Term
| DEFINE DERIVED NON- EXCHANGE TAX REVENUE: |
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Definition
| TAX REVENUE REPRESENT TAXES IMPOSED ON OR DERIVED FROM EXCHANGE TRANSACTIONS SUCH AS COMMERCIAL SALES (SALES TAXES) |
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Term
| IMPOSED NON EXCHANGED REVENUES |
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Definition
| INCLUDE PROPERTY TAXES AND FINES. |
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Term
| DERIVED TAX REVENUES REPRESENT A NON EXCHANGE TRANSACTION THAT |
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Definition
| "DERIVES" ITS REVENUES FROM EXCHANGE TRANSACTIONS SUCH AS SALES TAXES ON SALES AND INCOME TAXES ON INCOME. |
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Term
| GOVERNMENT-MANDATED NON EXCHANGE TRANSACTION REPRESENT NON EXCHANGE TRANSACTIONS THAT |
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Definition
| CTIVITIES SUCH AS ENVIRONMENTAL CLEAN UP ETC |
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Term
| VOLUNTARY NON EXCHANGE TRANSACTIONS ARE NON EXCHANGE TRANSACTIONS THAT |
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Definition
| EFFECTIVELY REPRESENT CONTRIBUTIONS SUCH AS GRANTS ETC. |
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Term
| A BALANCED BUDGET DEMONSTRATES INTERPERIOD EQUITY WHICH IS A SIGNIFICANT PART |
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Definition
| OF ACCOUNTABILITY ON BEHALF OF A GOV ENTITY. IT HELPS USERS ASSESS WHETHER CURRENT YEAR REVENUES ARE SUFFICIENT TO PAY FOR THE SERVICES PROVIDED THAT YEAR AND WHETHER FUTURE TAXPAYERS WILL BE REQUIRED TO ASSUME BURDENS FOR SERVICES PREVIOUSLY PROVIDED. RESIDUAL EQUITY TRANSFERS IS AN OBSOLETE TERM INCLUDED AS A DISTRACT-ER. |
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Term
| THE REVENUE CONTROL ACCOUNT OF A GOVERNMENTAL UNIT IS INCREASED WHEN |
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Definition
PROPERTY TAXES ARE RECORDED
WHEN PROPERTY TAXES ARE LEVIED THE FOLLOWING J/E IS MADE
DR. PROPERTY TAXES RECEIVED XXX
CR. ALLOWANCE FOR UNCOL PROP TX
CR. REVENUES.
THUS REVENUE CONTROL ACCT IS INCREASED WHEN PROPERTY TAXES ARE LEVIED. |
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Term
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Definition
BINDING DOCUMENT AND THIS IS RECORDED WHEN ISSUED. J/E
DR. ENCUMBRANCE XX
CR. RESERVE FOR ENCUMBRANCE. |
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Term
| ESTIMATED REVENUE CONTROL ACCT IS PART OF THE |
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Definition
BUDGET. THE ENTRY TO RECORD BUDGET IS
DR. ESTIMATED REVENUE CONTROL XX
CR. BUDGETARY FUND BALANCE XX |
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Term
| WAGES AND SALARIES ARE PART OF WHICH CLASSIFICATION |
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Definition
| OBJECT: THIS IS THE MOST SPECIFIC CLASSIFICATION IN THE HIERARCHY AND REPRESENTS THE CHART OF ACCOUNTS TITLE. EXPENDITURES OF GOV RESOURCES SHOULD BE CLASSIFIED BY OBJECT CLASSES-ACCORDING TO THE TYPE OF ITEMS PURCHASED OR SERVICES OBTAINED. |
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Term
| PROGRAM CLASSIFICATION GROUPS |
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Definition
| ACTIVITIES, OPERATIONS OR ORGANIZATIONAL UNITS THAT ARE DIRECTED TO THE ATTAINMENT OF SPECIFIC PURPOSE OR OBJECTIVES. |
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Term
| FUNCTION CLASSIFICATION GROUP RELATED ACTIVITIES THAT |
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Definition
| ARE AIMED AT ACCOMPLISHING A MAJOR SERVICE OR REGULATORY RESPONSIBILITY. |
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Term
| ACTIVITY CLASSIFICATION PROVIDES |
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Definition
| DATA FOR CALCULATING EXPENDITURES PER UNIT ACTIVITY. AN ACTIVITY IS A SPECIFIC AND DISTINGUISHABLE LINE OF WORK PERFORMED BY AN ORGANIZATIONAL UNIT. |
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Term
| EXPENDITURES EXTENDING OVER MORE THAN ONE PERIOD MAY BE |
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Definition
| ALLOCATED BETWEEN OR AMONG ACCOUNTING PERIODS. NON SPENDABLE CURRENT RESOURCES SUCH AS INVENTORY OR PREPAID MAY BE RECORDED USING EITHER THE CONSUMPTION OR THE PURCHASES METHOD. CURRENT ASSETS OF THIS CHARACTER SERVE AS THE BASIS FOR CLASSIFICATION OF FUND BALANCE AS NON SPENDABLE. |
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Term
| REVENUES ARE RECOGNIZED WHEN MEASURABLE AND AVAILABLE. IN THE CASE OF PROPERTY TAXES, RECEIVABLES ARE RECOGNIZED IN THE |
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Definition
| PERIOD IN WHICH THE TAXES ARE LEVIED. WHEN PROPERTY TAXES ARE EITHER RECOGNIZED AS RECEIVABLE IN ADVANCE OR COLLECTED IN ADVANCE OF THE YEAR IN WHICH THEY ARE LEVIED. DEFERRED REVENUE IS RECORDED. |
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