Terms Used In Utah Code > Title 19 > Chapter 6 > Part 10 - Mercury Switch Removal Act

• Accounting reports: means an audit, a review, a compilation, or a fiscal report. See Utah Code 51-2a-102
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Appropriation: means a legislative authorization to make expenditures and to incur obligations for specific purposes. See Utah Code 51-5-3
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Audit: means an examination that:

  (a)	is performed in accordance with generally accepted government auditing standards, or for a nonprofit corporation or a governmental nonprofit corporation, in accordance with generally accepted auditing standards; and

  (b)

  conforms to the uniform classification of accounts established or approved by the state auditor or any other classification of accounts established by any federal government agency. See Utah Code 51-2a-102 City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5 Compilation: means information presented in the form of financial statements presented in conformity with generally accepted accounting principles that are the representation of management without the accountant undertaking to express any assurances on the statements. See Utah Code 51-2a-102 Contract: A legal written agreement that becomes binding when signed. Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. Encumbrances: means obligations in the form of purchase orders, contracts, or salary commitments that are chargeable to an appropriation and for which a part of the appropriation is reserved. See Utah Code 51-5-3 Expenditures: means decreases in net financial resources from other than interfund transfers, refundings of general long-term capital debt, and other items indicated by GASB. See Utah Code 51-5-3 Financial resources: includes cash, claims to cash such as taxes receivable, and claims to goods or services such as prepaids. See Utah Code 51-5-3 Function: means a group of related activities aimed at accomplishing a major service or regulatory program for which a governmental unit is responsible. See Utah Code 51-5-3 Fund: means an independent fiscal and accounting entity with a self-balancing set of accounts, composed of financial resources and other assets, all related liabilities and residual equities or balances and changes in those resources, assets, liabilities, and equities that, when recorded, are segregated for the purpose of carrying on specific activities or attaining certain objectives, according to special regulations, restrictions, or limitations. See Utah Code 51-5-3 GASB: means the Governmental Accounting Standards Board that is responsible for accounting standards used by public entities. See Utah Code 51-5-3 Governmental fund: includes the following types: General Fund, special revenue funds, debt service funds, capital projects funds, and permanent funds. See Utah Code 51-5-3 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5 Outlays: Outlays are payments made (generally through the issuance of checks or disbursement of cash) to liquidate obligations. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year. Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means an individual, trust, firm, estate, company, corporation, partnership, association, state, state or federal agency or entity, municipality, commission, or political subdivision of a state. See Utah Code 19-1-103 Postemployment: means that period of time following: (a)  the last day worked by an employee as a result of his long-term disability; or (b)  the date that an employee identifies as the date on which the employee intends to retire or terminate from state employment. See Utah Code 51-5-3 Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 Revenue: means the increase in ownership equity during a designated period of time that is recognized as earned. See Utah Code 51-5-3 Review: means performing inquiry and analytical procedures that provide the accountant with a reasonable basis for expressing limited assurance that there are no material modifications that should be made to the financial statements for them to be in conformity with generally accepted accounting principles. See Utah Code 51-2a-102 State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5 Surplus: means the excess of the assets of a fund over its liabilities and restricted fund equity. See Utah Code 51-5-3 Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5