accounting to designate the operations of the current fiscal year in contrast to past or future periods.
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Fund: A lawful budgeting and accounting entity which offers for the segregation of moneys or other resources in the State Treasury for obligations in accordance with particular restrictions or limitations. A separate set of accounts should be maintain
Accrual Basis of Accounting: The foundation of accounting in which transactions are identified whenever they take place, regardless of when cash is disbursed or received. The revenue is recorded whenever earned, and expenses are recor
Biometrics is one kind of technology that can be used to control these kinds of fraudulent practices. May be it is the system which cannot completely stop the practices but yes at least it is the way which can reduce it to the barest minimum. The conv
Legislative Analyst’s Office (LAO): A non-partisan organization which gives advice to the Legislature on the fiscal and policy matters. For illustration, the LAO annually publishes a full analysis of the Governor's Budget and this document becom
Fund Balance: For accounting aims, the excess of a fund’s assets over its liabilities. And for budgeting aims, the surplus of a fund’s resources over its expenses.
Judgments: It is generally refers to decisions made by courts against the state. The payment of judgments is subject to a range of controls and procedures.
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