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Account <br />A subdivision within a fund for the purpose of classifying transactions. <br />Accounting System <br />The total set of records and procedures that are used to record, classify and report <br />information on an entity's financial status and operations. <br />Accrual Basis of Accounting <br />The method of accounting under which revenues are recorded when they are earned <br />(regardless of when cash is received) and expenditures are recorded when goods and <br />services are received (regardless if disbursements are actually made at that time). <br />Activity <br />A function or a group of related functions for which the budgetary unit is responsible. For <br />the City's budgeting purposes, an activity is the same as a program. <br />Actual Cost <br />The amount paid for an asset; not its market value, insurable value, or retail value. It <br />generally includes freight -in and installation costs but not interest on the debt to acquire it. <br />Ad Valorem <br />Latin for according to value. An ad valorem tax is assessed on the value of goods or <br />property; not on the quantity, weight, extent, etc. <br />Administrative Expense <br />Often grouped with General Expenses, expenses that are not as easily associated with a <br />specific function as are direct costs of providing services. <br />Adjusting Entry <br />A journal entry posted to the accounting records at the end of an accounting period to <br />record a transaction or event which was not properly posted during the accounting period <br />for various reasons. <br />Adopted Budget <br />A budget which typically has been reviewed by the public and "Adopted" (approved) by the <br />City Council prior to the start of the fiscal year. <br />196 <br />