The next explanations of terms will be presented to help in understanding the narrative conversations and designs included in this text message and the terminology generally employed in governmental accounting, auditing, economic reporting and budgeting. Because this glossary is usually reprinted in the Government Financial Associations Governmental Accounting and Financial Reporting, the terms and answers have not recently been modified to reflect certain Texas institution district issues, etc . Alternatives for particular terms also may be offered in this appendix. In such instances, the abbreviation syn. is used prior to term.

Place an order for research paper!

Database of essay examples, templates and tips for writing For only $9.90/page

ANSWERABILITY. Being appreciated to explain ones actions, to justify what one will. Accountability requires governments to answer to the citizenry-to justify the raising of public resources and the purposes for which they can be used. Government accountability is based on the belief that the citizenry includes a right to understand, a right to obtain openly reported facts which may lead to general public debate by the citizens and the elected associates. SGAC1

ACCOUNTING PRINCIPLES PANEL (APB). Respected private-sector standard-setting body that preceded the FASB. The APB given guidance as Opinions.

ACCOUNTING STANDARDS EXECUTIVE COMMITTEE (AcSEC). An AICPA committee that is authorized to issue Practice Bulletins. A Practice Message specifically geared to state and local governments and cleared by the GASB might enjoy level 2 position on the structure of authoritative sources of GAAP established by SAS No . 69, The Meaning of Present Reasonably in Conformity with Generally Accepted Accounting Principles inside the Independent Auditors Report.

ACCRUAL BASIS OF ACCOUNTING. A method of accounting that recognizes the monetary effect of transactions, events, and interfund activities when they take place, regardless of the time of related cash runs.

OBTAIN COSTS. Expression used in connection with public-entity risk pools. Costs that vary with and are mainly related to the acquisition of fresh and restoration contracts. Commissions and other costs (e. g., salaries of certain employees involved in the underwriting and plan issue features, and inspection fees) which might be primarily associated with contracts given or reconditioned during the period in which the costs are sustained are considered to be acquisition costs SGAS twelve

ACTIVITY. A specific and distinguishable assistance performed by one or more company components of a government to achieve a function that the government can be responsible (e. g., law enforcement is a task within the public safety function).

ACTUARIAL ACCRUED LIABILITY. Expression used in connection with defined benefit pension plans. That portion, as determined by a specific actuarial cost method, from the actuarial present value of pension prepare benefits and expenses which is not provided for simply by future usual costs. SGAS 25

ACTUARIAL ASSUMPTIONS. Term used in connection with defined benefit monthly pension plans. Presumptions as to the occurrence of upcoming events impacting pension costs, such as: mortality, withdrawal, disablement and old age, changes in settlement and government-provided pension rewards, rates of investment profits and advantage appreciation or depreciation, types of procedures used to identify the actuarial value of assets, qualities of upcoming entrants intended for open group actuarial expense methods, and also other relevant things. SGAS twenty-five

ACTUARIAL PRICE METHOD. Expression used in connection with described benefit pension plans. A process for deciding the actuarial present value of monthly pension plan rewards and bills and for producing an actuarially equivalent allowance of these kinds of value to time periods, usually in the form of a regular cost and an actuarial accrued legal responsibility. SGAS 25.

ACTUARIAL SECTION. One of five sections of a comprehensive annual financial report of your public employee retirement program. The articles of this section typically are the actuarys recognition letter, an index of actuarial presumptions and strategies, a schedule of lively member value data, a schedule of retirants and beneficiaries included in and taken from rolls, a solvency test, an analysis of financial encounter, an independent actuarial review view (if available), and an analysis of changes in plan provisions (if the plan has been amended).

ACTUARIAL VALUE OF ASSETS. Expression used in connection with described benefit pension plans. The significance of cash, assets, and other real estate belonging to a pension plan, as used by the accountant general for the purpose of an actuarial value. The actuarial value of assets, that might represent a typical value with time, normally varies from the volume reported in the financial claims, which is a point-in-time measure (i. e., by the particular date of the assertion of net

< Prev post Next post >

The concept of subjectivity in accounting

Many bookmans and theoreticians have supported the construct of subjectiveness in accounting and also have besides employed this create has an declaration against teachers members that have a different placement ...

Advantages of well balanced scorecard accounting

Kaplan and Norton presented balance mark card in 1990s being a footing to provide a building for different steps of organizational community presentation. As debut they have gained a higher ...

Design a costing system for use within an

A costing system method means the task adopted to determine costs. There are lots of ways of ascertain costs. Businesses choose among the options depending on fortunes through which accounting ...

The public sector auditing accounting essay

Audit map is one of the almost all of import components in an company. The map is low merely limited in guaranting that an enterprise fiscal insurance coverage demo a ...

Positive and negative effects of sarbanes oxley

This kind of written task will show and discourse good and negative effects that Sarbanes Oxley has on publically exchanged corporations, the accounting occupations, and fiscal declaration users. Let me ...

Category: Accounting essays,
Words: 750

Published:

Views: 301

Download now
Latest Essay Samples