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GLOSSARY OF TERMS ACCOUNT: A term used to identify an individual asset, liability, expenditure control,. revenue control, or fund balance; ACCOUNTS PAYABLE: Amounts owed toothers 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 oneor more organizational components of a governmental u.nitfor the purpose of accomplishing a function for which the .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 makeexpenditures and to incur obligations far specific purposes. An appropriation is limited in amount 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 received. ASSETS: Property owned by a governmental unit, which has a monetary 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 financialposition 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 and on.a basis consistent with that of the preceding year_. (b) To determine the propriety, leg ality. and .mathematical accuracy of a governmental unit's financial transactions. (c) To ascertain.whether all financial transactions have been properly recorded. (d) To ascertain the stewardship of public officials who handle and are responsible for the financial resources: of a governmental unit. 64