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ACCOUNT - A fiscal and accounting entity with a self-balancing set of general ledger codes in which cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein, are recorded and segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations.
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ACCOUNTING PERIOD - Any period of time designated for which financial statements are prepared. Refer to FISCAL PERIOD.
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ACCOUNTING PROCEDURES - All procedures that discover, identify, record, classify, maintain, and summarize financial information to either produce financial reports or to provide internal control.
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ACCOUNTING SYSTEM - The methods and records established to identify, assemble, analyze, classify, record, and report the state’s transactions and to maintain accountability for its assets and liabilities.
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ACCOUNTS PAYABLE - Amounts owed to private persons or organizations for goods and/or services received by the business.
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ACCOUNTS RECEIVABLE - Amounts due from private persons or organizations for goods, and/or services furnished by the business.
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ACCRETED VALUE - A valuation basis for certain investments and debt instruments that reports on the balance sheet only that portion of their face value that reflects principal and interest accrued to date.
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ACCRUAL BASIS - The basis of accounting whereby revenues are recognized when earned and measurable regardless of when collected; and expenses are recorded on a matching basis when incurred.
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ACCUMULATED DEPRECIATION - A contra-asset valuation account used to record the accumulation of periodic credits made to reflect the expiration of the estimated useful life of capital assets.
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ALLOWABLE MOVING COSTS - Except as noted in Subsection 60.20.20 and within certain limitations, allowable moving costs include the costs associated with moving household goods, personal effects, and property used in a dwelling, and normal equipment and supplies used to maintain a dwelling from a residence to a new station within the state. Refer to HOUSEHOLD GOODS and Chapter 60.
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ALLOWANCE FOR DEPRECIATION - Refer to ACCUMULATED DEPRECIATION.
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ALLOWANCE FOR UNCOLLECTIBLES - A contra-asset valuation account used to indicate the portion of accounts receivable that is estimated to be uncollectible.
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AMORTIZED COST - The par value of the investment increased or decreased by any unamortized premium or discount.
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ANCILLARY COSTS - Costs that are directly attributable to asset acquisition, such as freight and transportation costs, site preparation costs, and professional fees, that are necessary to place a capital asset into its intended state of operation. Ancillary costs are capitalized as part of the cost of a capital asset. For an investment, ancillary costs include legal fees and commissions and are included as part of the cost of the investment.
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ANNUITY - A series of equal money payments made or received at equal intervals over a designated period of time.
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APPRAISAL - (1) The act of appraising. (2) The estimated value resulting from such action. Refer to APPRAISE.
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APPRAISE - To make an estimate of value of an asset, for example an investment or capital asset, particularly of the value of property.
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ASSETS - A probable future economic benefit obtained or controlled by a particular entity as a result of past transactions or events. These economic resources can be tangible or intangible.
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AUDIT - A systematic collection of the sufficient, competent evidential matter needed to attest to the fairness of management's assertions in the financial statements or to evaluate whether management has efficiently and effectively carried out its responsibilities. The auditor obtains this evidential matter through inspection, observation, inquiries, and confirmations with third parties. Refer to COMPLIANCE AUDIT, CORRECTIVE ACTION PLAN, FINANCIAL AUDIT, PERFORMANCE AUDIT, AND SINGLE AUDIT.
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BALANCE SHEET - A financial statement that discloses the assets, liabilities, and equities of an entity at a specified date in conformity with generally accepted accounting principles (GAAP).
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BASIS OF ACCOUNTING - This refers to the methodology and timing of when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Refer to ACCRUAL BASIS, MODIFIED ACCRUAL BASIS and CASH BASIS.
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BETTERMENT - An addition made to, or change made in, a capital asset, other than maintenance, that is anticipated to prolong its expected useful life or to increase its capacity, efficiency, or quality of output.
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BIENNIUM - A 24-month fiscal period. In Washington, the biennium extends from July 1 of odd numbered years to June 30 of odd numbered years.
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BOOK VALUE - The net amount at which an asset or asset group appears on the books of account, as distinguished from its market or intrinsic value. In the case of assets subject to reduction by valuation allowances, book value refers to cost or stated value less the appropriate allowance.
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BOOKS OF ORIGINAL ENTRY - Books of original entry are a record in which the various transactions are initially and formally recorded and serve as the direct source of postings to ledgers (e.g. payroll register).
