Define the term Judgments
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.
Statute: It is a written law enacted by the Legislature and signed by the Governor or a vetoed bill overridden by a 2/3 vote of both houses), generally referred to by its chapter number and the year in which it is passed. The statutes which modify a s
Revolving Fund: Usually refers to a cash account termed as an office revolving fund (ORF). This is not a fund however an advance from an appropriation. The agencies might use the cash advance to pay out ORF checks for instant requirements, as specifie
Character of Expenditure: A classification recognizing the major purpose of expenditure, like State Operations, Local Assistance, Capital Outlay, or Unclassified.
Financial Controls: Any measure of how fine a company or department controls its costs, at times stated as how far beneath or over budget it is. Financial controls are a critical portion of any financial system. They make sure that the resources are b
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
Bond Funds: For legal basis budgeting aims, funds utilized to account for the receipt and disbursement of non-self liquidating common obligation bond proceeds. Such funds do not account for the debt retirement as the liability made by the sale of bond
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Audit: Usually a review of financial statements or performance activity (like an agency or program) to establish conformity or compliance with the applicable laws, regulations, and/or standards. The state has three central association
Revenue: Any adding up to cash or other current assets which does not raise any liability or reserve and does not symbolize the reduction or recovery of expenditure (example, reimbursements or abatements). Revenues are a kind of receipt usually derive
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