Accounting: A method of furnishing the essential financial information to ensure that
management can make informed decisions on its daily operations and provides
financial control over the organization’s assets. Accounting also consists of
recording, classifying and summarizing transactions of a financial nature and
interpreting the results.
Accounting System: The methods, records, and processes established to identify,
assemble, analyze, classify, record, and report an entity’s transactions and to
maintain accountability for the related assets and liabilities.
Accrual Accounting: A system of accounting in which revenues are recorded when
earned and outlays are recorded when goods are received or services performed,
even though the actual receipt of revenues and payment for goods or services may
occur, in whole or in part, at a different time.
Agency: A department or establishment of the Government.
Adjusted Trial Balance (ATB): A list of general ledger accounts and the corresponding
balances (including adjustments) as of a specific date. The total debit balances
must equal the total credit balances. In reference to FACTS (I and II) reporting,
the adjusted trial balance includes U.S. SGL attributes, and the U.S. SGL account
balances should reflect preclosing adjusting entries.
Advance: Prepayment made or received for goods or services to be rendered in the