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BUDGET - A plan of financial operation embodying an estimate of proposed expenditures for a given period of time and the proposed means of financing them.
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BUDGETARY ACCOUNTS - Accounts used to enter the adopted budget into the general ledger as part of the management control technique of formal budgetary integration.
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BUDGETED ACCOUNTS - Accounts that are subject to the appropriation and/or allotment process. Refer to APPROPRIATION and ALLOTMENT
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CAPITAL ASSETS - Assets that meet the state's capitalization policy such as land, improvements to land, easements, buildings, leasehold improvements, vehicles, machinery, equipment, works of art and historical treasures, infrastructure, and all other tangible or intangible assets that are used in state operations and that have initial useful lives extending beyond one year. Capital assets do not include depletable resources such as minerals or timber.
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CAPITAL BUDGET - The portion of a budget, or a separate budget, devoted to proposed additions to capital assets and the means of financing those additions.
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CAPITAL EXPENDITURE - Refer to CAPITAL OUTLAYS.
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CAPITAL OUTLAYS - A budgetary or financial reporting term to indicate the expenditures for the acquisition of, addition to, or major repair of capital assets intended to benefit future periods. Expenditures may be from either Operating or Capital sources, and may be either capitalized or not capitalized.
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CASH BASIS - A basis for accounting whereby revenues are recorded only when received and expenses are recorded only when paid without regard to the period in which they were earned or incurred.
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CASH DISCOUNT - An allowance received or given if payment is completed within a stated period of time. Refer to TRADE DISCOUNT.
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CASH DISBURSEMENTS - Cash disbursements are any moneys (e.g., checks, cash, warrants, credit or debit card amounts, and EFTs (Electronic Fund Transfers) paid by the state during a period regardless of when the related obligations are incurred.
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CASH EQUIVALENT - Short-term, highly liquid investments that are both (1) readily convertible to known amounts of cash and (2) so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally only investments with original maturities of three months or less meet this definition.
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CASH RECEIPTS - Cash receipts are any moneys (e.g., checks, cash, warrants, credit or debit card amounts, or EFTs) received by the state during a period regardless of when the moneys are earned.
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CASH/INVESTMENTS WITH ESCROW AGENT - An asset account reflecting deposits with escrow agents.
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CHANGE ACCOUNTS - Accounts used solely for making change in across-the-counter cash transactions. Refer to IMPREST ACCOUNT.
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CHECK - A written order on a bank to pay on demand a specified sum of money to a named person, out of money on deposit to the credit of the maker.
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CHECK REGISTER - The document used to record pertinent details relating to expenditure/expense vouchers and coding for each check issued.
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CLEARING ACCOUNT - An account used to accumulate total charges or credits so that they can be distributed later among the accounts to which they are allocable or so that the net differences can be transferred to the proper account.
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COMPOSITE METHOD - A method used to calculate depreciation expense that groups similar assets (such as library resources) or dissimilar assets of the same class (such as all roads and bridges in a park) using the same depreciation rate. Refer to DEPRECIATION.
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CONSUMABLE INVENTORIES - Supplies consumed in the course of operations; or incidental items held for resale.
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CONSUMPTION METHOD - The method under which inventories are recorded as an expenditure/expense when used. Refer to PURCHASES METHOD.
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CONTINGENT LIABILITY - Items which may become liabilities as a result of conditions undetermined at a given date, such as guarantees, pending law suits, judgments under appeal, unsettled disputed claims, unfilled purchase orders, and uncompleted contracts.
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CONTROL ACCOUNT - An account in the general ledger in which the aggregate of all debit and credit postings to a number of related accounts (called the subsidiary accounts) are recorded. For example, the Accounts Receivable account is a control account supported by the aggregate of the individual customer subsidiary accounts. Refer to GENERAL LEDGER and SUBSIDIARY ACCOUNTS.
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COST ACCOUNTING - That method of accounting which provides for accumulating and recording of all the elements of cost incurred to accomplish a purpose, to carry on an activity or operation, or to complete a unit of work or a specific job.
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COST-BASED MEASURE - Value of investment that is based on the cost of the investment.
