chapter 3 vocab Flashcards
A process by which each parcel of taxable real and personal property owned by each taxpayer is assigned a valuation.
Property Assessment
B. A basis for distinguishing expenditures according to the periods they are presumed to benefit. See also Character Classification.
Character
C. Unusual and infrequent material gains or losses.
extraordinary itmes
D. Amounts of financial resources estimated to be received or accrued during a period by a governmental or similar type fund from interfund transfers or from the proceeds of noncurrent debt issuance.
Estimated other financing sources
E. Authorizations granted by a legislative body to incur liabilities for purposes specified in the Appropriation Act (q.v.). Note: An appropriation is usually limited in amount and as to the time when it may be expended. See, however, Indeterminate Appropriation.
appropriations
F. Amounts of financial resources estimated to be disbursed or accrued during a period by a governmental or similar type fund for transfer to other funds.
Estimated other financing uses
G. Those accounts that reflect budgetary operations and condition, such as estimated revenues, appropriations, and encumbrances, as distinguished from proprietary accounts. See also Proprietary Accounts
Budgetary accounts
H. A temporary account established for the sole purpose of recognizing the difference between the anticipated inflows and outflows related to the budgetary period.
Budgetary fund balance
I. Units or departments within an entity, such as police department or city attorney department.
Organization unit
J. Revenues linked to a specific function or program and reported separately from general revenues on the government wide statement of activities.
Program revenues
K. A group of related activities aimed at accomplishing a major service or regulatory responsibility for which a government is responsible. For example, public health is a function. See also Subfunction, Activity, Character, and Object.
function
L. An operating statement classification in which financial outflows other than expenditures are reported, for example, transfers out.
other financing uses
M. A part of an appropriation (or, in federal usage, parts of an apportionment) that may be encumbered (obligated) or expended during an allotment period.
allotment
N. A specific and distinguishable line of work performed by one or more organizational components of a government for the purpose of accomplishing a function for which the government is responsible. For example, food inspection is an activity performed in the discharge of the health function. See also Function, Subfunction, and Subactivity.
activity
O. Those expenses that are not directly linked to an identifiable function or program.
indirect expenses
P. A basis for distinguishing expenditures by the article purchased or the service obtained (as distinguished from the results obtained from expenditures). Examples are personal services, contractual services, materials, and supplies.
Object
Q. Activities, operations, or organizational units grouped together because they share purposes or objectives.
Programs
R. Those expenses that can be charged directly as a part of the cost of a product or service or of a department or operating unit as distinguished from overhead and other indirect costs that must be prorated among several products or services, departments, or operating units.
direct expenses
S. Revenues that are not directly linked to any specific function or do not produce a net revenue.
general revenues
T. A legally mandated addition to a tax on the day it became delinquent (generally, the day after the day the tax is due).
penalty
U. For revenue accounts kept on an accrual basis (q.v.), this term designates the amount of revenue estimated to accrue during a given period regardless of whether or not it is all to be collected during the period. For revenue accounts kept on a cash basis (q.v.), the term designates the amount of revenue estimated to be collected during a given period. Under the modified accrual basis (q.v.), estimated revenues are those that are measurable and available. See also Revenue, Cash Basis, Accrual Basis, and Modified Accrual Basis.
estimated revenues
V. All property except that, which is exempt from taxation; examples of exempt property are property owned by governments and property used by some religious and charitable organizations.
taxable property
W. An operating statement classification in which financial inflows other than revenues are reported, for example, proceeds of long term debt and transfers in.
other financing sources
X. Accounts used to record the estimated amount of purchase orders, contracts, or salary commitments chargeable to an appropriation. The account is credited when goods or services are received and the actual expenditure of the appropriation is known.
encumbrances
Y. Operating statement items that are either unusual or infrequent and are within management control.
special items
Z. In proportion to value. A basis for levy of taxes on property.
ad valorem property taxes
AA. Taking of property in default of legally qualified claimants
escheats
BB. Amounts transferred from one fund to another
interfund transfer
