Describe accumulated depreciation
Describe accumulated depreciation?Depreciation is the allocation of an asset's primary cost over time. Accumulated depreciation is the sum of all the depreciation cost that has been identified to date.
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Schedule of Operating Expenses and Equipment, Supplementary: The supplemental schedule proposed by department’s throughout budget preparation that details by object the expenses comprised in the Operating Expenses and Equipment class.
Financial Reporting: It is a set of documents made generally by government agencies at the end of accounting period. It usually enclose summary of accounting data for that time period, with background forms, notes, and other information.
Abolishment of Fund: It is a closure of fund pursuant to the operation of law. The funds might also be administratively eliminated by the Department of Finance with the concurrence of the State Controller’s Office. Whenever a sp
State three major sections of the statement of cash flows? Cash flows from investing activities Cash flows from Operations Cash flows from financing activities Net change in cash balance Cash balance at beginning of period
Why does money contain time value?Positive interest rates denote that money has time value. While one person lets another borrow money, the first person needs compensation in exchange for decreasing current consumption. The person who borr
What are a bank's main reserves? Vault cash & deposits in the bank's account at the Fed are utilized to satisfy these reserve requirements; they are termed as primary reserves. These primary reserves are non-interest-earning assets hel
Prior Year Adjustment: An adjustment for the difference among prior year accruals and real expenditures or revenues. The previous year adjustment amount is usually comprised in the Fund Condition Statements as an adjustment to realign the starting fun
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