Modified Accrual Accounting
The Government Accounting Standards Board, which is recognized as the official source of generally accepted accounting principles (GAAP) for state and local governments, establishes modified accrual accounting standards. To distinguish government accounting from business accounting, modified accrual accounting uses some different terminology than other accounting methods. For example, it uses the terms "excess" or "deficiency" instead of "net income", and "expenditures" instead of "expenses". The idea that government agencies need a different type of accounting system is accepted because the purpose of government organizations is significantly different from the purpose of both for-profit businesses as well as not-for-profit non-governmental organizations.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
Accounting methods — Cash basisCash basis accounting is a method of bookkeeping that records financial events based on cash flows and cash position. Revenue is recognized when cash is received and expense is recognized when cash is paid. In cash basis accounting,… … Wikipedia
Modified Cash Basis — An accounting method that combines elements of the two major accounting methods, the cash method and the accrual method. The cash method recognizes income when it is received and expenses when they are paid for, whereas the accrual method… … Investment dictionary
modified cash basis — Fin the bookkeeping practice of accounting for short term assets on a cash basis and for long term assets on an accrual basis … The ultimate business dictionary
Other comprehensive basis of accounting — (OCBOA) in United States accounting refers to a system of accounting other than GAAP. As explained in the Journal of Accountancy, Under Statement on Auditing Standards (USA) No. 62, Special Reports, an OCBOA is any one of A statutory basis of… … Wikipedia
Deferred Acquisition Costs — (DAC) is a term commonly used in the insurance business. It describes the practice of deferring the cost of acquiring a new customer over the duration of the insurance contract. Insurance companies face large upfront costs incurred in issuing new … Wikipedia
PAYGO — is the practice in the United States of financing expenditures with funds that are currently available rather than borrowed. Contents 1 Budgeting 1.1 U.S. Congress 2 Social insurance 2.1 U.S. Social Secu … Wikipedia
Auditor's report — Accountancy Key concepts Accountant · Accounting period · Bookkeeping · Cash and accrual basis · Cash flow management · Chart of accounts … Wikipedia
Financial ratio — Corporate finance … Wikipedia
Outline of finance — The following outline is provided as an overview of and topical guide to finance: Finance – addresses the ways in which individuals, businesses and organizations raise, allocate and use monetary resources over time, taking into account the risks… … Wikipedia
Mergers and acquisitions — Merger redirects here. For other uses, see Merge (disambiguation). For other uses of acquisition , see Acquisition (disambiguation). Accountancy Key concepts Accountant · Accounting period · Bookkeeping · Cash and accrual basis … Wikipedia