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COST RECORDS - All ledgers, supporting records, schedules, reports, invoices, vouchers, and other records and documents reflecting the cost of projects, jobs, production centers, processes, operations, products, or services, or the cost of any of the component parts thereof.
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CREDIT CARD - A card entitling the holder to buy services or goods on credit.
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CURRENT ASSETS - Resources that are available, or can readily be made available, to meet the cost of operations or to pay current liabilities.
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CURRENT LIABILITIES - Those obligations which are payable within one year from current assets or current resources.
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CUT-OFF DATE - A selected date whereby transactions generally are stopped to provide for closing of the books of accounts for a given period, or for audit purposes.
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DEBIT CARD - A card that draws funds directly from a deposit account.
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DEBT - An obligation resulting from the borrowing of money or from the purchase of goods and services. Debts include accounts payable, and other liabilities. Refer to ACCOUNTS PAYABLE, LIABILITIES, LONG-TERM OBLIGATIONS and GENERAL LONG-TERM OBLIGATIONS.
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DEFICIT - (1) The excess of the liabilities and reserves over assets. (2) The excess of expenditures over revenues during an accounting period or the excess of expenses over revenues during an accounting period.
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DEPOSIT - Money or securities held in a bank or other financial institution. In the context of required note disclosures, deposits include cash and near cash items placed on account with a financial institution or fiscal agent. Some deposits (e.g., checking accounts) are subject to withdrawal upon demand without notice or penalty (demand deposits) and others (e.g., certificates of deposit) can only be withdrawn without penalty upon completion of a fixed period (time deposits).
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DEPRECIABLE CAPITAL ASSETS - Capital assets that are depreciated because they are exhaustible in that their useful lives diminish over time. Exceptions to this include infrastructure assets reported using the modified approach to depreciation. Refer to DEPRECIATION and MODIFIED APPROACH TO DEPRECIATION.
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DEPRECIATION - The portion of the cost of a capital asset representing the expiration in the useful life of the capital asset attributable to wear and tear, deterioration, action of the physical elements, inadequacy, and obsolescence which is charged off during a particular period. In accounting for depreciation, the cost of a capital asset, less any salvage value, is prorated over the estimated useful life of such an asset. Refer to COMPOSITE METHOD and STRAIGHT-LINE METHOD.
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DIRECT COSTS - Costs that include direct materials and labor. Refer to DIRECT EXPENSES.
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DIRECT EXPENSES - Expenses which are 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 which must be prorated among several products or services, departments, or operating units.
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DISBURSEMENT - Payment by cash, warrant, check, journal voucher, EFT, or any other technological payment method approved by OFM.
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DONATED ASSETS - Assets acquired by gift, donation, or payment of a nominal sum, which is not reflective of the assets' true market value.
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DONATED INVENTORIES - Food or other items held for future distribution.
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DONATED LEAVE - The dollar value of the hours of leave a donor donates through the Shared Leave Program. Refer to SHARED LEAVE.
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DOUBLE ENTRY BOOKKEEPING - A system of record keeping which requires two entries to the records (a debit and a credit) for every accounting event.
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ECONOMIC FEASIBILITY - An application is economically feasible when, over a reasonable period of time, the application's cumulative benefits outweigh or are equivalent to the application's cumulative costs.
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ECONOMICAL - Direct financial, work-related costs that occur at the least cost to the state and which the state is responsible to pay.
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ELECTRONIC FUND TRANSFER (EFT) - Any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephone instrument, or computer or magnetic tape to authorize a financial institution to debit or credit an account.
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ENCUMBRANCE - An obligation in the form of purchase orders or contracts that are chargeable to an allotment or appropriation and for which a part of the allotment or appropriation is thereby reserved. Encumbrances are not considered elements of expenditures for reporting of allotments, budgets or statewide financial activities.
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EQUITY INVESTMENTS - Equity investments include, but are not limited to, any instruments representing ownership shares in an enterprise (e.g., common, preferred, and other capital stock).
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EQUITY TRANSFERS - Nonrecurring or nonroutine transfers of equity between funds. An example of an equity transfers is the transfer of residual equity from a discontinued fund. Refer to INTERFUND TRANSFERS.
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ESTIMATED REVENUE - This is a budgetary term that identifies revenues expected to be received or accrued during a given period.
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EXCHANGE TRANSACTIONS - Transaction in which each party receives and gives up essentially equal values.
