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.
Warrant: It is an order drawn by the State Controller directing the State Treasurer to reimburse a particular amount, from a specific fund, to the entity or person named. A warrant usually corresponds to a blank check however is not essentially payabl
Budget Act (BA): The annual statute authorizing state departments to use up appropriated funds for the aims stated in the Governor's Budget and improved by the Legislature.
What did the Emergency Banking Act do?
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.
Explain the investment opportunity schedule (IOS)? How does it help financial managers take business decisions? The investment opportunity schedule illustrates graphically proposed capital budgeting projects depicting the IRR and dollar amount
Service Revolving Fund: A fund employed to account for and finance most of the client services provided by the Department of General Services. The amounts expended by the fund are repaid by sales and services priced at rates adequate to keep the fund
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 (
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CALSTARS: The acronym for the California State Accounting and Reporting System that is the state's primary accounting system. Most of the departments presently use CALSTARS.
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