Tag: Farhat’s Accounting Lectures

Obligation (CongressionalGlossary.com)

Obligation (CongressionalGlossary.com)

From the Congressional Glossary – Including Legislative and Budget Terms Obligation photo credit: smudie A legally binding agreement that will result in outlays, immediately or in the future. A promise to pay. The obligation, the promise to pay, is the initial action in the Federal spending process. Appropriations laws establish whether funds are available to […]

OMB Circular No. A-11 (CongressionalGlossary.com)

OMB Circular No. A-11 (CongressionalGlossary.com)

From the Congressional Glossary – Including Legislative and Budget Terms OMB Circular No. A-11     Johnny Paycheck singing A-11     OMB Circular A-11, updated annually, instructs agencies how to prepare their budget submissions. Provides detailed guidance to executive departments and establishments by the Office of Management and Budget (OMB) for preparing and submitting […]

Budgetary Reserves (CongressionalGlossary.com)

Budgetary Reserves (CongressionalGlossary.com)

From the Congressional Glossary – Including Legislative and Budget Terms Budgetary Reserves photo credit: Marine Corps Archives & Special Collections Portions of budgetary resources set aside (withheld through apportionment) by the Office of Management and Budget (OMB) by authority of the Antideficiency Act (31 U.S.C. § 1512) solely to provide for contingencies or to effect […]

Fund Accounting (CongressionalGlossary.com)

Fund Accounting (CongressionalGlossary.com)

From the Congressional Glossary – Including Legislative and Budget Terms Fund Accounting photo credit: marc falardeau Commonly used to refer to the administrative system of funds control that each agency establishes to ensure compliance with federal fiscal laws. The statutory basis for fund accounting is found primarily in the requirement of the Antideficiency Act that […]

Outlay (CongressionalGlossary.com)

Outlay (CongressionalGlossary.com)

From the Congressional Glossary – Including Legislative and Budget Terms Outlay photo credit: smudie Outlays are payments made (generally through the issuance of checks or disbursement of cash) to liquidate obligations. The issuance of checks, disbursement of cash, or electronic transfer of funds made to liquidate a federal obligation. Outlays also occur when interest on […]

Governmental Receipts (CongressionalGlossary.com)

Governmental Receipts (CongressionalGlossary.com)

From the Congressional Glossary – Including Legislative and Budget Terms Governmental Receipts photo credit: ben_osteen Collections from the public based on the government’s exercise of its sovereign powers, including individual and corporate income taxes and social insurance taxes, excise taxes, duties, court fines, compulsory licenses, and deposits of earnings by the Federal Reserve System. Gifts […]

Deferral of Budget Authority (CongressionalGlossary.com)

Deferral of Budget Authority (CongressionalGlossary.com)

From the Congressional Glossary – Including Legislative and Budget Terms Deferral of Budget Authority photo credit: anarchosyn An action by the executive branch that delays the obligation of budget authority beyond the point it would normally occur. Pursuant to the Congressional Budget and Impoundment Control Act of 1974, the President must provide advanced notice to […]

Intragovernmental Transfers (CongressionalGlossary.com)

Intragovernmental Transfers (CongressionalGlossary.com)

From the Congressional Glossary – Including Legislative and Budget Terms Intragovernmental Transfers photo credit: Tom – Switzerland Collections from other federal government accounts, often as payment for goods or services provided. Most offsetting receipts from intragovernmental transfers are offset against budget authority and outlays of the agency or subfunction that produced the goods or services. […]

Proprietary Receipts from the Public (CongressionalGlossary.com)

Proprietary Receipts from the Public (CongressionalGlossary.com)

From the Congressional Glossary – Including Legislative and Budget Terms Proprietary Receipts from the Public photo credit: mattcameasarat Collections from outside the government that are deposited in receipt accounts that arise as a result of the government’s business-type or market-oriented activities. Among these are interest received, proceeds from the sale of property and products, charges […]

Offsetting Collections (CongressionalGlossary.com)

Offsetting Collections (CongressionalGlossary.com)

From the Congressional Glossary – Including Legislative and Budget Terms Offsetting Collections photo credit: Seth Tisue Collections authorized by law to be credited to appropriation or fund expenditure accounts. They result from (1) businesslike transactions or market-oriented activities with the public, (2) intragovernmental transfers, and (3) collections from the public that are governmental in nature […]