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EXCHANGE-LIKE TRANSACTIONS - Transaction in which there is an identifiable exchange between the state and another party, but the values exchanged may not be quite equal or the direct benefits of the exchange may not be exclusively for the parties to the exchange.
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EXHAUSTIBLE CAPITAL ASSETS - Refer to DEPRECIABLE CAPITAL ASSETS and MODIFIED APPROACH TO DEPRECIATION.
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EXPENDITURES - Decreases in net current financial resources. Expenditures include disbursements and accruals of the current period. Expenditures do not include encumbrances.
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EXPENSES - Decreases in net total assets. Expenses represent the cost of operations incurred during the current period regardless of the timing of the related disbursements.
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FACE VALUE - As applied to securities, this term designates the amount of an insurer's liability stated in the security document.
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FAIR VALUE - The amount that could reasonably be expected to be received for an investment in a current sale between a willing buyer and a willing seller. For publicly traded securities, this is the price at which the security is currently being traded on a national market. For investment instruments that are not publicly traded, this is the appraised value adjusted for cash flows to or from the investment.
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FINANCIAL AUDIT - An audit made by an independent external auditor for the purpose of issuing an audit opinion on the fair presentation of the financial statements of the state in conformity with GAAP. Refer to AUDIT.
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FIRST-IN, FIRST-OUT (FIFO) - An inventory valuation method, which allocates cost on the assumption that goods are consumed or sold in the order that they were acquired.
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FISCAL PERIOD - Any period at the end of which a business unit determines its financial position and the results of its operations. Refer to ACCOUNTING PERIOD.
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FISCAL YEAR - In Washington State, a 12-month period extending from July 1 of one calendar year to June 30 of the next calendar year.
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FIXED ASSETS - Refer to CAPITAL ASSETS.
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FIXTURES - Attachments to buildings, which are not intended to be removed, and which cannot be removed without damage to the buildings. Those fixtures with useful lives presumed to be as long as that of the building itself are considered a part of the building; all others are classified as equipment.
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FOOD STAMPS - For financial reporting purposes, the dollar value of food stamps on hand for future distribution.
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FOREIGN TRAVEL - Travel in all areas of the world outside of the United States of America and its possessions.
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FULL-TIME EQUIVALENT (FTE) - Equivalent of 2088 hours of work in a fiscal year.
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FUNCTION - A group of related activities aimed at accomplishing a major service or regulatory program for which a business is responsible.
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GENERAL JOURNAL - The journal in which all entries not recorded in special journals are recorded.
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GENERAL LEDGER - A ledger containing the accounts in which are recorded, in detail or in summary, all transactions of the state. Refer to CONTROL ACCOUNT and SUBSIDIARY ACCOUNTS.
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GENERAL LEDGER TRIAL BALANCE - Shows both the debit and credit general ledger balances for an account or related group of accounts at the close of an accounting period.
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GENERAL REVENUES - Revenues that are not matched to specific program expenses are required to be reported as general revenues.
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GHOST BILLING ACCOUNT - A cardless billing program offered by many charge card and credit card companies that is designed to primarily accommodate airline ticket purchases.
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IMPREST ACCOUNT - An account into which a fixed amount of money is placed for the purpose of making change or minor disbursements. As disbursements are made, a voucher is completed to record the date, amount, nature, and purpose of the disbursement. At periodic intervals, or when the money is completely expended, a report with substantiating vouchers is prepared and the account is replenished for the exact amount of the disbursements, and appropriate general ledger accounts are charged. The total of cash and the substantiating vouchers should always equal the total fixed amount of money set aside in the imprest account. Refer to CHANGE ACCOUNTS and PETTY CASH.
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IMPROVEMENTS OTHER THAN BUILDINGS - Capital assets that reflect the cost of permanent improvements other than buildings which add value to land such as fences and retaining walls.
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INCIDENTAL EXPENSES - Fees and tips given to porters, baggage carriers, bellhops, hotel maids, stewards or stewardesses, and other for personal services performed. This is not a miscellaneous expense. An allowance for incidental expenses is included within the daily subsistence rates for the area of travel.
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INCOME STATEMENT - Refer to OPERATING STATEMENT; STATEMENT OF REVENUES.
