Define the term Unencumbered Balance
Define the term Unencumbered Balance: It is the balance of an appropriation not so far committed for particular purposes.
Briefly describe the terms proprietorship, partnership, and corporation.A proprietorship is a business owned by one person. Two or more people who join together to develop a business make up a partnership. It can be done on an inf
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 (
What is Frequency Distribution? Compare Categorical Frequency Distribution, Ungrouped Frequency Distribution, Grouped Frequency Distribution?
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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Describe risk aversion? Risk aversion is the tendency to ignore additional risk. Risk-averse people will ignore risk if they can, unless they attain additional compensation for letting that risk. In finance, the added compensation is a higher ex
Change Book System: The system the Department of Finance employs to record all the legislative modifications (comprising changes stated by the Administration and approved by the Legislature) made to the Governor's Budget and the last actions on the bu
Describe some factors which common stockholders consider while deciding how much, if any, cash dividends they want from the corporation wherein they have invested? Common stockholders would assume the company's investment opportunity, their requ
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
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
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