Define Fund Balance
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.
Generally Accepted Accounting Principles (GAAP): The accounting rules, principles, conventions, and procedures which are employed for accounting and financial reporting. The GAAP for governments are put by the Governmental Accounting Standards Board (
Define the term State Fiscal Year: This is the period beginning from July 1 and continuing through the subsequent June 30.
Encumbrance: The commitment of all or portion of an appropriation for future expenses. The Encumbrances symbolize commitments associated to unfilled purchase orders or unfulfilled contracts. Exceptional encumbrances are recognized as budgetary expense
Sinking Fund: It is a fund or account in which money is deposited at customary intervals to offer for the retirement of bonded debt.
Workload: The measurement of rises and reduces of inputs or demands for work, and an ordinary basis for projecting related budget requires for both established and new programs. This approach to BCPs is frequently viewed as an alternative to outcome o
Describe the financial leverage effect and what causes it? Explain the potential benefits and negative consequences of high financial leverage? Financial leverage is the additional volatility of overall income caused through the presence of fix
Continuously Vacant Positions: On July 1, the positions which were continuously vacant for six successive monthly pay periods throughout the prior fiscal year are abolished by the State Controller's Office. The six successive monthly
Trade credit is free credit. Do you agree or conflicting with this statement? Clarify. Trade credit is not free. It contains a cost. Who bears that cost based on the terms of the transaction among the grantor and the recipient of the trade c
Which ratios would a potential long-term bond investor is most interested in? Describe. Current & potential lenders of long-term funds, such like banks & bondholders, are interested in debt ratios. While a business's debt ratios rise sig
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