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INDEPENDENT AUDIT - An audit performed by an independent auditor. Refer to FINANCIAL AUDIT, PERFORMANCE AUDIT, and INTERNAL AUDIT.
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INDIRECT CHARGES - Refer to OVERHEAD.
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INDIRECT COSTS - Costs that cannot be directly charged to an activity (e.g. depreciation and other administrative and support costs).
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INEXHAUSTIBLE CAPITAL ASSETS - Refer to NON-DEPRECIABLE CAPITAL ASSETS.
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INTEREST PAYABLE - A liability account reflecting the amount of interest owed by the business.
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INTEREST RECEIVABLE - An asset account reflecting the amount of interest due to the business.
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INTERIM FINANCIAL STATEMENT - A financial statement prepared before the end of the current fiscal period and covering only financial transactions during the period to date.
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INTERNAL AUDIT - An appraisal activity conducted by auditors working for and within an organization of the diverse operations and controls within the organization to determine whether prescribed policies and procedures are followed, established standards are met, resources are used efficiently and economically, and the organization's objectives are being achieved.
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INVESTMENTS - Securities, real estate and other instruments held for the production of income or profit.
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INVOICE - A document submitted by a vendor, showing the character, quantity, price, terms, nature of delivery, and other particulars of goods delivered or of services rendered.
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LAST-IN, FIRST-OUT (LIFO) - An inventory valuation method that allocates cost on the assumption that the last units acquired are the first units consumed or sold.
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LEASEHOLD - The right to the use of real estate by virtue of a lease, usually for a specified term of years, for which consideration is paid.
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LEASE-PURCHASE AGREEMENTS - Contractual agreements which are termed 'leases,' but in substance they are purchase contracts.
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LEDGER - A group of accounts in which are recorded the financial transactions of the state. Refer to GENERAL LEDGER and SUBSIDIARY LEDGER.
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LIABILITIES - Probable future sacrifices of economic benefits, arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events. The term does not include encumbrances.
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LIQUIDATION - Payment of debt, cancellation of encumbrance, or conversion into cash.
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LOANS RECEIVABLE - An asset account reflecting amounts that have been loaned to individuals or organizations external to the business, including notes taken as security for such loans.
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MERCHANDISE INVENTORIES - Merchandise held for resale.
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MODIFIED ACCRUAL BASIS - The basis of accounting under which expenditures, whether paid or unpaid, are formally recognized when incurred against the account, but revenues are recognized only when they become both measurable and available to finance expenditures of the current accounting period.
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MODIFIED APPROACH TO DEPRECIATION - A method of accounting whereby capital assets that are part of a network or subsystem of a network, i.e. the state highway system, are not required to be depreciated as long as certain requirements are met. Requirements include managing the eligible assets in an asset management system and documenting that these assets are being preserved approximately at or above a condition level established and disclosed. Refer to INFRASTRUCTURE ASSETS.
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NET ASSETS - The difference between assets and liabilities. Refer to FUND EQUITY.
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NET INCOME - A term used in accounting to designate the excess of total revenues and operating transfers in over total expenses and operating transfers out for an accounting period.
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NONBUDGETED ACCOUNTS - Accounts that are not subject to either the appropriation or allotment process.
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NONCONTINENTAL USA - As used in this manual, all areas in Alaska, Hawaii, the Commonwealth of Puerto Rico, and all areas in possession of the United States of America throughout the world.
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NON-DEPRECIABLE CAPITAL ASSETS - Capital assets that are inexhaustible or where the useful life does not diminish or expire over time, such as land and land improvements. Infrastructure assets reported using the modified approach to depreciation are also not depreciated. Refer to MODIFIED APPROACH TO DEPRECIATION.
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NONOPERATING EXPENSES - Expenses that are not directly related to principal operations.
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NOTES PAYABLE - A liability account reflecting amounts owed by the state from an unconditional written promise to pay a certain sum of money upon demand or at a fixed or determinable time.
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NOTES RECEIVABLE - An asset account reflecting amounts owing to the state from an unconditional written promise to pay a certain sum of money on demand or at a fixed or determinable time.
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OPERATING BUDGET - A plan of current expenditures and the proposed means of financing them. The operating budget is the primary means to ensuring that the financing, acquisition, spending, and service delivery activities of the state are controlled.
