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GLOSSARY OF TERMS ACCOUNT: A term used to identify an individual asset, liability, expenditure controi, revenue control, or fund balance, ACCOUNTS PAYABLE: Amounts owed to others for goods or services received. ACCOUNTS RECEIVABLE: Amounts due from others for.goods.furnished or services rendered: ACCOUNTING SYSTEM: The total set of records and procedures which. are used to record, classify and report information -on financial status and operations of an entity. ACCRUAL BASIS OF ACCOUNTING: The method of accounting under which revenues are recorded when they are earned and expenditures are recorded when goods and services are received. ACTIVITY: A specific and distinguishable line of work performed by one or mare organizational components.. of a governmental unit: for the purpose of accomplishing a function for which thei. governmental unit is. responsible: For example "Code Enforcement is an activity performed in the discharge of the "Public Safety" function. ADOPTION: The formal action taken by the Town. Board to authorize or.approve the budget. AD VALOREM: In proportion to value.. A basis for levying taxes upon property: AGENCY FUND: A fund consisting of :resources received and held by the governmental unit as. an agent for others or other funds of the. governmental unit.. APPROPRIATION, An authorization granted by a. legislative body. to rriake expenditures and to incur obligations for specific. purposes. An appropriation is limited in amout to the time it may be expended. ASSESSED VALUATION: Value. placed upon real estate or other property as a basis for levying taxes. ASSESSMENTS: Charges made to. parties for actual services or benefits rece..ived. ASSETS: Property owned by a governmental unit, which has a mo netary. value. AUDIT: The examination of documents; records, reports, systems of internal control, accounting and financial procedures; and other evidence for one or more of the following purposes: (a) To ascertain whether the statements prepared from the accounts present fairly the financial position. and the results of financial operations of the constituent funds and balanced account groups of the governmental unit in accordance with generally accepted accounting principals applicable to governmental units arid -on a basis consistent with that of the preceding .year. (b) To determine the propriety, legality and mathematical accuracy of a governmental unifs financial transactions. (c) To ascertain Whether -all financial transactions have been properly recorded. (d) Toas.ce.rtain.the stewardship of..public officials who.handle and are responsible for the financial resources of a governmental. unit. 64