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Appendix 7: Glossary
Glossary of terms
This glossary provides a list of acronyms and definitions of terms that are used
throughout the study guide:
AFR Agency Financial Report
AICPA American Institute of Certified Public Accountants
APR Annual Performance Report
BAN Bond Anticipation Note
BFS Basic financial statements
CEO Chief Executive Officer
CFO Chief Financial Officer
CFR Consolidated Financial Report
CAFR Comprehensive Annual Financial Report
CBO Congressional Budget Office
CFR Consolidated Financial Report of the U.S. Government
CGFM Certified Government Financial Manager
FAF Financial Accounting Foundation
FASAB Federal Accounting Standards Advisory Board
FASB Financial Accounting Standards Board
FIFO First-in, first-out
GAAP Generally accepted accounting principles
GAGAS Generally accepted government auditing standards
GAAS Generally accepted auditing standards
GAO Government Accountability Office
GAS Government Auditing Standards
GASB Governmental Accounting Standards Board
GFOA Government Finance Officers Association
GPEFR General purpose external financial reporting
GPRA Government Performance and Results Act
GPRAMA Government Performance and Results Act Modernization Act
ISF Internal Service Fund
LIFO Last-in, first-out
MD&A Managementís discussion and analysis
MFBA Measurement focus and basis of accounting
NCGA National Council on Governmental Accounting
OMB Office of Management and Budget
OPEB Other Postemployment Benefits
PAR Performance and Accountability Report
PP&E Property, plant and equipment
RSI Required supplementary information
RSSI Required supplementary stewardship information
SEA Service efforts and accomplishments
SEC Securities and Exchange Commission
SFFAC Statement of Federal Financial Accounting Concepts
SFFAS Statement of Federal Financial Accounting Standards
Online version, for personal use only AGA Study Guide 2, 2016 Edition

Appendix 7: Glossary
USSGL United States Standard General Ledger
Accountability. As used in government, the need for public officials to be
accountable for their actions and to justify their decisions relating to the raising of
public resources and how those resources are used. Accountability is based on
the belief that the public has a ìright to know.î
Accrual basis of accounting. The method of accounting that recognizes the
financial consequences of events, including transactions, when the
consequences occur, regardless of the timing of cash flows. Revenues are
recognized when they are earned or due to the government. Expenses are
recognized when they are incurred.
Advance refunding. Issuing new debt to gain the benefits of retiring old debt
that has a higher interest rate, but without actually retiring the debt. The proceeds
of the new debt are invested and the earnings, plus the investments, are used to
pay the interest of the old debt, as well as the principal of the old debt as it
matures, or as of the call date.
Agency funds. One of the fiduciary fund types. The proceeds are held by the
government as a custodian for other individuals, organizations or governments.
Agency funds have no residual balances. The assets equal the liabilities.
Allotment. As used in state and local accounting, dividing an appropriation by
smaller increments, usually by time, such as a quarter, for the purpose of control.
As used in federal accounting, a formal delegation of authority by the head of a
federal entity to other entity employees, such as the head of an operating unit, to
incur obligations.
Apportion. See apportionment.
Apportionment. As used by the federal government, it is a plan providing an
agency with the executive branchís authority to obligate and/or expend an
appropriation in a manner consistent with the plan. The apportionment typically
divides the appropriation into smaller increments based on time or other factors.
The apportionment process is overseen by OMB.
Appropriation. The legal authority granted by the legislative body to spend
money for the purpose indicated. The amount sets the limit on what can be
Assigned fund balance. Amounts constrained by the governmentís intent to be
used for specific purposes, but are neither restricted nor committed, as
expressed by (a) the governing body itself or (b) a body or official to which the
governing body has delegated the authority to assign amounts to be used for
specific purposes, such as a budget or finance committee.
Online version, for personal use only AGA Study Guide 2, 2016 Edition

Appendix 7: Glossary
Auditing Standards Board (ASB). A board established by the AICPA to
promulgate generally accepted auditing standards. The ASB follows a due
process procedure and issues statements on auditing standards (SAS). The role
of the ASB was changed as a result of the Sarbanes-Oxley Act and the resulting
Public Company Accounting Oversight Board
Audits of State and Local Governments (ASLG). The audit and accounting
guide that pertains to state...

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