11 Guam Code Ann. § 133101
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Terms Used In 11 Guam Code Ann. § 133101
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- 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.
e commissioner shall have power to establish a uniform fiscal year for all associations, and shall have power to establish a uniform classification of accounts to be kept by associations, or to classify associations and to establish a uniform classification of accounts for each class, and to prescribe the manner in which such accounts shall be kept. The commissioner may, after hearing, following notice to an association, prescribe by order the accounts in which particular outlays and receipts shall be entered, charged or credited. If the commissioner has established a uniform classification of accounts it shall thereafter be unlawful for any association to fail to keep its accounts in accordance therewith, excepting such accounts as shall be explanatory of and supplemental to the accounts prescribed by the commissioner.
SOURCE: GC §41500.