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OPERATING EXPENSES - Expenses that are directly related to principal operations.
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OPERATING INCOME - The excess of proprietary operating revenues over operating expenses.
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OPERATING REVENUES - Revenues that are directly related to principal operations. They consist primarily of user charges for goods and services.
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ORDER NUMBER - The number of the purchasing document used for an acquisition of an asset.
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OVERHEAD - Those elements of cost necessary in the production of a good or service which are not directly traceable to the product or service. Usually these costs relate to objects of expenditure that do not become an integral part of the finished product or service, such as rent, heat, lights, management, and supervision.
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OWNERSHIP STATUS - An indication as to who is responsible for possible claims against the asset by outside parties.
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PASSENGER MOTOR VEHICLE - Any sedan, station wagon, bus or light truck that is designed for carrying ten passengers or less and is used primarily for the transportation of persons.
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PER DIEM EXPENSES - Daily travel costs covering both lodging expenses and subsistence expenses while in travel status.
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PERFORMANCE AUDIT - A systematic process of objectively obtaining and evaluating evidence regarding the performance of an organization, program, function, or activity. Evaluation is made in terms of its economy and efficiency of operations and effectiveness in achieving desired goals. The performance audit function provides an independent review of management’s performance and the degree to which actual performance meets pre-stated goals. Refer to AUDIT.
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PERIODIC INVENTORY - An inventory system whereby the business performs a physical count of its inventory periodically, at least annually at fiscal year end.
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PERPETUAL INVENTORY - An inventory system whereby the inventory quantities and values for all purchases and issues are recorded directly in the inventory system as they occur.
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PETTY CASH - A sum of money set aside on an imprest basis. Cash held for making change or paying small obligations when the issuance of a formal voucher and warrant/check would be too expensive and time consuming. Petty cash includes both change and imprest accounts. Refer to IMPREST ACCOUNT.
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POINT OF SALE - The place in a merchant location where consumers pay for goods and services.
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POSTING - The process of transferring to a ledger account the data, either detailed or summarized, contained in a book or document of original entry.
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PREPAID EXPENSES - Payments made for those supplies and/or services (not inventory) acquired or purchased during an accounting period but not consumed or used at the end of the accounting period.
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PURCHASED SERVICES - Services provided by a vendor to accomplish routine, continuing, and necessary functions. Generally, these services meet more ongoing needs for general support activities.
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PURCHASES METHOD - The method under which inventories are recorded as expenditures when acquired. Refer to CONSUMPTION METHOD.
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REALIZED GAIN OR LOSS - The difference between the net proceeds received and the cost, or amortized cost, or fair value of an investment when the investment is sold.
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RECEIPTS - Refer to CASH RECEIPTS.
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RECEIVABLES - Amounts due from private persons, businesses, agencies, funds, or business units that are expected to be collected in the form of moneys, goods, and/or services.
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RECONCILIATION - The process of correlating one set of records with another set of records and/or a physical inventory count that involves identifying, explaining, and correcting differences.
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RECOVERY OF EXPENDITURE - Those receipts which represent the recovery of current period expenditures and which are offset against the expenditure account.
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REFUND - An amount paid back or credit allowed because of an over-collection or because of the return of merchandise.
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REGISTER - A record for the consecutive entry of events, documents, or transactions, with proper notation of all the required information. The form is designed so that the entries are distributed, summarized, and aggregated for convenient posting to the accounts.
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REIMBURSEMENT - (1) Repayments of amounts remitted on behalf of another party.
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REPLACEMENT COST - The amount of cash or other consideration that would be required today to obtain the same asset or its equivalent.
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RETAINAGE PAYABLE - A liability reflecting amounts due on construction contracts not paid pending final inspection of the project or the lapse of a specified period, or both. The unpaid amount is usually a stated percentage of the contract price. Refer to CONTRACTS PAYABLE.
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REVENUE - Increases in net total assets, recognized in the period in which they are earned and become measurable.
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SCIENTIFIC AMORTIZATION METHOD - Under the scientific amortization method, the total discount or premium is prorated to interim periods on the basis of a constant rate (as opposed to a constant dollar) to produce a level rate of yield.
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SHORT-TERM LIABILITIES - Short-term liabilities are legal obligations of the state that arise upon the receipt of goods or services.
