Showing posts with label Accounting. Show all posts
Showing posts with label Accounting. Show all posts

November 3, 2019

Key Federal Financial Management Terms

Below are some key Federal Financial Management Terms:
  • Authorization: Act of Congress that permits Federal programs or activities to exist and recommends funding levels.
  • Appropriation: Act of Congress to provide Federal agencies with budget authority to obligate government to future outlay of cash for a specific purposes and period of time. 
  • Commitment: An administrative reservation of funds by the financial controller or resource manager triggered by a procurement or purchase request.
  • Obligation: A legal reservation of funds that binds government to future expenditure and outlay of cash from the Treasury triggered by the signing of a contract, travel order, credit card transaction, etc. 
  • Expenditure: Issuance of a payment disbursement by electronic funds transfer, check, etc. 
  • Outlay: Payment of cash from Treasury to vendor to liquidate a financial obligation.
These should be helpful in understanding the Federal financial management processes. 

(Credit Photo: Andy Blumenthal)

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September 6, 2017

Learning To Save For A Rainy Day

This was so funny coming across this big bright red piggy bank in a thrift store. 

What a blast from the past!

I remember having one of these as a child. 

My parents taught me to put my allowance in to save for the future. 

When it accumulated $10, the metal door on the bottom would open and we could put the money in the bank.

It was like a game to try to get to the magic amount and get the register to pop open.

In those days, the bank had little books for your checking and savings accounts, and when you deposited the money, you'd get a line printed with the deposit and new balance printed in the dot matrix print of yesteryear. 

Again, these were all good lessons about savings and seeing the benefits in the toy register or in your bank book.

Maybe these were things that initially inspired me to get my bachelors degree in accounting.  

The discipline of numbers was great, but it was never as exciting as the promise and hope of ever new technology, but that's what added up at the time to me. ;-)

(Source Photo: Andy Blumenthal)
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