Define the term year of Completion
Year of Completion (YOC): This is the last fiscal year for which the appropriation is accessible for encumbrance or expenditure.
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Describe time value of money?The time value of money means that money you have in your hand today is worth more than money you expect to obtain in the future. Likewise, money you have to pay out today is a greater burden than the similar a
Continuous Appropriation: The constitutional or statutory expenses authorization that is renewed each year without additional legislative action. The amount obtainable might be particular, recurring sum each year; all or a specified part of the procee
Compare diversifiable and non diversifiable risk. Which do you think is more significant to financial managers within a business firms?Diversifiable risk can be dealt along with by, of course, diversifying. Generally non diversifiable risk is co
Refund to Reverted Appropriations: It is a receipt account to record the return of monies (example, abatements and reimbursements) to appropriations which have reverted.
Claim Schedule: It is a request from a state department to the State Controller's Office to distribute payment from a legal appropriation or account for a legal state obligation. The claim agenda recognizes the appropriation or account to be charged,
Trigger: An event which causes an action or actions. The triggers can be active (like pressing the update key to validate input to a database) or passive (like a tickler file to repeat of an activity). For illustration, budget "trigger" mechanisms hav
Warrant: It is an order drawn by the State Controller directing the State Treasurer to reimburse a particular amount, from a specific fund, to the entity or person named. A warrant usually corresponds to a blank check however is not essentially payabl
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