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SOLE SOURCE - A consultant providing professional or technical expertise of such a unique nature that the consultant is clearly and justifiably the only practical source to provide the service. The justification is to be based on either the uniqueness of the service or sole availability at the location required.
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SOURCE DOCUMENT - Document used to initiate an individual accounting transaction.
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STRAIGHT-LINE METHOD - Under the straight-line method of amortization, the premium or discount is prorated in equal dollar amounts to interim periods between the date of purchase and the maturity. The straight-line method of depreciation allocates the cost of a capital asset systematically over the useful life of the asset by way of the following formula: (cost less salvage value) divided by estimated useful life in years. Refer to AMORTIZATION and DEPRECIATION.
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SUBSIDIARY ACCOUNTS - A group of related accounts supporting in detail the balance of a controlling account, usually kept in a subsidiary ledger. Refer to SUBSIDIARY LEDGER and CONTROL ACCOUNT.
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SUBSIDIARY LEDGER - A group of subsidiary accounts, the sum of the balances of which is equal to the balance of the related control account. Refer to GENERAL LEDGER and SUBSIDIARY ACCOUNTS.
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SUBSISTENCE - Daily travel expenses covering meals, taxes, tips for meals and incidental expenses.
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SUBSTANTIAL CONTRACT AMENDMENT - Changes to contracts wherein the value of the amendment, singly or cumulatively, exceeds fifty percent of the value of the original contract and/or when the amendments significantly changes the scope of work of the contract or of the original solicitation document.
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SUPPLIES - Assets consumed in the course of operations.
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SUPPORTING SCHEDULES - Financial presentations used: (1) to demonstrate compliance with finance-related legal and contractual provisions; (2) to aggregate and present in greater detail information spread throughout the financial statements that can be brought together and shown in greater detail (e.g., cash balances, investments, current and delinquent taxes); (3) to present greater detail information reported in the financial statements (e.g., additional revenue sources detail); and (4) to present information not disclosed in the GAAP financial statements.
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SUSPENSE ACCOUNT - An account that carries charges or credits temporarily pending the determination of the proper account or accounts to which they are to be posted. It does not appear in financial statements.
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TAXES - Compulsory charges levied by a government for the purpose of financing services performed for the common benefit.
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TAXES RECEIVABLE - An asset account reflecting the uncollected portion of taxes which have been levied.
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TRADE DISCOUNT - An allowance, usually varying in percentage with the volume of transactions, made without respect to the time when the account is paid. These discounts are commonly considered a reduction of the sales or purchase price and not earnings. The term is not to be confused with cash discount. Refer to CASH DISCOUNT.
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TRIAL BALANCE - A list of balances of the accounts in a ledger kept by double entry with the debit and credit balances shown in separate columns.
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UNALLOTTED - Appropriation authority not specifically scheduled for expenditure.
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UNAMORTIZED DISCOUNTS ON INVESTMENTS - An asset account used to reflect the excess portion of the face value of securities over the amount paid for them that remains to be amortized over the remaining life of such investments.
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UNEARNED REVENUE - Refer to DEFERRED REVENUES.
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UNEXPENDED ALLOTMENT - Portion of an allotment not yet expended.
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UNEXPENDED APPROPRIATION - Portion of an appropriation not yet expended.
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UNLIQUIDATED ENCUMBRANCES - Outstanding encumbrances which have not been paid or approved for payment. Refer to ENCUMBRANCE.
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UNREALIZED GAIN OR LOSS - Term used in connection with the valuation of investments. It represents the cumulative difference between the cost of the investment and its market value prior to its disposition.
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USEFUL LIFE - An estimate of the total time that an asset is usable and in service.
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VENDOR'S REMITTANCE ADVICE - A form used to accompany each warrant/check to notify the payee of what is being paid. The vendor’s remittance advice is to reference the warrant/check number and the invoice number as appropriate.
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VOUCHER - A written document that evidences the propriety of transactions and usually indicates the accounts in which they are to be recorded.
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WEIGHTED AVERAGE (W.A) - An inventory valuation method which values ending inventory based on the average cost per unit for the period.
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WIRE TRANSFER - A type of electronic fund transfer that guarantees immediate available funds or same day settlement. Refer to ELECTRONIC FUND TRANSFER.
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