Vocab (1)

School: California Baptist University - Course: BUS 212 - Subject: Accounting

Vocabulary 1.)Accounting- how finances are tracked by an individual or organization. (Business News Daily,2023) 2.)Accounts Payable- are bills a company must pay. It's the money a business owes suppliers for provided goods and services .(Business News Daily,2023) 3.)Attendance report- A report of how often a person has been present somewhere. (Cambridge English Dictionary,2023) 4.)Average daily attendance-ADA is defined as the total days of student attendance divided by the total days of instruction. (CA Dept of Education, 2023) 5.)Average daily membership-equals the sum for all pupils of the number of days of the school year each pupil is enrolled in the district's schools divided by the number of days the schools are in session. (Law Insider, 2023) 6.)Budget Cycle - theprocess and procedure for the development, preparation, review, approval, implementation, or execution of a regional training budget, and is identified with a fiscal year beginning July 1, and ending June 30 of the following calendar year. (Law Insider, 2023) 7.) Encumbrances-anyencumbrances such as mortgage, charge, pledge, lien, hypothecation, security interest, assignment, privilege or priority of any kind having the effect of security or other such obligations, and shall include any designation of loss payees or beneficiaries or any similar arrangement under any insurance policy pertaining to the works.(Law Insider, 2023) 8.)Line- item budgeting- A line-item budget is one in which the individual financial statement items are grouped by category. It shows the comparison between the financial data for the past accounting or budgeting periods and estimated figures for the current or a future period.(Ors, 2023) 9.)Outcome-based budgeting- Outcome Budgeting is a budget process that aligns resources with results. The budget is organized at the service level around the City's Priority Outcomes. Instead of starting from last year's spending and adjusting allocations up or down, in Outcome Budgeting we start with what results matter most to citizens. (Bureau of the Budget and Management Research, 2023) 10.)Performance budgeting-a system that uses performance information for the allocation, spending, and management of a government's financial resources. (FreeBalance, 2023)

11.)Program-a series of instructions that can be put into a computer in order to make it perform an operation. (Cambridge English Dictionary,2023) 12.)Planning budgeting- an analytical application that helps you set top-down targets and generate a bottom-up budget, which is at the foundation of your organization's operations. It helps management evaluate business alternatives and set financial targets, and it enables the organization to work cooperatively and efficiently through the budgeting iterative process (Planning and budgeting process, 2023) 13.)Reserves- profits that have been appropriated for a particular purpose. Reserves are sometimes set up to purchase fixed assets, pay an expected legal settlement, pay bonuses, pay off debt, pay for repairs and maintenance. (Bragg, S, 2023) 14.)Site-based budgeting- places local managers and other staff at the center of the budget preparation process, making them responsible for both the preparation and the maintenance of the budget.(Financial accounting for local and State School Systems, 2023)