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Baseline Budgeting: See Incremental Budgeting. Bankrupt: If an individual or unincorporated company has greater liabilities than it has assets, the person or business can petition for, or be declared by its creditors, bankrupt. In the case of a limited company or corporation in the same position, the term used is insolvent.
4 Οκτ 2014 · This document discusses household budgeting and family accounting. It explains that a family budget allows families to spend money wisely by allocating income to necessary expenses without going into debt. Creating a budget provides a financial map that shows where income is spent each month.
Glossary of accountancy terms. Ensuring that we have a shared understanding of accounting and auditing terms with our clients is crucial for effective and efficient communication. To help with this shared understanding, we’ve developed an alphabetical list of the most commonly used accounting words and phrases.
Budget A quantitative plan of activities and programs expressed in terms of the assets, equities, revenues, and expenses that will be involved in carrying out the plans, or in other quantitative terms, such as units of product or service. The budget expresses the organizational goals in terms of specific financial and operating objectives.
General Accounting and Budget Terminology. ACCOUNTING SYSTEM. The total structure of records and procedures which discover, record, classify, and report information on the financial position and operations of a governmental unit or any of its funds, balanced account groups, and organizational components. ACCRUE.
Budgeting is an essential part of planning, financial control, and performance management. It is a competency that must be acquired for anyone who is working in finance and accounting and is also a topic which is guaranteed to come up on your Performance Management (PM) exam.
Finance Glossary of Accounting and Budgeting Terms . The following terms are used frequently throughout the Governor’s Budget, the Governor’s Budget Summary, the annual Budget (Appropriations) Bill, and other documents. Definitions are provided for terms that are common to many of these publications. For definitions of terms unique to a ...
