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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 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 more organizational components of a governmental. unit for 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 make expenditures and to incur obligations for 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: Properly 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 otherevidence'for one. or more of the following purposes Via} To ascertain whether the statements prepared from the accounts present fairly the financial position and the results offinancial 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, legality and mathematical accuracy of a governmental units 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. 63