--%>

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 : Causes and solution to international

    causes and solutions to international bank crisis

  • Q : How does the market find out the fair

    How does the market find out the fair value of a bond?The fair value of bond is the present value of the bond's coupon interest payments plus the present value of the face value payment at maturity, discounted at the market's required rate of re

  • Q : Pros and cons of commercial paper

    Describe pros and cons of commercial paper associated to bank loans for a company seeking short-term financing? Usually commercial paper is a cheaper source of short-term financing for a firm, compared to bank loans. Also, a larger amount of fu

  • Q : Association of net present value to

    Normal 0 false false

  • Q : Effect of raising funds on rapidly

    Companies along with rapidly growing levels of sales do not require worrying about raising funds from outside the firm. Do you agree or disagree along with this statement? Describe. Disagree. Quickly growing firms require more assets to accom

  • Q : Explain Continuously Vacant Positions

    Continuously Vacant Positions: On July 1, the positions which were continuously vacant for six successive monthly pay periods throughout the prior fiscal year are abolished by the State Controller's Office. The six successive monthly

  • Q : Why do financial managers compute the

    Why do financial managers compute the marginal tax rate?Financial managers utilize marginal tax rates to estimate the future after tax cash flows from investments.  Because they are interested in how much of the next dollar earned through n

  • Q : Describe benefits of collecting early

    Describe benefits of "collecting early" and how do companies effort to do this? Money contains time value. The sooner cash is gathered, the better. Companies employ regional collection centres and lock boxes to facilitate this.

  • Q : Financial crisis of India during 1997 I

    I have to explain Financial crisis of India during 1997. Can someone help me in this question ?

  • Q : Investors prospects of growth Why might

    Why might investors overestimate the prospects of growth companies and underestimate value companies?