Base Adjustment
Adjustments made to the initial base level budget to reflect total base level funding available to the agency. The list of acceptable base level technical and policy adjustments are included in the biennial budget instructions. Adjustments are generally made on a technical or policy basis. Examples of technical adjustments are one-time appropriations and program sunsets. Examples of policy adjustments are salary increases and space rental changes.

Cash Method Of Accounting
Accounts for income and expenses when actually received or paid.

Accounts Receivable
Amounts owed to a business that the business expects to receive.

Balance Sheet
A statement listing a business's assets, liabilities, and net worth, or equity.

Net Income
Gross income less expenses; it represents a business's profit for a given year.

Bookkeeping
The task of recording the amount, date, and source of all business revenues and expenses. Bookkeeping is essentially the starting point of the accounting process. Only with accurate bookkeeping numbers can meaningful accounting be

Blue Book
This is the term commonly used to describe the Government Finance Officers Association publication Governmental Accounting, Auditing and Financial Reporting. Initially, the blue book was the authoritative source for GAAP for state and local governments.

Double-Entry Accounting
A system of accounting that records each business transaction twice.

Accounts Payable
Amounts that a business owes

Receipt
A written record of a transaction.