CPPB Latest Update 2023/2024 with Complete and Certified Solutions

CPPB Latest Update 2023/2024 with Complete and Certified Solutions budgeting the allocation of scarce resources among competing demands allotment controls the rate of spending authorized by an appropriation allocation controls specific use of the monies appropriated cash basis accounting income is not counted until cash (or check) is actually received, and expenses are not counted until they are actually paid. accrual basis accounting Transactions are recognized at the time they are incurred, as opposed to when cash is received or spent. encumber funds To set aside or commit funds for a specified future expenditure. policy document a good budget should articulate the program priorities and goals operations guide a good budget should indicate the allocation of resources and the performance objectives and measures of the various departments, programs, and activities. financial plan a good financial plant or budget should indicate the sources of revenue or any debt financing communications device a good budget should stimulate dialogue among the public about important budge issues fund an independent fiscal entity with assets, liabilities, reserves, a residual balance or equity, and revenues and expenditures for undertaking activities. expendable funds the authorization for spending expires at the end of the fiscal period non-expendable or revolving funds spending beyond the fiscal year is allowed with reauthorization GAAP (generally accepted accounting principles) uniform minimum standard for financial accounting and recording, encompassing the conventions, rules, and procedures that define accepted accounting principles. governmental funds (how are they used?) finance the activities most citizens associate with governments (police, fire, procurement, public works) governmental funds (breakdown) - general funds - special revenue funds - capital project funds - debt service funds general funds used to track revenues and expenditures that support all services not assigned to other funds special revenue funds provide services financed from various specifically designated revenue sources, such as recreation fees used to support a specific activity capital project funds used to acquire major assets with a useful life of more than one year, which may be financed by some form of long-term debt debt service fund receive resources from other funds, taxes, grants, or proceeds from long-term debt and are used to pay the principal and interest on the debt. proprietary funds (when are they used?) used when governments engage in activities similar to private business proprietary funds (what is the breakdown?) - enterprise funds - internal service funds enterprise