--%>
Assignment Help - homework help

Explain Year of Budget

Year of Budget (YOB): In this the fiscal year revenues and expenses are recognized. For revenues, this is usually the fiscal year whenever revenues are earned. For expenses, this is usually the fiscal year whenever obligations, comprising encumbrances, have been made during the accessibility period of the appropriation. Whenever the availability period of encumbrance of an appropriation is 1-year (example, most of the Budget Act items), YOB is similar as year of appropriation (YOA) and year of completion (YOC). Though, whenever the accessibility period is more than 1-year, YOB might be any fiscal year throughout the availability period, comprising YOA or YOC, as suitable. For illustration, an appropriation made in 2010-11 and is accessible for 3-years, the YOA is 2010 and the YOC is 2012. When an obligation is made in 2011-12, the YOB for this obligation is 2011. In the CALSTARS, YOB is termed to as funding fiscal year (FFY). The rules of recognition are not similar for all funds depending on the suitable basis of accounting for the fund kinds or other factors.

   Related Questions in Finance Basics

  • Q : Underwriting a new security issue for

    What does an investment banker do while underwriting a new security issue for any corporation? While underwriting a new security issue an investment banker purchase it and after that resells it to investors.

    		•
  • Q : Slope of the budget line and the

    Consider someone won $15 on a Lotto Canada ticket at the local 7-Eleven & decided to spend all the winnings on bags of peanuts and candy bars. The cost of candy bars is estimated as $.75 and the cost of peanuts is $1.50. Plot the data in this table as a budget li

    		•
  • Q : Explain Administration Program Costs

    Administration Program Costs: It is the indirect cost of a program, usually a share of the costs of the administrative units serving the whole department (example, the Director's Office, Personnel, Legal, Accounting, and Business Serv

    		•
  • Q : Influence the economy in short run and

    Normal 0 false false

  • Q : Explain Generally Accepted Accounting

    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 (

    		•
  • Q : Determine level of productivity in this

    Normal 0 false false

  • Q : Influence of a quota Normal 0 false

    Normal 0 false false

  • Q : Change in supply of money Normal 0

    Normal 0 false false

  • Q : Define Warrant Warrant : It is an order

    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

    		•
  • Q : Effect of bank charges discount

    What happens while a bank charges discount interest on a loan? While a bank charges discount interest on a loan the required interest payment is subtracted through the loan proceeds at the time the loan is made. It makes the effective interest

    		•